European markets set to open lower on escalating concerns over Trump

17.05.2017 / 09:42

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European markets are expected to open lower Wednesday after reports President Donald Trump asked then-FBI Director James Comey to drop a probe into his ex-national security advisor.

The FTSE 100 is set to open 24 points lower at 7,497; the DAX is on track to open down 58 points at 12,740; while the CAC 40 is expected to open 16 points lower at 5,385.

Asian markets were mostly lower on Wednesday, with Dow futures tumbling and the safe-haven yen climbing amid political and legal turmoil surrounding U.S. President Donald Trump.

"Investors are deeply concerned that all the political noise will morph into economic risk as the political back-fence talk, speculation and dirty laundry could detract from Trump's key agenda: Tax reform," Stephen Innes, senior trader at OANDA, said in a note on Wednesday.

The Dow Jones industrial average futures for June tumbled 106 points to 20,830 by 10:02 a.m. HK/SIN, after trading as low as 20,802 earlier in the session, compared with the index's close at 20,979.75 as risk-off sentiment struck the market.

In the U.S., Trump defended his actions, saying on Twitter that he had "the absolute right" to share classified intelligence with Russian officials. The President's tweets came after his national security adviser told the media that the incident reported by the Washington Post did not take place.

Additionally, a New York Times report on Tuesday, later confirmed by NBC News, Trump allegedly asked then-FBI Director James Comey, who Trump later fired, to stop investigating now-fired national security adviser Michael Flynn.

Elsewhere, calls grew for a wider investigation as a key House Republican asked the FBI on Tuesday for any records it has on communications between former FBI Director James Comey and President Donald Trump.

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European markets set to open lower on escalating concerns over Trump

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