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European stocks slip on dour German sentiment survey ahead of Powell speech

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European shares slipped on Friday as investors fretted over downbeat German consumer sentiment data due to rising energy costs and the path for U.S. interest rate hikes ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole.

European Central Bank policymakers appeared increasingly concerned that high inflation is getting entrenched, minutes of the July 21 showed on Thursday, even as recession risks loomed.The STOXX was on pace to end the week down nearly 1% and log its second straight weekly decline.

German consumer sentiment is set to hit a record low for the third month in a row in September, a new survey showed, as households brace for surging energy bills. In contrast, French consumer confidence unexpectedly rose in August."German recession fears just became more intense with the sentiment index falling to a new record low...

Elsewhere, regulator Ofgem said British energy bills will rise an eye-watering 80% to an average of 3,549 pounds a year from October, calling it a "crisis" that needed to be tackled by urgent government action.

 

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