European stocks are set to open lower Friday as markets monitor the trade war, amid the U.S. administration's bid to blacklist Chinese telecoms giant Huawei and the ruling Chinese Communist Party's newspaper striking a defiant tone.
In Asia, most major indexes gained in Friday trade following overnight gains on Wall Street, but mainland Chinese shares tumbled amid ongoing tensions between Beijing and Washington. The Shenzhen component led the losses, dropping 1.77% in the morning session.
Stateside, investors will be monitoring the trade war between the world's largest economies, as President Donald Trump's bid to block Huawei from buying American technology ratcheted up tensions. Meanwhile, China's ruling Communist Party's newspaper struck a defiant tone Friday, insisting the trade war will only make China stronger.
Back in Europe, the BBC reported Friday morning that talks between the U.K.'s governing Conservative Party and main opposition Labour Party are set to close without a deal on the country's approach to leaving the European Union. Prime Minister Theresa May and Labour leader Jeremy Corbyn will now reportedly move to a second phase, aimed at agreeing on a process for parliamentary votes designed to find a consensus.
May has also bowed to pressure from pro-Brexit MPs within her own party and confirmed that she will set out a timetable for her departure in early June, following the latest attempt to get her Brexit deal approved by parliament. Sterling stood fairly flat at $1.2785 in the early hours of trading on Friday.is leading a $575 million funding round for Deliveroo , taking the total the food delivery firm has raised to date up to $1.53 billion.
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