European Shares To Open On Mixed Note As EV Tariffs Take Effect

(RTTNews) - European stocks are likely to open on a mixed note Friday in the absence of directional cues from Wall Street.

Automakers could be in focus as the as the European Union decided to proceed with planned tariffs on electric vehicle imports from China with effect from July 5, 2024, despite Beijing's warnings the move would unleash a trade war.

U.S. stock futures climbed, and the British pound held recent gains after the Labour Party officially won enough seats in the U.K.'s 2024 general election to have a majority in parliament.

Elsewhere in France, far-right leader Marine Le Pen insisted her party can still win control of parliament despite the centre and left scrambling to block her way.

Asian stocks were broadly lower, with Chinese and Hong Kong markets leading regional losses as investors braced for key political meetings and economic data releases.

Amid escalating frictions with the EU, China's Commerce Ministry said today it would hold a hearing on July 18 to discuss an ongoing investigation into claims that European brandy producers are selling into China at below market rates.

The dollar hovered near three-week lows ahead of the release of U.S. jobs data later in the day that could shed light on how much the world's largest economy has slowed in 2024.

Gold held near a two-week peak while oil prices declined but were on track for a fourth straight weekly gain.

Industrial production data from Germany, U.K. house price figures and Eurozone retail sales data are due later in the session, headlining a busy day for the European economic news.

U.S. markets were closed Thursday for Independence Day holiday.

European stocks closed higher on Thursday as U.K. elections began, and polls showed Marine Le Pen's National Rally and its allies would fall well short of an absolute majority in Sunday's French parliamentary election.

The pan European STOXX 600 gained 0.6 percent. The German DAX edged up 0.4 percent, France's CAC 40 jumped 0.8 percent and the U.K.'s FTSE 100 climbed 0.9 percent.