European stocks settle following robust weekly performance, await Powell's speech at Jackson Hole
Date
8/20/2024 9:04:38 AM
(MENAFN) European Stocks maintained stability on Monday following their most significant weekly gain in three months. The European Stoxx 600 index closed at 511.38 points, showing a minor decline of 0.02 percent during trading. This slight drop came after the index's best weekly performance since May 6, which had seen a substantial rally. Similarly, major indices across Europe experienced small declines, with the German DAX down by 0.14 percent, the British FTSE falling by 0.30 percent, and the French CAC dropping by 0.05 percent.
Defense stocks were notably affected, leading the losses with companies such as Rheinmetall, BAE Systems, Saab AB, Thales, Leonardo, and Dassault Aviation experiencing declines between 1.4 percent and 4.3 percent. This downturn followed reports that Germany plans to limit its military aid to Ukraine due to budgetary constraints. As investors prepare for a week packed with economic data releases, attention will be focused on purchasing managers' index reports from France, Germany, Britain, and the euro zone, as well as new unemployment benefit claims in the United States.
The highlight of the week will be the Federal Reserve Chairman Jerome Powell’s anticipated speech at the Jackson Hole symposium in Wyoming on Friday. Powell's address is expected to provide insights into future monetary policy directions. Additionally, French power cable supplier Nexans saw its shares drop by 3.8 percent following a downgrade from Goldman Sachs.
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