Declining business sentiment in Germany fails to move European markets as investors await speech by US Fed chairLondon — European markets were subdued on Wednesday, with Germany’s weaker economic sentiment data failing to inspire investors who kept their powder dry ahead of a Federal Reserve speech on Friday.
Instead, markets globally were looking ahead to Friday, when Jerome Powell, chair of the US Federal Reserve, is due to speak at the annual Jackson Hole symposium. Expectations are high that he might indicate when the central bank could begin “tapering”, or easing stimulus to, an economy now recovering from Covid-19.
While data remains robust, there are clear signs the global economy is losing momentum, after an early-2021 rebound from last year’s pandemic-driven slump. The MSCI’s broadest index of Asia-Pacific shares outside Japan spent most of the day little changed, but was last up 0.37%, and about 4% higher so far this week.
Chinese regulatory crackdowns that have roiled sectors from technology to property, also weighed on shares in Hong Kong and China, dragging on the broader Asian index.
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