European Stock Markets to Open Higher Despite Trade War, Italian Political Crisis
After a week filled with high volatility, European stock markets are expected to open higher on Monday even amid uncertainties surrounding the US-China trade war and its impact on global financial markets. After being accused of manipulating its currency, the PBOC has finally stepped in and set 7.0211 as the official midpoint of the Chinese yuan against the US dollar.
Leading Wall Street banks have already cautioned that any further escalation in the trade war could push the US as well as global economy into recession soon. Goldman Sachs has also warned that China may not sign a trade deal with the US until after the US Presidential elections in 2020.
In addition to the trade war, the political crisis unfolding in Italy can also impact European stock markets in days to come. Last week, Italian Deputy PM Matteo Salvini filed a no-confidence motion against the coalition government he was a part of, in a bid to force snap elections in the country.
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