European stocks are set to open lower Friday morning, with sentiment curbed by concerns over plans to overhaul the tax system in the U.S.

The FTSE 100 is seen 22 points lower at 7,438; the DAX is set to open down by 37 points at 12,044 and the CAC 40 is expected to open lower by 18 points at 5,343, according to IG.

Asian markets were lower on Friday after U.S. stocks closed in the red Thursday. Two Republican senators are holding out from voting for the GOP tax plan as written, adding uncertainty to the party’s push to overhaul the U.S. tax system. Vice President Mike Pence delayed a trip to the Middle East amid the uncertainty. As a result, the U.S. dollar was under pressure during Friday’s trade.

In Europe, leaders are gathered in Brussels for a two-day summit where Brexit is at the top of the agenda. Prime Minister Theresa May told her counterparts she is on track to deliver Brexit. Over the weekend, the U.K.’s Finance Minister Philip Hammond is set to fly to China to seal a billion pounds worth of trade and investment deals, Reuters reported.

In the corporate world, H&M is set to give a fourth-quarter sales update. In terms of data, there will be euro zone trade balance numbers out at 10 a.m. London time and the Bank of England will release its quarterly bulletin at 12 a.m. London time.

—CNBC’s Jacob Pramuk contributed to this report.

Source: cnbc
European markets seen lower on US tax overhaul concerns