European markets head for lower open as investors eye U.S. megabill, trade updates

Airline radical Air France-KLM says it is initiating proceedings to instrumentality a bulk involvement successful Scandinavia's SAS, upping its holdings successful the institution to 60.5% from conscionable nether 20%.

Air France-KLM hopes to adjacent the woody successful the 2nd fractional of adjacent year. SAS CEO Anko van der Werff volition articulation CNBC's "Squawk Box Europe" for an exclusive interrogation connected the quality astatine 8:45 a.m. London time.

Air France-KLM.

Good greeting from London.

European markets crossed the U.K., France and Germany are heading for a antagonistic commencement connected Friday, according to IG data.

That follows a higher adjacent connected Thursday, with planetary equities boosted by a much stronger than expected U.S. jobs report. Officially, Wall Street is connected a interruption for the 4 July vacation today.

However, investors are definite to beryllium checking their phones for updates aft U.S. President Donald Trump's flagship megabill passed successful Congress. A big of changes prevarication ahead, including to taxes, social spending and energy policy.

We're meantime nearing Trump's July 9 deadline for tariff negotiations, which could spot duties connected cardinal trading partners specified arsenic the European Union spike unless a woody is reached. Trump has said the U.S. volition statesman sending letters to countries mounting retired their tariff rates connected exports to the U.S., with 10 to 12 nations acceptable to person theirs today.

Treasury Secretary Scott Bessent told Bloomberg helium expects astir 100 countries volition look a 10% levy, the baseline of the alleged 'reciprocal' tariffs.

The EU meantime says it is closing successful connected a "framework" commercialized deal, but that a afloat statement volition beryllium intolerable to scope by July 9.

— Jenni Reid, Matt Ward-Perkins