European markets set to open higher, shrugging off Trump's 50% metals tariffs
Bank of England and the Royal Exchange in the City of London on 24th March 2025 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
Good morning from London. This is CNBC's live blog covering all the action in European financial markets on Wednesday, as well as business news, analysis, earnings and data.
Futures data from IG on Wednesday morning suggests London's FTSE will open 6 points higher at 8,788, Germany's DAX up 56 points at 24,135, France's CAC 40 up 20 points at 7,780 and Italy's FTSE MIB 60 points higher at 40,155.
U.S. tariffs are once again in focus on Wednesday after President Donald Trump said last week that he will double tariffs on steel imports from 25% to 50% on June 4.
The European Union criticized the hike, saying such a move "undermines" its trade deal negotiations with the U.S. An EU spokesperson said that the bloc was "prepared to impose countermeasures."
Nonetheless, analysts say European steel buyers and some manufacturers could benefit from the higher metals tariffs as they could put downward pressure on steel prices in the region.
— Holly Ellyatt
People walk in front of the Polish Central Bank (NBP) in Warsaw, Poland, September 25, 2023.
Kacper Pempel | Reuters
It's a quiet day for earnings and data, although Spanish and Italian services purchasing managers' index data, which measures activity in the sector, will be released.
Poland's central bank will also be announcing its latest monetary policy decision on Wednesday.
— Holly Ellyatt
Asia-Pacific markets advanced overnight, boosted by a tech rally on Wall Street that was led by chipmaker Nvidia on Tuesday.
Shares in the artificial intelligence darling advanced nearly 3%, extending Monday's gains and driving Nvidia's market cap past Microsoft's for the first time since January. Chip companies Broadcom and Micron Technology rose more than 3% and 4%, respectively.
President-elect Lee Jae-myung arrives to attend a public vote count broadcast event hosted by the Democratic Party near the National Assembly in Yeouido, Seoul, South Korea, on June 4, 2025.
Nurphoto | Nurphoto | Getty Images
South Korean markets also rose overnight as opposition party leader Lee Jae-myung won the presidential election.
Meanwhile, U.S. stock futures were little changed early Wednesday after the S&P 500 notched a second straight day of gains.
The recent comeback rally has investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool.
A federal court striking down Trump's tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were later reinstated temporarily by an appeals court.
— Holly Ellyatt, Sarah Min and
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Elon Musk threatens to decommission SpaceX's Dragon spacecraft after Trump feud. What does it mean for the US space industry?
When you buy through links on our articles, Future and its syndication partners may earn a commission. An explosive, and very public, feud between President Donald Trump and SpaceX founder Elon Musk on Thursday (June 5) has raised doubts over the future of America's space industry. The war of words could place $22 billion of SpaceX's government contracts with multiple U.S. space programs at risk, according to one estimate, although the real figure — which remains classified — could be significantly higher. Following threats from the president on his social media platform Truth Social that the U.S. could cancel the government contracts and subsidies awarded to Musk's companies, the CEO of SpaceX retorted that his space company would "begin decommissioning its Dragon spacecraft immediately." Hours later, Musk responded to a follower telling him to "cool off" by saying "Good advice. Ok, we won't decommission Dragon." The disagreement began on Tuesday (June 3) when Musk criticized the administration's proposed tax and spending bill on his social media platform X. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it," Musk wrote on X. Related: 'No radio astronomy from the ground would be possible anymore': Satellite mega-swarms are blinding us to the cosmos — and a critical 'inflection point' is approaching This then escalated into a full-blown social media feud on Thursday, with Musk claiming that Trump's name appears in unreleased files relating to sex offender Jeffrey Epstein. The White House condemned these allegations. "This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted," representatives wrote on X. Trump then claimed Musk "just went CRAZY," posting: "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" SpaceX's Dragon capsule is a reusable spacecraft capable of carrying up to seven passengers and cargo to and from Earth orbit, according to SpaceX. NASA currently relies on the capsule to ferry astronauts to the International Space Station (ISS), so canceling these government contracts effectively eliminates America's ability to launch astronauts to space from American soil, Live Science's sister website, reported. NASA also heavily relies on SpaceX for other space programs, having selected the Starship Human Landing System (HLS), a lunar lander variant of the company's next-generation Starship spacecraft, to carry American astronauts to the moon for the first time in more than 50 years aboard the 2027 Artemis 3 mission. NASA is investing $4 billion into Starship's development, and canceling its contract could seriously handicap NASA and the future of U.S.-led space exploration. While other competitors exist, such as Amazon founder Jeff Bezos's Blue Origin and Boeing's Starliner spacecraft, they lag far behind SpaceX. RELATED STORIES —Facing steep funding cuts, scientists propose using black holes as particle colliders instead of building new ones on Earth —Trump's 2026 budget would slash NASA funding by 24% and its workforce by nearly one third —NASA plans to build a giant radio telescope on the 'dark side' of the moon. Here's why. The Starliner capsule is not yet certified to fly operational astronaut missions and was responsible for "stranding" two astronauts on the ISS for nine months last year. The astronauts returned to Earth on March 18 aboard a SpaceX Dragon capsule, and neither Boeing nor NASA have offered any significant updates into fixes that will make Starliner flightworthy. SpaceX's lead on its competitors is reflected in the size of its government subsidies. In April, the U.S. Space Force, the military branch of U.S. space exploration, awarded the company nearly $6 billion in launch contracts, while the United Launch Alliance received $5.4 billion and Blue Origin $2.4 billion. In response to the feud between Musk and Trump, NASA press secretary Bethany Stevens declined to comment on SpaceX, but she did tell Reuters that "we will continue to work with our industry partners to ensure the president's objectives in space are met." NASA's deputy administrator Lori Garver told Reuters that, as well as not being in national interests, canceling SpaceX's contacts would probably not be legal. However, she also added that "a rogue CEO threatening to decommission spacecraft, putting astronauts' lives at risk, is untenable."
