- The U.S. Trade Representative Robert Lighthizer said that there could be a new 10 percent tariff on $200 billion of Chinese goods.
- Sainsbury’s is set to announce Martin Scicluna as its new chairman.
European shares are poised for a lower open Wednesday morning after U.S. authorities unveiled a new list of Chinese products that could see new tariffs.
The FTSE 100 is seen off by 48 points at 7,646; the DAX 40 is set to open off by 95 points at 12,514; and the CAC 40 is expected to start lower by 34 points at 5,398; according to IG.
Asian shares traded mostly lower, with Chinese stocks under pressure in particular. The U.S. Trade Representative Robert Lighthizer said that there could be a new 10 percent tariff on $200 billion of Chinese goods. Officials in China have said the tariffs harm the World Trade Organization (WTO) system and globalization.
Meanwhile, U.K. Prime Minister Theresa May has won the endorsement of Chancellor Angela Merkel and two senior ministers for her Brexit plan, after two key resignations earlier in the week, Reuters reported. A new round of Brexit negotiations are due next week.
In the corporate world, Sainsbury’s is set to announce Martin Scicluna as its new chairman, according to Sky News. Repsol, Barratt Developments, Burberry and JD Wetherspoon are among the companies reporting their latest results.
NATO members are gathering for a summit in Brussels, where defense spending is likely to be debated. And the European Central Bank is having a non-monetary policy meeting.
Not a Scientific Survey. Results may not total 100% due to rounding.
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