European stocks lower ahead of Powell speech, banks weigh By Reuters


© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – A cautious mood prevailed in European equity markets on Thursday as investors looked ahead to the U.S. Federal Reserve Chairman Jerome Powell’s outlook on monetary policy.

The pan-European STOXX 600 index () slipped 0.2% by 0716 GMT, with banks () and miners () leading the losses.

Tech stocks () extended gains after another record-setting session on Wall Street. ()

Investors will be looking for clues on the U.S. central bank’s new strategy for meeting its price stability and maximum employment goals amid a deep economic crisis caused by the coronavirus pandemic. Powell is set to speak at 1310 GMT.

French advertising group Publicis (PA:) rose 0.9% after bigger rival WPP (L:) said it had resumed its dividend after cost cuts and a switch to faster ad production helped it to beat dire forecasts for second-quarter trading. WPP shares jumped 4.8%.

German online takeaway food group Delivery Hero (DE:) slipped 1.7% on announcing the acquisition of online grocery service InstaShop after almost doubling its revenues in the first half of 2020.

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