European stocks set to open higher as markets weigh tariffs and Trump comments
John Keeble | Getty Images News | Getty Images
Good morning from London, and welcome to CNBC's live blog covering all the action and business news in European financial markets on Thursday.
Futures data from IG suggest a higher open for European bourses, with London's FTSE 100 seen 0.4% higher, France's CAC 40 and Germany's DAX up 0.5%, and Italy's FTSE MIB 0.9% higher.
European markets have been on tenterhooks since U.S. President Donald Trump announced last weekend that he would impose a 30% tariff on goods imported from the EU starting Aug. 1. The EU has said it hopes to strike a trade deal before then.
Overnight, U.S. stock futures ticked lower following a winning day for U.S. markets after Trump denied that he was planning to fire Jerome Powell from his position as Federal Reserve chairman.
Asia-Pacific markets mostly fell Thursday as investors assessed the fall in Japan's exports for the second consecutive month.
— Holly Ellyatt
An EasyJet Airbus A320 aircraft is seen at Malpensa Airport near Milan, Italy, October 3, 2018.
Stefano Rellandini | Reuters
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"The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal." Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading So Paulo and Mexico City also dropped notably in the rankings. "Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said. Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities. The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet. What's driving the change? The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds. Yet, beneath that decline are sharp regional contrasts: Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel. Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities. Private school fees soared in cities like London, where new tax rules drove up costs by over 25%. More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East. "The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI. "This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added. Data from the Lifestyle Survey backs this up. While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches. In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery. Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way. A Eurasian future? The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live. "There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions. Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital.
