European stocks were set for a mixed open on Monday, as investors closely monitored U.S. President Donald Trump’s visa crackdown.
The U.K.’s FTSE 100 index was poised to open roughly 5 points lower at 9,216, Germany’s DAX was seen down 6 points at 23,633, while France’s CAC was set to open 6 points higher at 7,866, according to IG.
The Trump administration on Friday signed a surprise order to raise the so-called H-1B application fee to $100,000.
The proclamation, which came into effect on Sunday, requires companies to pay the new six-figure fee to obtain the visas necessary for new employees entering the country.
The move comes as part of an effort designed to protect American jobs and marks a further crackdown on immigration from the White House.
The abrupt nature of the policy change has left many companies scrambling to assess what it means for their recruitment plans. Major tech firms, for example, famously rely on H-1B visas to fill highly skilled roles with personnel recruited from India and China, among other countries.
India, for its part, has hit back at the $100,000 fee for applications to the H-1B visa program, saying the measure “is likely to have humanitarian consequences by way of the disruption caused for families.”
On the data front, a flash estimate for euro zone consumer confidence is due at around 3 p.m. London time.
Asia-Pacific stock markets traded mixed, as investors took in China’s key lending rate decision. China’s central bank kept the loan prime rates (LPR) unchanged for the fourth month in a row, in line with a Reuters poll.