U.S. election reaction, data and earnings
Skyscrapers on the skyline in the financial district of Frankfurt, Germany, on Monday, Nov. 4, 2024.
Bloomberg | Bloomberg | Getty Images
European markets were expected to open in mixed territory on Friday, as investors awaited corporate results and reacted to quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England.
The U.K.’s FTSE 100 index is poised to open 23 points higher at 8,166, Germany’s DAX up 45 points at 19,412, France’s CAC up 21 points at 7,445 and Italy’s FTSE MIB down 13 points at 33,689, according to data from IG.
It comes as market participants continue to take in political upheaval in Germany and Donald Trump’s historic presidential election victory this week.
Germany’s DAX index closed the previous session up 1.7% after Chancellor Olaf Scholz sacked Finance Minister Christian Linder on Wednesday evening and appointed his successor on Thursday.
The move, which brought a dramatic end to the country’s three-way coalition government, raises the possibility of an immediate no-confidence vote and new elections. Scholz has said he does not want to call a vote of confidence before mid-January.
Elsewhere, Asia-Pacific markets were mixed on Friday, with investors closely monitoring the final day of China’s National People’s Congress, which is expected to announce fiscal stimulus measures.
On Wall Street, U.S. stock futures gained marginally after the S&P 500 and Nasdaq Composite notched fresh records in a post-election rally.
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