LONDON — European markets were muted on Friday as caution prevailed ahead of U.S. Federal Reserve Chairman Jerome Powell's remarks at the annual Jackson Hole symposium.
The pan-European Stoxx 600 edged 0.1% lower in early trade, with travel and leisure stocks dropping 0.8% while basic resources gained 0.4%.
The European blue chip index began Friday's session roughly unchanged from where it started the week, with markets in suspended animation ahead of the Jackson Hole meeting.
Markets in Asia-Pacific were similarly mixed on Friday, while U.S. stock futures inched fractionally higher after the major Wall Street indexes snapped multi-day winning streaks on Thursday.
Fed in focus
Investors around the world will be watching Powell's speech for details on how and when the central bank might look to taper its monetary stimulus measures.
Alan Levenson, chief U.S. economist at T. Rowe Price, said markets should not expect any big surprises from Powell's speech, or deviation from the Fed's previous messaging that tapering is likely to commence later this year or early 22, depending on economic conditions.
"In my view, 'advance notice' will come at the conclusion of the 22 September FOMC meeting, followed by the formal announcement on 3 November that the pace of asset purchases will be reduced in December – assuming the labor market recovery continues to meet the Fed's expectations," Levenson said.
"In this context, Chair Powell's message will open the door to 'advance notice' on 22 September, without committing to any course of action."
Developments in Afghanistan are also on the radar, after the Pentagon confirmed on Thursday that explosions near Hamid Karzai International Airport in Afghanistan killed 13 U.S. service members and wounded 18. President Joe Biden has vowed to hunt down ISIS leaders responsible for the attacks.
On the economic data front, French consumer confidence pulled back fractionally in August, the INSEE official statistics agency said on Friday. The monthly consumer confidence index slipped to 99 from 100 in July.
Just Eat Takeaway shares slipped 3.2% in early trade after the New York City Council passed a bill capping commissions charged to restaurants by delivery apps.
At the top of the Stoxx 600, German biotech company MorphoSys added 2.3% after the European Commission had approved its cancer drug.
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https://news.google.com/__i/rss/rd/articles/CBMiYGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjEvMDgvMjcvZXVyb3BlLW1hcmtldHMtZmVkLWNoYWlyLXBvd2VsbC1zcGVlY2gtYWZnaGFuaXN0YW4taW4tZm9jdXMuaHRtbNIBZGh0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDIxLzA4LzI3L2V1cm9wZS1tYXJrZXRzLWZlZC1jaGFpci1wb3dlbGwtc3BlZWNoLWFmZ2hhbmlzdGFuLWluLWZvY3VzLmh0bWw?oc=5
2021-08-27 06:27:36Z
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