Swiss markets in focus after 39% tariff announcement
Traders will be closely-monitoring Swiss stocks this morning, after the shock news Friday that the country faces a 39% U.S. tariff rate from Aug. 7., when its markets were closed for a public holiday.
Switzerland’s Federal Council will reportedly meet this morning after business minister Guy Parmelin said the country is open to revising its trade offer to the U.S.
Swiss President Karin Keller-Sutter meanwhile finds herself in the centre of a domestic blame-game after a phone call with her US counterpart late Thursday failed to avoid one of the steepest levies in the world.
Watch firms and machinery-makers along with small export-reliant businesses are expected to be among the most-impacted.
— Jordan Butt
What to keep an eye on today
An electronic board displays exchange rate information at a currency exchange bureau in Istanbul, Turkey, on Aug. 29, 2022.
Nicole Tung | Bloomberg | Getty Images
The second-quarter earnings season is starting to ease, with no major corporate reports Monday.
On the data front, traders will be keeping an eye on the latest monetary policy decision from the Turkish central bank and Spanish employment figures.
— Holly Ellyatt
Good morning, here are the opening calls
A general view of pedestrians and traffic passing over Tower Bridge on June 26, 2025 in London, United Kingdom.
John Keeble | Getty Images News | Getty Images
Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets at the start of the new trading week.
Futures data from IG suggests a broadly positive open for European indexes, with London’s FTSE 100 seen opening 0.4% higher, France’s CAC 40 up 0.5%, Germany’s DAX up 0.4%, and Italy’s FTSE MIB 0.4% higher.
Regional bourses had closed lower on Friday, with the pan-European Stoxx 600 seeing its worst session since April, after the White House hit countries around the world with a range of new tariff rates on Aug.1.
While the European Union and the U.K. had already negotiated their own trade agreements, the news sent stocks lower around the world on global growth concerns. Stoxx 600 travel stocks closed 2.7% lower, while banks fell 2.9%.
Some global markets will be feeling the hangover of those tariffs into this week. Overnight, Asia-Pacific markets traded mixed as investors assessed the impact of tariffs, as well as the latest U.S. jobs report, which pushed Wall Street lower last Friday and spurred bets on a rate cut by the U.S. Federal Reserve next month.
Investors will also be watching oil prices after the OPEC+ oil producing alliance agreed on Sunday to raise oil production by 547,000 barrels per day for September. The output hike is the latest in a series of increases in production. Oil prices slipped in early Asian trade on Monday.
— Holly Ellyatt