10 minutes ago
A top Taliban official offers amnesty to Afghans who fled the country and urges them to return
A top Taliban official said on Saturday that all Afghans who fled the country after the collapse of the former Western-backed government are free to return home, promising they would not be harmed if they come back. Taliban Prime Minister Mohammad Hassan Akhund made the amnesty offer in his message for the Islamic holiday of Eid al-Adha, also known as the 'Feast of Sacrifice.' The offer comes days after U.S. President Donald Trump announced a sweeping travel ban on 12 countries, including Afghanistan. The measure largely bars Afghans hoping to resettle in the United States permanently as well as those hoping to go to the U.S. temporarily, such as for university study. Trump also suspended a core refugee program in January, all but ending support for Afghans who had allied with the U.S. and leaving tens of thousands of them stranded. Afghans in neighboring Pakistan who are awaiting resettlement are also dealing with a deportation drive by the Islamabad government to get them out of the country. Almost a million have left Pakistan since October 2023 to avoid arrest and expulsion. Akhund's holiday message was posted on the social platform X. 'Afghans who have left the country should return to their homeland,' he said. 'Nobody will harm them." "Come back to your ancestral land and live in an atmosphere of peace,' he added, and instructed officials to properly manage services for returning refugees and to ensure they were given shelter and support. He also used the occasion to criticize the media for making what he said were 'false judgements' about Afghanistan's Taliban rulers and their policies. 'We must not allow the torch of the Islamic system to be extinguished,' he said. 'The media should avoid false judgments and should not minimize the accomplishments of the system. While challenges exist, we must remain vigilant.' The Taliban swept into the capital Kabul and seized most of Afghanistan in a blitz in mid-August 2021 as the U.S. and NATO forces were in the last weeks of their pullout from the country after 20 years of war. The offensive prompted a mass exodus, with tens of thousands of Afghans thronging the airport in chaotic scenes, hoping for a flight out on the U.S. military airlift. People also fled across the border, to neighboring Iran and Pakistan. campaign against the Taliban.
Yahoo
10 minutes ago
- Yahoo
Oklahoma National Guard not expected to participate in Trump's military parade
Gov. Kevin Stitt poses for a picture with a member of the Oklahoma National Guard before a contingent of 50 troops deploy to El Paso for a 30-day mission at the U.S.-Mexico border. (Photo provided by the Governor's Office) OKLAHOMA CITY – The Oklahoma National Guard is not planning on participating in the nation's largest military parade. The June 14 parade will feature tanks rolling through the U.S. capital's streets, thousands of soldiers marching and military fly overs to celebrate the Army's 250th birthday. Additionally, it will also be President Donald Trump's 79th birthday. Col. Kristin Tschetter, Chief of Public Affairs, said the Oklahoma National Guard is not planning on participating in the parade. Tens of thousands of people are expected to show up. The parade will feature a plethora of militarized equipment, such as helicopters used in the Vietnam War, tanks and other vehicles. In celebration of the evolution of the Army, various uniforms from throughout the years will be worn by soldiers. The parade is expected to take place on Constitution Avenue. The parade will continue to Independence Avenue. The specific cost of the event was not immediately known. Ronald Reagan National Airport was expected to halt flights during the parade. SUPPORT: YOU MAKE OUR WORK POSSIBLE SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
