European markets set to follow Asia lower; oil under pressure
European markets are expected to open mixed to mostly lower on Friday, as weaker trade in Asia and a fall in oil prices weighed on sentiment.
The London FTSE 100 index is called to open 3 points lower at 6,229, the German DAX down 7 points at 10,082 and the French CAC off 8 points at 4,398, according to spreadbetter IG.
European markets are set to follow Asia lower on the last trading day of the week. Markets in Asia were mostly in the red, tracking declines in U.S. markets that followed a drop in crude oil prices.
On the oil front, prices were in negative territory on Friday as a stronger dollar capped gains in the market; however prices remained above $50, on the back of supply outages and strong demand.
Around 6am U.K. time, Brent and U.S. WTI posted solid losses, trading around $51.50 and $50.10 per barrel, respectively. Meanwhile metal prices were pointing in different directions.
European stocks came under pressure on Thursday after European Central Bank president Mario Draghi warned of “lasting economic consequences” of years of weak output and stagnation. Draghi went onto add that it was therefore vital that euro zone leaders confronted issues seen in their own economies head on.
In other news, investors will be keeping an eye out on the Russian central bank, as it releases its latest interest rate decision at 11.30 am UK time.
Source: CNBC – Europe set to follow Asia lower; oil under pressure
