This is CNBC’s live blog covering European financial markets.

Russia cuts interest rates for first time since 2022

The Bank of Russia has announced it will cut interest rates to 20% from 21%, the first reduction since September 2022.

The inflation rate in April was 6.2%, it said, down from an average 8.2% across the first quarter of 2025.

“While domestic demand growth is still outstripping the capabilities to expand the supply of goods and services, the Russian economy is gradually returning to a balanced growth path,” the central bank said Friday, adding that monetary policy would remain tight “for a long period” in order to return inflation to its 4% target.

Read more here.

— Jenni Reid

Tesla shares tick 4.5% higher in premarket after $152 billion wipeout

Tesla shares were 4.5% higher in premarket trade at 4:31 a.m. ET, after a war of words between CEO Elon Musk and President Donald Trump helped wipe $152 billion off its value on Thursday, the biggest-ever hit to its market cap.

— Jenni Reid

Autos stocks fall after Tesla selloff

The European Stoxx Automobiles and Parts index is 0.5% lower in early trade, after electric vehicle behemoth Tesla saw $152 billion wiped from its market cap in the wake of CEO Elon Musk’s public spat with U.S. President Donald Trump.

The sector has already seen volatile trade this week, as investors reacted to Trump doubling tariffs on steel to 50%.

BMW is currently 1% lower, while Volkswagen shares are 0.9% lower and Stellantis is down 0.8%.

— Chloe Taylor

Stocks struggling for gains at the open

Europe’s Stoxx 600 index is fractionally higher at 8:17 a.m. London time, up around 0.02%, coming off the back of three positive sessions.

The U.K.’s FTSE 100 is leading the way with a 0.15% rise as oil and gas stocks advance amid higher crude prices, though Germany’s DAX and France’s CAC 40 are down 0.2% and 0.1%, respectively.

— Jenni Reid

Trump-Musk feud explodes

In case you missed it, the spat between U.S. President Donald Trump and Elon Musk, the world’s richest person, entered new territory overnight.

What began with Musk publicly slamming Trump’s spending bill has evolved into a full-on row between the two, with the president threatening to withdraw billions of dollars’ worth of government contracts for Musk’s companies.

Musk, meanwhile, claimed Trump would never have won a second term in office without his input in the campaign, and said SpaceX would immediately decommission its Dragon spacecraft due to Trump’s threats to cut funding.

In the fallout, Tesla saw $152 billion wiped off of its market cap — the biggest hit to its valuation ever.

— Chloe Taylor

Opening calls

Good morning from London.

European stocks look set to turn lower in the last trading session of the week, as investors around the world await more key data for clues on the shape of the U.S. economy.

FTSE 100 futures are currently 0.1% lower, while futures tied to the French CAC 40 and Germany’s DAX are down by 0.4% and 0.1%, respectively.

Regional stocks ended Thursday’s session higher after the European Central Bank trimmed interest rates in a widely anticipated move.

U.S. nonfarm payrolls data is due to be published later on Friday, with economists expecting a contraction in jobs from the previous month.

Trade tensions are also still in focus for global investors after U.S. President Donald Trump spoke with his Chinese counterpart Xi Jinping on Thursday. Trump said the 90-minute call was “very good” and “almost entirely” focused on trade.

— Chloe Taylor

What’s happening outside of Europe?

Overnight in Asia, stocks have been trading in mixed territory as investors digest the news that Trump and Xi held what the U.S. President described as a “very good” call.

On Wall Street, U.S. stock futures are trading higher ahead of May’s nonfarm payrolls data.

— Chloe Taylor