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European markets seen lower amid US-China developments


European markets are expected to open in negative territory on Friday, as investors digest the latest developments in the Sino-U.S. trade war.

The FTSE is set to open 29 points lower at 7,377, while the German DAX is expected to open 57 points lower at 13,231, and France’s CAC index is set to open 33 points lower at 5,857, according to IG.

China’s Commerce Ministry said Thursday that the U.S. and China had agreed to lift the tariffs imposed on one another during their trade conflict in phases.

A White House spokesperson later told Fox News that she was “very optimistic” the world’s two largest economies would reach a trade deal soon.

Data from Chinese customs on Friday showed the country’s October exports fell 0.9% year-on-year, while imports fell 6.4%, according to Reuters. The figures reportedly beat analyst’s expectations.

Asian stocks edged lower on Friday, with MSCI’s index of Asia-Pacific shares excluding Japan shedding 0.5%. Singapore’s Straits Times index led regional losses, while the Japanese Nikkei gained around 0.2%.

Back in Europe, finance ministers from EU member states will gather in Brussels on Friday for a meeting of the Ecofin Council.

In corporate news, Allianz posted a nine-month operating profit of 9.1 billion euros on Friday, a year-on-year increase of 4.2%.

Elsewhere, trade balance data for Germany and France is due to be published later this morning.



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