Drops of up to 1% in Europe; futures on Wall Street in the red

European markets are trading with declines of up to 1%, and futures on Wall Street are in the red. American Express announced layoffs of 5% of its workforce. Oil prices are surging amid geopolitical tensions.

European stock markets are trading with declines of up to 1%, and futures on Wall Street signal drops of up to 0.8% at the open. This follows a red close on Wall Street yesterday, which was the worst day since July. In Europe, the eurozone composite PMI fell to 51.9, the lowest since June, with France being the weakest, returning to contraction. Kering shares plunged more than 10% after a 6% drop in Gucci sales. American Express announced layoffs of 5% of its workforce, about 3,500 jobs, in an effort to curb costs. Oil prices continue to rise amid geopolitical tensions, with Brent trading above $114 per barrel. Next week is expected to be tense with interest rate decisions from the Fed, the ECB, and the Bank of Japan, and reports from tech giants like Alphabet, Microsoft, and Amazon.