European stocks fall ahead of Powell speech as banks slide | Malay Mail

The pan-European STOXX 600 index slipped 0.3 per cent, with banks being the biggest drags after HSBC fell 2.2 per cent. ― Reuters pic

The pan-European STOXX 600 index slipped 0.3 per cent, with banks being the biggest drags after HSBC fell 2.2 per cent. The British bank came under fresh US criticism yesterday for its reported treatment of customers linked with the pro-democracy movement in Hong Kong.Investors will be looking for clues on the US central bank’s new strategy for meeting its price stability and maximum employment goals amid a deep economic crisis caused by the coronavirus pandemic.

European Central Bank chief economist Philip Lane is also scheduled to speak at the virtual Jackson Hole meeting. A Reuters poll of fund managers showed European stocks are expected to stall for the rest of 2020 and miss out on the bull market, which has propelled Wall Street to record highs.

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