LONDON – European stocks rose on Friday as investors awaited Federal Reserve Chairman Jerome Powell’s speech later in the meeting in Jackson Hole, Wyoming.
The Stoxx 600 index was up 0.15 percent by 9:33 a.m. London time, with all major exchanges and the majority of sectors trading higher. Bank stocks rose 0.68 percent, while technology stocks fell 0.75 percent.
Shares of Nestle fell nearly 4% before paring losses slightly after the company announced it would replace CEO Mark Schneider with veteran boss Laurent Freixe following a period of lackluster performance. Shares were last down 2.15%.
Investors expect further signals on the future direction of monetary policy during a meeting of central bankers at the Jackson Hole Economic Symposium on Friday.
They will expect further information from Powell on an expected Fed rate cut in September. Bank of England Governor Andrew Bailey is also expected to speak.
US futures were slightly higher overnight in anticipation of the speech, while Asian markets were mostly lower during Friday’s session.
Elsewhere, consumer confidence in the UK remained stable in August, even though household economic expectations declined slightly, new data showed on Friday.
