European stocks are set to open lower Tuesday morning after the Trump administration decided to impose 10 percent tariffs on $200 billion worth of Chinese imports.
The FTSE 100 is seen 41 points lower at 7,257, the CAC 40 is expected to open down around 26 points at 5,324, while the DAX is poised to start down around 72 points at 12,026, according to IG.
Market focus across the world is largely attuned to developments in the escalating trade conflict between U.S. and China. President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year, according to a Monday announcement.
The White House removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals and other products such as bicycle helmets and high chairs. Beijing has already warned that it will retaliate against the measures.
Back in Europe, European Central Bank President Mario Draghi is expected to speak at an event organised by l’Autorité de Contrôle Prudentiel et de Résolution (ACPR) in Paris, Nouy.
Meanwhile, Ferrari is set to host its first capital markets day since the passing of former CEO Sergio Marchionne earlier this summer. The Italian supercar maker will present its hotly anticipated mid-term business plan – and unveil a new car – at the event at its headquarters in Maranello, Italy on Tuesday.
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