2023-08-25 10:29:08
The pan-European Stoxx 600 index fell 0.1%.
Dubai – Al Arabiya.net
Posted on: August 25, 2023: 12:45 PM GST Last updated: August 25, 2023: 02:29 PM GST
European stocks fell in early trading today, Friday, as investors exercised caution before the statements of the heads of major central banks at the Jackson Hole symposium in the United States, while the rise in bond yields continued to pressure stocks.
And by 07:11 GMT, the European Stoxx 600 index fell 0.1%, and yet it seemed destined to record its first weekly gain in four weeks.
Federal Reserve Chairman (US Central Bank) Jerome Powell is scheduled to speak at 14:05 GMT, while European Central Bank President Christine Lagarde will speak at 19:00 GMT, according to Archyde.com.
The speeches of the heads of central banks will play a major role in predicting the course of interest rates, amid hopes that central banks are close to ending the monetary tightening cycle.
Bond yields rose across Europe, with the continent’s benchmark German bond yield rising to 2.54%. Interest-sensitive real estate stocks fell 0.1%.
On the other hand, shares of growth-sensitive technology companies fell 0.5%, and travel and leisure sector shares fell 0.4%.
Losses remained limited, with energy sector shares rising 0.6%, supported by the rise in crude oil prices. Basic resource shares rose 0.2%, supported by the increase in metal prices.
The German DAX fell 0.1% following official data showed that the German economy stagnated in the second quarter compared to the previous quarter, following suffering a contraction in the winter.
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