European markets were set to open lower Friday, as investors looked ahead to fresh data and assessed the future path for interest rate cuts following hawkish comments from U.S. Federal Reserve Chair Jerome Powell.
The U.K.’s FTSE 100 index was seen opening 13 points lower at 8,054, Germany’s DAX 39 points down to 19,210, France’s CAC lower 26 points at 7,283 and Italy’s FTSE MIB 129 points down to 33,966, according to IG data.
The pan-European Stoxx 600 closed 1% higher in the previous session, as traders evaluated another busy earnings day, with British luxury house Burberry jumping 22% on strategic overhaul plans.
On Friday, investors are looking ahead to fresh U.K. GDP data for insight into the state of the British economy — the first reading since the Labour government’s October budget announcement.
Earning reports are also due from Aegon, Experian, Cepsa, among others.
Across the Atlantic, speaking Thursday, Powell said that strong U.S. economic growth is allowing policymakers to take their time in deciding how far and how fast to lower interest rates.
U.S. stock futures inched lower overnight as Wall Street continued to assess the comments and the future path of the post-election rally. Asia markets, meanwhile, were mixed during Friday’s session.
