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European stock markets fall on the eve of Jerome Powell’s speech

European stock markets fall on the eve of Jerome Powell’s speech

This Thursday, European stock markets are down and are betting on caution in anticipation of the important speech of the President of the U.S. Federal Reserve (Fed) Jerome Powell scheduled for Friday.

 

The European markets are down this Thursday at mid-session, suspended in anticipation of the speech of Fed Chairman Jerome Powell, which will take place Friday at the Jackson Hole symposium. Around 11:00 am, the pan-European index FTSEurofirst 300 lost 0.4%.

 

On the Paris Bourse, the CAC40 index was down 0.35% to 6,653.08 at mid-session. London gave up 0.36% while Frankfurt was down 0.58%. For the opening of Wall Street, the New York indices announced a slight decline of 0.1% for the S&P-500 and 0.2% for the Nasdaq. The Dow Jones is expected to open slightly higher.

 

Markets remain frozen ahead of the annual meeting of central bankers, which will be held at a distance due to the health situation, and the speech of the U.S. Federal Reserve Chairman Jerome Powell, who is expected to speak on Friday at 4 p.m. French time.

 

We think those expecting clear communication on the form and timing of the tapering of asset purchases may be disappointed (…) Recent data remains strong but momentum is fading and inflationary fears have not increased,” detailed Paolo Zanghieri, chief economist at Generali Investments.

 

See Also

The luxury sector remains down, weakened by the decline of Chinese markets and the announcement by President Xi Jinping of a redistribution of wealth in the Middle Kingdom, the largest market for luxury. On Thursday, Hermes fell by 2.4%, Kering lost 1.6% and LVMH lost 1.3%, in line with previous sessions.

 

Read Also > CHINA’S WEALTH REDISTRIBUTION PLAN PUSHES DOWN LUXURY

 

Featured Photo : © Presse

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