Market Downturn and Heathrow Chaos

European markets experienced a downturn on Friday, influenced by the ongoing global trade tensions. The Swiss National Bank's decision to cut interest rates by 25 basis points, alongside the Bank of England and Sweden's Riksbank's choice to maintain their rates, reflects the economic uncertainty. The Bank of England specifically highlighted concerns over global trade and tariffs.

Heathrow Airport Closure

Adding to the day's turmoil, Heathrow Airport faced an unexpected closure due to a massive fire at a nearby substation, leading to a power outage. This incident caused major airlines to cancel or divert flights, further complicating the day's events.

Market Performance

By 9:04 am ET, significant declines were observed across major indices: the CAC 40 fell by 0.95%, STMicroelectronics decreased by 3.87%, the FTSE 100 declined 0.30%, with JD Sports Fashion dropping by 3.08%. The pan-European Euro Stoxx 50 edged down 0.43%, and Deutsche Post led losses, trading 2.18% lower. The DAX lost 0.34%, with Siemens Healthineers down by 2.61%.

Currency Movements

In the currency markets, the euro and pound both experienced downturns against the dollar, with the euro selling for $1.08385 and the pound going to $1.29375 at 8:59 am CET.