European markets seen mostly lower on political woes
Bourses in Europe are set to open lower Monday as investors take a cautious approach as they come to terms with a hung parliament in the U.K. and await a meeting of the Federal Reserve later this week.
The FTSE 100 is seen 33 points lower at 7,489; the CAC 40 is set to open higher by 8 points at 5,291 and the DAX in Germany is believed to start off by 40 points at 12,763.
The new British cabinet is set to have its first meeting this Monday after Prime Minister Theresa May was reelected with a minority government. With a weakened hand she reappointed most of her ministers on Sunday.
Media reports indicate that the new government could adopt a soft Brexit to keep the U.K. in the single market despite previous statements and aims of the Conservative leader.
Meanwhile in Italy, the populist Five Star Movement seems to have suffered a severe setback in local elections on Sunday, whereas in France, the party of the independent President Emmanuel Macron is set to get a huge majority in parliamentary elections trouncing traditional parties.
In the Middle East, Qatar said it is ready to listen to the concerns of other Arab states after they cut diplomatic and economic ties.
In the corporate world, Unicredit’s CEO Jean Pierre Mustier said he is confident domestic banks will help the two ailing Veneto-based banks. In France, Orange chairman Stephane Richard said the French telecom market is unlikely to see a merger among the four mobile operators in the near future.
Source: CNBC
