European markets to open lower on escalating concerns over Trump

European markets are expected to open lower Wednesday after reports President Donald Trump asked then-FBI Director James Comey to drop a probe into his ex-national security advisor.

The FTSE 100 is set to open 24 points lower at 7,497; the DAX is on track to open down 58 points at 12,740; while the CAC 40 is expected to open 16 points lower at 5,385.

Investors appear increasingly concerned after the latest in a string of crises for the embattled U.S. administration. This has raised further doubts as to Trump’s ability to implement an aggressive stimulus program that includes tax cuts and big government spending.

The White House has since denied the claims Trump pressed Comey to drop an investigation into former national security advisor, Michael Flynn, over his ties to Russia.

On the earnings front, Raiffesen Bank, Bouygues and ABN AMRO are among the major companies scheduled to release quarterly results on Wednesday.

Elsewhere, U.K. based oil company BP is set to host its annual general meeting on Wednesday. Shareholders are due to vote on the firm’s remuneration report which covers the pay and bonuses of BP executives.

While in the U.S., Secretary of State Rex Tillerson is due to meet Algerian Foreign Minister Ramtane Lamamra and German Foreign Minister Sigmar Gabriel.

Source: CNBC