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European Shares Seen Steady Despite U.S. Tariff Move

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European stocks are headed for a steady open on Friday even as an increase in U.S. tariffs on $200 billion of Chinese goods kicked in at 12:01 a.m. ET and China's commerce ministry said it would take necessary countermeasures.

High-level economic and trade consultations will continue for a second day and a trade deal is still possible as there is an unofficial window, potentially lasting a couple of weeks.

Asian markets are trading mixed and the dollar held steady against the yen while oil prices rose slightly on renewed optimism that a trade deal could be struck between Washington and Beijing.

Overnight, U.S. stocks ended modestly lower as investors remained worried about a sharp escalation in the U.S.-China trade dispute.

The Dow Jones Industrial Average shed half a percent, the tech-heavy Nasdaq Composite slipped 0.4 percent and the S&P 500 eased 0.3 percent.

European markets tumbled on Thursday ahead of U.S.-China trade talks. The pan European Stoxx 600 gave up 1.7 percent.

The German DAX fell 1.7 percent, France's CAC 40 index tumbled 1.9 percent and the U.K.'s FTSE 100 declined 0.9 percent.

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