European markets lower ahead of Trump-Kim meeting; Metro Bank down 13%

European stocks traded in the red during Wednesday’s session, as investors digested the latest political and economic news from around the world

The pan-European Stoxx 600 was down 0.37 percent with almost every sector in negative territory

Household goods were among the worst performers, on the back of earnings. Shares of Beiersdorf fell 8 percent, after the Nivea maker cut its profit outlook.

Air France-KLM tumbled 10 percent Wednesday following news that the Dutch government is seeking a higher stake of the company.

Furthermore, the British bank Metro fell to the bottom of the index, down by more than 13 percent. This was after revealing plans for a £350 million ($463 million) shareholder cash call.

Ocado shares were up by 5 percent, after announcing a joint venture with Marks & Spencer.

Overall, investors are paying close attention to an upcoming meeting between the leaders of North Korea and the U.S.

President Donald Trump and North Korean leader Kim Jong Un are due to meet in the Vietnam capital of Hanoi on Wednesday, with the summit looking to work on relations between the two nations, along with the denuclearization of the Korean Peninsula.

Ahead of the two leaders meeting, Trump tweeted that North Korea could be as “thriving” as Vietnam if it was denuclearized, adding that the potential is “awesome.”

Investors will also be keeping an eye for any developments surrounding a truce between China and U.S., in regards to trade. Trump has said that he’d postpone an early March deadline that would have instigated fresh trade tariffs on China.

Elsewhere, markets around the globe are reacting to the latest remarks from the chair of the U.S. Federal Reserve. On Tuesday, Jerome Powell warned of potential slower growth ahead, despite the current robustness of the U.S. economy. Powell added that the U.S. central bank was prepared to adjust policy if warranted.

Brexit continues to be front and center for market watchers in Europe. In the latest surrounding the topic, British Prime Minister Theresa May offered lawmakers the opportunity to vote on a no-deal Brexit or to postpone the U.K.’s impending departure from the European Union, if her proposal isn’t accepted. These votes would be scheduled to take place in two weeks.

source: CNBC