The rate-sensitive technology sector led the advance in Europe after Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde at Jackson Hole on Friday failed to shake the outlook for interest rates. With UK markets closed for a bank holiday, trading volumes were two-thirds lower than the 30-day average for this time of day.
Powell stuck to the script in his Jackson Hole speech, saying that the Fed is “prepared to raise rates further if appropriate,” even as he stressed that the central bank would “proceed carefully,” guided by economic data. Lagarde, likewise, said the ECB would set borrowing costs as high as needed to keep inflation in check but stopped short of signaling an increase at the next meeting.
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