European markets opened lower on Friday as investors digested the latest developments from the World Economic Forum in Davos. The pan-European Stoxx 600 was down by 0.09% at 9:10 a.m. in London, with major bourses tracking a mixed trend. Markets had finished higher on Thursday following U.S. President Donald Trump’s announcement that a framework agreement had been reached over Greenland, which also involved calling off escalating tariffs on European countries.
However, President Zelenskyy’s speech at Davos cast a shadow over the markets. The Ukrainian leader criticized Europe’s handling of geopolitical threats, accusing the continent of being “lost” in its attempts to convince Trump to support it, instead of uniting for its own defense. Zelenskyy also announced that trilateral talks between Ukraine, Russia, and the U.S. would take place in the United Arab Emirates on Friday and Saturday, aimed at ending the war in Ukraine.
Investors were also focused on Trump’s “Board of Peace,” initially set to manage Gaza’s demilitarization and rebuilding. However, Trump now views the board as a potential rival to the United Nations, drawing concerns from U.S. allies. He also mentioned the U.S. deploying an “armada” near Iran due to ongoing unrest.
The oil sector saw a boost, with Brent crude futures rising 0.94%. Stocks in Ericsson surged after it announced a major buyback scheme, while Ubisoft shares plummeted 34% following a restructuring announcement.
Markets in the Asia-Pacific region rose, following Wall Street’s positive performance as geopolitical tensions eased and investors assessed the Bank of Japan’s interest rate decision.
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