European markets set for a lackluster open; geopolitics in focus

LONDON — European markets were lower on Friday as investors digest events at Davos, including Ukrainian President Volodymyr Zelenskyy’s excoriating speech about the continent.

The pan-European Stoxx 600 was 0.2% in the red at 2:15 p.m. in London (9:15 a.m. ET), with major bourses in mixed territory.

European stocks finished higher on Thursday after U.S. President Donald Trump said a “framework” agreement had been reached over Greenland, and called off imposing escalating tariffs on a group of European countries.

It comes after intense speculation of tit-for-tat tariffs between the U.S. business leaders welcomed Europe’s tougher stance with Trump amid news of the framework. JP Morgan EMEA co-CEO Conor Hillery said it was “very good for business.”

Zelenskyy, however criticized European leaders’ response to geopolitical threats in his speech at the WEF in Davos. He accused Europe of being “lost” while trying to convince Trump to “change” and support it, rather than uniting to defend itself.

Zelenskyy also said there would be trilateral meetings in the United Arab Emirates on Friday and Saturday between Ukraine, Russia and the U.S. over ending the war in his country.

Investors will be taking note of who is on the “Board of Peace,” chaired by Trump, which was originally designed to oversee the demilitarization and rebuilding of Gaza. Trump, however, said he sees the board taking on a role that could rival the United Nations, causing alarm among several U.S. allies. Trump rescinded Canadian Prime Minister Mark Carney’s invitation to join overnight.

Trump also said that the U.S. has an “armada” headed in Iran’s direction amid a brutal government crackdown on protesters in the oil-producing state.

“We have a lot of ships going that direction, just in case …I’d rather not see anything happen, but we’re watching them very closely,” Trump told reporters on board Air Force One.

March futures for the benchmark Brent crude moved 1.67% higher Friday. Oil and gas-related stocks were the biggest movers on Friday morning trade, advancing 2.8%.

Meanwhile, shares in defense name Czechoslovak Group (CSG) skyrocketed on its public debut in Amsterdam, hitting as high as 32%. It was last seen trading 29.8% higher.

Ericsson said in filings that it has planned a 15 billion Swedish krona ($1.7 billion) buyback scheme.

The Swedish telecoms giant reported 12.26 billion krona in adjusted earnings before interest and taxes, excluding restructuring costs, for the final quarter of 2025. It comes in higher than a forecast of 10.09 billion krona, according to an Infront poll cited by Reuters.

Stockholm-listed shares in the company popped at the open, gaining almost 11% in its highest price since November. It pared some gains and was last seen trading almost 9% higher.

Börje Ekholm, president and CEO, said in a statement that he expected the radio access network to be flat in 2026.

“Mission critical and enterprise markets, where we are well positioned, are expected to grow. In…