European stock markets opened lower on Friday as global markets braced for U.S. President Donald Trump’s tariffs on automakers set to take effect on April 2.
The pan-European Stoxx 600 was 0.13% lower shortly after the opening bell. The U.K.’s FTSE 100 was marginally higher, while France’s CAC 40 was down 0.4%. The German Dax was 0.5% lower.
Shares of French video game publisher Ubisoft were 10.2% higher by 8:31 a.m. London time after Chinese tech giant Tencent announced it would take a $1.25 billion stake in a new subsidiary focusing on Ubisoft’s gaming brands Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six.
Elsewhere, Trump’s new tariffs on foreign automakers are weighing on markets, with the president announcing on Wednesday 25% duties on all cars “not made in the United States” which are set to go into effect from April 2.
Trump also threatened to impose “far larger” tariffs on the European Union and Canada if they worked together to combat duties from the U.S.
On the data front, traders will await inflation data from France and Spain, with retail sales data set to come from the U.K.
U.S. stock futures inched higher on Friday as investors awaited the personal consumption expenditures index, the Federal Reserve’s preferred inflation reading.
Asia-Pacific markets mostly fell on Friday as tariff threats kept investors on edge.
Ubisoft shares soar
Ubisoft shares climbed over 10% on Friday after it announced that it’s creating a new gaming subsidiary with Chinese technology giant Tencent investing 1.16 billion euros ($1.25 billion) into the unit.
Ubisoft
The subsidiary will focus on Ubisoft’s best-known games brands, including Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six, according to the company.
It will “focus on building game ecosystems designed to become truly evergreen and multi-platform,” Ubisoft said in a press release Thursday.
— Ryan Browne
Europe stocks open lower
Gold prices hit another record high
Gold futures listed on the COMEX hit another record high to trade at $3,082.7 per ounce as investors continue to flock to the safe haven investment and central bank purchases remain strong.
Goldman Sachs raised its forecast for gold prices to $3,300 per ounce by the end of the year, up from $3,100, on the back of continued strength in purchases by central banks.
“While the uncertainty is large, we estimate that large Asian central bank buyers are likely to continue their rapid gold purchases for another 3-6 years,” the investment bank’s analysts said.
—Lee Ying Shan
