European stocks set to pull back after Wall Street sell-off

0 9

LONDON — European markets are expected to pull back slightly on Friday, tracking global caution after Wall Street posted its worst day since 2020.

Britain’s FTSE 100 is seen around 20 points to 7,483, Germany’s DAX is set to slid by around 57 points to 13,846 and France’s CAC 40 is expected to shed around 55 points to 6,313.

The Dow Jones Industrial Average plunged more than 1,000 points and the Nasdaq Composite fell nearly 5% on Thursday, erasing Wednesday’s rally. Initial relief over the Federal Reserve‘s ruling out of more aggressive hikes seemingly gave way once again to fears that a sharp hiking cycle in order to rein in red-hot inflation could harm economic growth.

U.S. stock futures were little changed in early premarket trade on Friday ahead of the closely watched April jobs report.

Shares in Asia-Pacific also largely declined on Friday, with Hong Kong’s Hang Seng index leading regional losses as tech stocks sold off following the tech-heavy Nasdaq’s overnight drop stateside.

Earnings continue to affect individual share price movement in Europe, with Adidas and British Airways parent IAG among those reporting before the bell on Friday.

Investors are also monitoring Russia’s progress in eastern and southern Ukraine as its forces appear to have escalated assaults in the regions.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Leave A Reply

Your email address will not be published.