European markets head for mixed open, with investors watching Turkey closely
- European stocks are expected to open in mixed territory on Monday, with investors watching Turkey closely following President Erdogan's surprise decision this weekend to replace the central bank's chief.
- London's FTSE is seen opening 16 points lower at 6,701, Germany's DAX 58 points lower at 14,581, France's CAC 40 down 18 points at 5,993 and Italy's FTSE MIB up 40 points at 23,904, according to IG.
LONDON — European stocks are expected to open in mixed territory on Monday, with investors watching Turkey closely following President Erdogan's surprise decision this weekend to replace the central bank's chief.
London's FTSE is seen opening 16 points lower at 6,701, Germany's DAX 58 points lower at 14,581, France's CAC 40 down 18 points at 5,993 and Italy's FTSE MIB up 40 points at 23,904, according to IG.
European markets look set to start the day on a broadly mixed note, similar to stocks in Asia-Pacific which traded mixed on Monday as investors watched moves in the Turkish lira, following a sudden upheaval at the country's central bank.
The Turkish lira weakened more than 12% to 8.1162 against the greenback Monday, compared to levels below 7.5 per dollar seen last week. Earlier, the lira had weakened to as much as 8.1745 against the greenback.
Volatility for the currency comes after President Recep Tayyip Erdogan abruptly replaced the central bank chief just days after a sharp interest rate hike, which Erdogan vehemently opposes.
Meanwhile, U.S. stock futures were mixed early Monday morning as Wall Street looked to bounce back from a losing week. Futures contracts tied to the Dow Jones Industrial Average declined 41 points. Meanwhile, those for the S&P 500 were little changed while Nasdaq-100 futures traded in positive territory.
Earnings come from Kingfisher, and Julius Baer and Lonza both publish annual reports. Data releases on Monday include euro zone current account figures for January and consumer confidence figures for the Netherlands and Sweden in March.
– CNBC's Jesse Pound and Eustance Huang contributed to this market report.
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