Wall Street Set to Rebound as European Markets Struggle

European markets were down Friday, following Asian markets into negative territory but Wall Street futures looked set to break the trend, pointing to a positive open.

Dow Jones mini futures were 0.15% up and S&P 500 mini futures gained 0.16%, despite worries that the tax reform bill may not have votes to pass that sent markets down on Thursday.

Republican Senator Marco Rubio on Thursday said they would not back the bill without changes to child tax credits, while Senator Mike Lee said he was undecided about how he would vote next week.

London's FTSE 100 fell 0.028%, or 2 points, to 7,447.11. Germany's Dax fell 0.39%, or 50.04 points, to 13,018.41 and France's Cac 40 lost 20.92 points, or 0.39%, to 5,335.5.

Asian markets were also on the backfoot on Friday. In Japan, the Topix index fell 0.8% and was down 0.6% over the week. The Nikkei 225 Stock Average was down 0.6% in Tokyo.

H&M (HNNMY) shares fell more than 15 % in Stockholm, changing hands at Skr170. The Swedish fast fashion retailer said Friday reported a 4% drop in sales in the fourth quarter, significantly below the company's own expectations. For the full year from Dec. 1, 2016 to Nov. 30, 2017 the retailer saw a 4% increase in sales.

"The quarter was weak for the H&M brand's physical stores, which were negatively affected by a continued challenging market situation with reduced footfall to stores due to the ongoing shift in the industry," the company said.

In response, H&M said it will close stores and continue the integration of its physical and online stores.

Inditex (IDEXY) , the owner of Zara, were dragged down in H&M's fallout. Shares were down 1.11%, changing hands at €30.36, making the retailer one of the biggest faller on the Euro Stoxx 50.

Airbus (EADSY) shares were flat, rising 0.1% to change hands at €85.36, after the plane maker confirmed that its CEO Tom Enders would depart in 2019 and that COO Fabrice Bregier would leave next year, as the company faces corruption allegation and regulatory scrutiny.

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