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LONDON — European stocks are expected to open lower on Thursday, reversing the positive momentum seen throughout the week.

Great Britain FTSE Germany’s index is expected to drop 25 points lower to 8,516 points DAX fell 8 points to 21,251 in France CAC 40 down 8 points to 7,828 and Italy FTSE MIB 59 points lower at 35,973, according to IG data.

The expected decline came after Germany’s DAX hit an all-time high for the second time this week on Wednesday. The sportswear giant Adidas helped lift the German index, and shares rose 6% after the company said sales rose 19% fourth quarter results.

Investors will likely tune into President Donald Trump’s keynote address at the World Economic Forum in Davos, Switzerland on Thursday. The newly elected president is scheduled to speak at WEF via video link at 5:00 p.m. Davos time.

Participants and observers around the world will be listening closely to his speech to learn more about his much-publicized pledge to impose blanket tariffs on goods imported into the United States and his stance on major geopolitical and economic issues such as Ukraine-Russia. the war, the future of Israeli-Palestinian relations, and the economic rivalry with China.

Other prominent figures to speak on Thursday include Javier Millay, the president of Argentina, who will speak at 10:15 a.m. local time.

CNBC guests include the CEOs of Vestas, Schneider Electric, Siemens, Rio Tinto, Carlsberg and SAP. We will also be speaking to Mathias Kormann, OECD Secretary General, European Commission Senior Official Stephane Sejournay, German Finance Minister Jörg Kukies and Saudi Arabia’s Investment Minister Khalid Al Falih, among many others.

Panels moderated by CNBC will include a debate on the technological revolution with the participation of Antonio Neri, CEO of HP, as well as the CEOs of Octopus Energy and iGenius.