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European stocks lower ahead of Powell speech, banks weigh

Published 08/27/2020, 03:27 PM
Updated 08/27/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 27 (Reuters) - A cautious mood prevailed in European
equity markets on Thursday as investors looked ahead to the U.S.
Federal Reserve Chairman Jerome Powell's outlook on monetary
policy.
The pan-European STOXX 600 index .STOXX slipped 0.2% by
0716 GMT, with banks .SX7P and miners .SXPP leading the
losses.
Tech stocks .SX8P extended gains after another
record-setting session on Wall Street. .N
Investors will be looking for clues on the U.S. central
bank's new strategy for meeting its price stability and maximum
employment goals amid a deep economic crisis caused by the
coronavirus pandemic. Powell is set to speak at 1310 GMT.
French advertising group Publicis PUBP.PA rose 0.9% after
bigger rival WPP WPP.L said it had resumed its dividend after
cost cuts and a switch to faster ad production helped it to beat
dire forecasts for second-quarter trading. WPP shares jumped
4.8%. German online takeaway food group Delivery Hero DHER.DE
slipped 1.7% on announcing the acquisition of online grocery
service InstaShop after almost doubling its revenues in the
first half of 2020.

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