European stocks set to open lower amid Trump's tariff rejig
The German firm now expects full year adjusted profit of between 3.6 and 4.1 billion euros ($4.7 billion), reflecting a drop of as much as 23 percent.
The group also lowered is sales volume outlook for the North American market.
The stock is down 4.7% in pre market.
— Ganesh Rao
Good morning from London, and welcome to CNBC's live blog covering all the action and business news in European financial markets on Friday.
Futures data points to losses at the open for European indexes, with London's FTSE 100 expected to open 0.2% lower, France's CAC 40 unchanged, Germany's DAX down 0.6%, and Italy's FTSE MIB 0.1% lower.
The Stoxx Europe 600 index and Euro Stoxx 50 index are expected to open 0.3% and 0.5% lower, respectively.
AXA , Daimler Truck , Melrose Industries , Saint-Gobain , Euronext , IAG , Pearson and Engie are among the heavyweight regional companies reporting their results today.
— Ganesh Rao
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
29 minutes ago
- Newsweek
Portugal High-Speed Rail Projects Gets Green Light
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Work can begin on the first high-speed railway system in Portugal after the project received backing from the European Investment Bank (EIB). The bank announced its first grant of 875 million euros (just over $1 billion) last Tuesday. Newsweek has contacted the Portuguese Institute for Mobility and Transport for comment on the update via email. Why It Matters Portugal's authorization to begin work on its first high-speed railway marks a transformative investment in both national infrastructure and European connectivity. The project forms part of the European Union's goal to establish a continent-spanning network of high-speed railways intended to reduce travel times, increase mobility and promote sustainable transport. With financial contributions from the EIB and support from the EU's InvestEU and Connecting Europe Facility programs, the line is set to drive economic growth and help the EU meet long-term climate and integration goals. What To Know Portugal is set to begin construction on its inaugural high-speed railway after the EIB released an initial 875 million euros in funding this week. The approval followed the signing of a 30-year concession between Infraestruturas de Portugal (IP), the national rail network operator, and the Avan Norte consortium, a partnership of leading Portuguese engineering and construction companies. The initial section under development is set to run 44 miles from Porto to Oiã, a town north of Coimbra and about a quarter of the way toward Lisbon. This is part of a larger 89-mile first phase connecting Porto-Campanhã to Soure. Stock Image: Trains are parked at the railway yard in Santa Apolonia train station in Lisbon, Portugal, on May 7. Stock Image: Trains are parked at the railway yard in Santa Apolonia train station in Lisbon, Portugal, on May 7. Getty Images The total EIB funding package amounts to 3 billion euros. The current phase is also supported by 900 million euros from financial institutions, 480 million euros in grants from the EU's Connecting Europe Facility and additional national contributions from IP totaling 150 million euros. Once completed, the high-speed service is forecast to reduce the journey between Portugal's largest cities, Lisbon and Porto, from almost three hours to about one hour and 15 minutes. The new rail network is projected to carry about 10 million passengers annually. Station upgrades, a new Douro River bridge and a modern underground station at Santo Ovídio in Vila Nova de Gaia are included in the scope of works. What People Are Saying Nadia Calviño, the president of the European Investment Bank Group, said during the financing announcement on July 29: "It is the first high-speed train that will be built in the country, and it is going to significantly improve the lives of people, who will see their traveling time reduced from nearly three hours to slightly over one hour." Miguel Cruz, the president of Infraestruturas de Portugal, said at the signing ceremony: "The signing of the concession and financing for the first section of the Lisbon–Porto high-speed line represents a decisive step toward the construction of a modern, efficient and sustainable railway network. This project will bring people and regions closer together, boost clean mobility and position Portugal as a more cohesive and competitive country." What Happens Next Construction will soon commence on the Porto–Oiã segment, with the remainder of the corridor—ultimately joining Lisbon and Porto by high-speed rail—set to proceed in subsequent phases.
Bloomberg
29 minutes ago
- Bloomberg
German Finance Chief Plans to Ask Bessent About Quotas for Steel
German Finance Minister Lars Klingbeil plans to bring up the issue of quotas for European steel when he meets with his US counterpart Scott Bessent. 'It's precisely in the steel industry where there are indications that there could be a quota system — exceptions on both sides of the Atlantic,' Klingbeil told reporters in Washington on Monday. 'This would be important for the German steel industry and for many jobs in Germany, and it's one of the topics I will address today.'
The Hill
an hour ago
- The Hill
Witkoff set to visit Russia for ‘last chance' talks on Ukraine war
President Trump's special envoy Steve Witkoff is expected to visit Russia this week for what Ukraine is calling Moscow's 'last chance' to reach a peace deal before U.S. sanctions are imposed on countries that import oil from Russia. Trump on Sunday said Witkoff 'may be going to Russia' on Wednesday or Thursday this week in a push to secure a ceasefire. The president has grown increasingly frustrated with Russian President Vladimir Putin, who has ignored his pleas for a peace deal, and last week moved up a deadline for the Kremlin to reach a peace deal or face increased economic isolation. Trump's latest deadline for Moscow would technically expire on Aug. 8, though he has proven flexible when it comes to imposing threatened tariffs on foreign countries. A Kremlin spokesman did not confirm or rule out a meeting between Putin and Witkoff this week, speaking to reporters on Monday. Andriy Kovalenko, head of the Ukrainian National Security and Defense Council's Center for Countering Disinformation, expressed optimism on Monday that Trump would follow through. 'The Russians have burned down their railway infrastructure in the Volgograd region again,' Kovalenko wrote on Telegram, referring to a fire that Russia blamed on a Ukrainian drone attack. 'Trump is also giving them one last chance to end the war with a visit from Witkoff. If the visit is not successful, there will be sanctions,' he added. Ukrainian leader Volodymyr Zelensky and his top advisor, Andriy Yermak, also urged the U.S. and Europe to impose secondary sanctions in Telegram posts. 'Sanctions are working. The economy, geared for war, cannot withstand the pressure and relies solely on the sale of energy resources,' Yermak wrote on Sunday. 'It is possible to strangle the economy with secondary tariffs proposed in the USA,' he added. Trump has threatened to substantially increase tariffs on India over its purchase of Russian oil, which has helped keep Russia's wartime economy afloat. China is also a major importer of Russian oil. Trump has threatened to impose up to a 100 percent 'secondary' tariff on nations that do business with Russia, in a bid to cut off crucial export revenue. Such a move would likely shake the global oil markets and set back Trump's efforts to strike a broader trade deal with India and China. Some European countries also continue to import oil from Russia, though Sen. Lindsey Graham (R-S.C.), a key backer of sanctions, has suggested a carveout for Ukraine's allies. Senate Republicans went home for August recess without moving on a Russia sanctions bill that would have empowered the president to impose up to 500 percent secondary tariffs on Russia's trading partners. Trump has suggested he does not need congressional authorization to move ahead with the sanctions.
