European markets expected to open in mixed territory after Fed, Bank of England cut interest rates

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Skyscrapers on the skyline in the financial district of Frankfurt, Germany, on Monday, Nov. 4, 2024.

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European markets were expected to open in mixed territory on Friday, as investors awaited corporate results and reacted to quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England.

The U.K.'s FTSE 100 index is poised to open 23 points higher at 8,166, Germany's DAX up 45 points at 19,412, France's CAC up 21 points at 7,445 and Italy's FTSE MIB down 13 points at 33,689, according to data from IG.

It comes as market participants continue to take in political upheaval in Germany and Donald Trump's historic presidential election victory this week.

Germany's DAX index closed the previous session up 1.7% after Chancellor Olaf Scholz sacked Finance Minister Christian Linder on Wednesday evening and appointed his successor on Thursday.

The move, which brought a dramatic end to the country's three-way coalition government, raises the possibility of an immediate no-confidence vote and new elections. Scholz has said he does not want to call a vote of confidence before mid-January.

Elsewhere, Asia-Pacific markets were mixed on Friday, with investors closely monitoring the final day of China's National People's Congress, which is expected to announce fiscal stimulus measures.

On Wall Street, U.S. stock futures gained marginally after the S&P 500 and Nasdaq Composite notched fresh records in a post-election rally.

Cartier owner Richemont posts dip in sales

A Cartier store, owned by Richemont, in Shanghai, China, on Wednesday, July 17, 2024.

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Swiss luxury group Richemont reported a 1% dip in sales through the six-month period ending in September, citing a challenging macroeconomic backdrop and tougher conditions in China.

The Cartier owner said sales came in at 10.1 billion euros ($10.89 billion) in the first half of its fiscal year, down 1% at actual exchange rates from the same period a year earlier.

Operating profit from continuing operations, meanwhile, came in at 2.2 billion euros for the six-month period, reflecting a 17% fall at actual exchange rates.

"In the first half of this fiscal year, we continued to deliver sustained resilience in a world where uncertainty has become the norm," Johann Rupert, chairman of Richemont, said in a statement.

"We saw solid sales growth across most of our regions offsetting continued weakness in Chinese demand, which, as I had predicted, will take longer to recover and is particularly affecting our Specialist Watchmakers," he added.

— Sam Meredith

CNBC Pro: Bitcoin's on track to hit $100,000 after Trump's election victory, analysts say

Bitcoin is on track to hit the $100,000 price milestone by the end of the year after President-elect Donald Trump's election victory, according to analysts.

Trump, who on Wednesday beat Vice President Kamala Harris to win the 2024 U.S. election, had promised several pro-cryptocurrency initiatives in the months leading up to the vote.

CNBC Pro asked analysts for their bitcoin price targets, and when they expect the cryptocurrency to hit them.

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CNBC Pro: The sectors — and stocks — to buy in Asia after Trump's win, according to analysts

Former U.S. President Donald Trump's victory over Vice President Kamala Harris in this week's election has raised questions about how Asia will be impacted.

"At face value, Trump 2.0 is bad news for Asia, esp[ecially] China," analysts at Macquarie Research wrote in a Nov. 7 note, given the president-elect's plans to raise tariffs and cut taxes.

Even so, the analysts say the region is "more prepared than in 2016" and investment opportunities remain, especially given the weaker yen and stimulus in China.

CNBC Pro subscribers can read more here.

— Amala Balakrishner