Europe before the bell: Trump warns Europe
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EUROPE BEFORE THE BELL: TRUMP WARNS EUROPE
European futures are heading for a sharp drop at Friday's open, with futures on the DAX, CAC and STOXX 50 all underperfomring those on the FTSE, after U.S. President-elect Donald Trump issued a warning on tariffs on the European Union.
On his Truth Social platform on Friday, he said the EU must purchase U.S. oil and gas to make up for its "tremendous deficit" with the world's largest economy, or face tariffs on its exports to the United States.
FTSE futures FFIc1 are outperforming their regional counterparts, trading flat versus a 0.7% fall in EuroSTOXX50 STXEc1 and DAX futures FDXc1.
The broader STOXX 600 .STOXX plummeted 1.5% on Thursday, following a Federal Reserve interest rate cut on Wednesday.
In company news, attention remains on developments in union talks at Germany's Volkswagen VOWG_p.DE, with the IG Metall union accusing VW of delaying critical decisions.
Credit Agricole CAGR.PA agreed to buy a 30.5% stake from Spain's Santander SAN.MC in custody and asset servicing entity Caceis, the banks said on Thursday.
Swiss-based supplier of power technology and electrification Hitachi Energy has signed contracts worth more than $2 billion with German grid operator Amprion RWEG.DE for four converter stations.
(Lucy Raitano)
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