This is CNBC’s live blog covering European markets.
European markets were higher on Friday as U.S. President Donald Trump’s tariffs regime continues to remain in focus.
Talks centered on a ceasefire deal for Ukraine are also still in the limelight for regional traders.
The regional Stoxx 600 was up around 0.7% at 11:30 a.m. in London, with the U.K.’s FTSE 100 up 0.6% and France’s CAC 40 up 1%. The German Dax was up 1.4%.
Earlier this week, the EU announced it would retaliate to Trump’s 25% tariffs on steel and aluminum with countermeasures on 26 billion euros ($28 billion) worth of goods. The EU’s tariffs could take aim at clothing, alcohol and industrial goods imported from the United States.
Trump swiftly responded to the announcement with a threat to impose further levies on EU goods, threatening on Thursday to slap 200% duties on champagne and spirits originating from the bloc.
The president’s latest threats toward the EU sent European shares sliding lower, with regional markets closing in negative territory on Thursday.
Corporate earnings will also be on investors’ radar on Friday, with Daimler and Swiss Life set to update shareholders on their finances.
German automaker BMW was up 0.3% after paring losses in early trading hours, after reporting a 37% decline in annual profit in 2024, in light of weakened demand from China.
Kering was down 10.3%, after announcing Demna Gvasalia as new artistic director of its ailing Gucci fashion line.
In terms of economic data, inflation prints are due out of Germany, France and Spain. Official figures showed the U.K.’s economy unexpectedly shrank by 0.1% month-on-month in January. Economists polled by Reuters had expected the country’s GDP to grow by 0.1%.
Overnight in Asia, stocks made broad gains, reversing course from the previous session, which saw sell-offs amid concern about the impact of a global trade war.
On Wall Street, stock futures rose on Friday morning, after the benchmark S&P 500 index closed in correction territory on Thursday.
Russia ‘cautiously optimistic’ over Ukraine ceasefire but keeps caveats
Russia’s President Vladimir Putin speaks during a press conference following a meeting with his Belarusian counterpart Alexander Lukashenko in Moscow, Russia, March 13, 2025.
Russia struck a sedate tone on Friday but acknowledged grounds for cautious optimism, after only backing the “idea” of a U.S. brokered 30-day ceasefire with firm caveats.
“The idea [of a ceasefire] itself is correct and we are certainly supporting it, but there are issues that need to be discussed,” Russian President Vladimir Putin said Thursday, urging further discussions with Washington and a potential call with White House leader Donald Trump.
— Ruxandra Iordache
Olli Rehn nominated as Bank of Finland governor for second term
The Finnish government said Thursday that it’s nominating Olli Rehn as Bank of Finland governor for a second term, lasting seven years.
Rehn, who has served as governor since 2018, will begin his second term on July 12.
The Finnish central bank chief is also a member of the governing board of the European Central Bank, which makes decisions on monetary policy for the euro zone.
“The President of the Republic will decide on the appointment on Friday 14 March,” the Finnish government said.
— Sawdah Bhaimiya
Kering shares plunge 13% after Demna Gvasalia named as Gucci’s artistic director
Shares of Kering plunged on Friday after the company announced that Demna Gvasalia would take the reins as new artistic director of its ailing Gucci fashion line.
Gvasalia, known as Demna in the industry, joins internally from Kering-owned Balenciaga. He replaces Sabato De Sarno, whose departure was announced last month.
Shares were down 13.5% by 9:08 a.m. London time.
“Demna’s contribution to the industry, to Balenciaga, and to the Group’s success has been tremendous. His creative power is exactly what Gucci needs,” Kering’s chairman and CEO François-Henri Pinault said in a statement.
— Karen Gilchrist
UK economy unexpectedly shrank by 0.1% in January
The U.K.’s economy unexpectedly shrank by 0.1% month-on-month in January, official figures showed on Friday.
Britain’s Office for National Statistics said the fall was mainly due to a contraction in the production sector.
Economists polled by Reuters had expected the country’s GDP to grow by 0.1%.
— Holly Ellyatt, Chloe Taylor
UniCredit gets European Central Bank approval to raise Commerzbank stake to 29.9%
Italy’s UniCredit on Friday said it has received the European Central Bank’s approval to secure up to 29.9% in Commerzbank, clearing the way for potential takeover steps of Germany’s second largest lender.
Since September, UniCredit has accrued 28% in Commerzbank, largely through derivatives, raising questions over its potential intentions for cross-border consolidation with the German bank. The Italian lender late last year put in a simultaneous takeover offer for domestic peer Banco BPM.
UniCredit shares were down 0.25% at 8:43 a.m. London time, with Commerzbank stock up 1.34%.
UniCredit on Friday noted further approvals would be required to translate roughly 18.5% of its Commerzbank shares held through derivatives into physical shares, including gaining authorization from Germany’s Federal Cartel Office and carrying out dialogue with the country’s to-be-formed government.
“As shareholder, we are pleased that our investment has driven some positive change at Commerzbank, which, together with the recent more optimistic view on German macro, has driven a substantial increase in the bank share price,” it said, noting it must still assess whether its plan is executable and whether the Commerzbank share price upside is “justified and sustainable.”
“As a result, our original timeline for deciding on whether to proceed or not with a potential combination is now likely to extend well beyond the end of 2025,” UniCredit said.
Commerzbank, which has been fighting the takeover and making a case to stand alone, said it has taken note of the ECB’s approval, which “does not change the fundamental situation” between the lenders.
“We are convinced of our strategy, which aims for profitable growth and value increase, and we are focusing on its successful implementation,” Commerzbank said by email in response to a request for comment.
— Ruxandra Iordache
BMW profit fell 37% in 2024, citing weak demand from China
German automaker BMW’s profit declined 37% in 2024, as the company warned of weak demand from China.
The company’s annual net profit for 2024 decreased to 7.68 billion euros ($8.32 billion), down from 12.2 billion euros in 2023, according to its group report published on Friday. Revenue was down 8.4% to 142 billion euros.
The company expects to face headwinds in 2025 due to challenges in China, tariff increases, and supply chain issues.
“A challenging competitive environment and macroeconomic, trade, and geopolitical developments could all have a significant impact on business performance,” the company said in a statement.
— Sawdah Bhaimiya
European markets: Here are the opening calls
European markets are expected to open higher on Friday.
London’s FTSE 100 is expected to open around 28 points higher at 8,567 points, according to IG, while Germany’s DAX is slated to add 107 points to open at 22,639 points. France’s CAC 40 index is expected to open 26 points higher at 7,970.
Investors will be monitoring earnings from BMW, Daimler, and Swiss Life. They will also await the U.K.’s January gross domestic product figures, and inflation readings for Germany, France, and Spain.
— Sawdah Bhaimiya
