European Stocks Are Little Changed Before Fed Yellen’s Speech

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European stocks were little changed as investors awaited a speech by Federal Reserve Chair Janet Yellen for indications on the path of future interest-rate increases.
The Stoxx Europe 600 Index added less than 0.1 percent at 8:18 a.m. in London, heading for a weekly advance of 0.6 percent. The gauge has been trading in a tight range for most of the month, struggling to find a direction after a rebound of as much as 12 percent following the aftermath of the U.K. secession vote.
Now, all eyes are on the Fed. Yellen is scheduled to speak at the annual monetary policy symposium in Jackson Hole, Wyoming, at 10 a.m. local time. Traders see a one-in-three chance of the central bank increasing borrowing costs next month after officials have made the case for policy tightening in recent days.
In a broad selloff after three days of gains, European shares posted their biggest slumps since Aug. 2 on Thursday, as German business confidence unexpectedly weakened to the lowest level in six months. Skepticism about the efficiency of European Central Bank stimulus to spur growth amid political turmoil have sent the Stoxx 600 down 6.5 percent this year through the last close, with banks slumping the most. French media company Vivendi SA fell 1.7 percent after reporting quarterly earnings that missed analyst estimates. Gemalto NV climbed 3.8 percent after the software firm posted an increase in net profit and said it is interested in buying Safran SA’s Morpho.
European Stocks Are Little Changed Before Fed Yellen’s Speech European Stocks Are Little Changed Before Fed Yellen’s Speech Reviewed by Unknown on 00:53 Rating: 5
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