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.

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