European markets seen lower as trade tensions mount

European markets were seen tumbling Monday morning as a rapid escalation of U.S.-China trade tensions continues to spook investors worldwide.

The FTSE 100 is seen around 77 points lower than Friday’s close at 7,330, the DAX is expected to open around 112 points lower at 11,760 and the CAC 40 is seen falling around 50 points to 5,309, according to IG data.

Global stocks suffered a volatile session Friday after U.S. President Donald Trump on Thursday announced his plans to slap 10% tariffs on China’s remaining $300 billion of exports to the United States, announcing the decision on Twitter having reportedly overruled his own advisors.

Asian markets continued to trade lower Monday, led by Hong Kong’s Hang Seng index, which fell 2.9% by the afternoon as businesses braced for major disruptions amid a general strike aimed at bringing the city to a standstill.

Investors have been flocking to safe haven assets such as the yen, bonds and gold, with China’s yuan skidding against the dollar. Wall Street on Friday closed out its worst week of 2019 so far.

With earnings season winding down, HSBC on Monday announced the surprise departure of CEO John Flint, saying the bank needed a change at the top to address a “challenging global environment” despite posting a 16% rise in half-year profit.

Source: CNBC

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