European markets head for mixed open ahead of speech by Fed’s Powell

European stocks are expected to open in mixed territory Thursday as investors focus on the forthcoming speech by the Federal Reserve’s Chairman Jerome Powell. London’s FTSE is seen opening 4 points higher at 6,045, Germany’s DAX up 8 points at 13,195, France’s CAC 40 down 2 points at 5,044 and Italy’s FTSE MIB down […]

European stocks are expected to open in mixed territory Thursday as investors focus on the forthcoming speech by the Federal Reserve’s Chairman Jerome Powell.

London’s FTSE is seen opening 4 points higher at 6,045, Germany’s DAX up 8 points at 13,195, France’s CAC 40 down 2 points at 5,044 and Italy’s FTSE MIB down 28 points at 20,088, according to IG.

Global investors are looking ahead to the upcoming speech stateside from the Fed’s Powell, where he is expected to introduce a new pandemic-era tool to combat the economic impact of Covid-19 and foster inflation in the U.S. The Fed has had a 2% inflation target, but in the decade since the last financial crisis it has more often than not seen inflation fall below its target. Powell will speak during a virtual version of the Fed’s annual Jackson Hole, Wyoming, conference.

Meanwhile, shares in Asia Pacific were mixed in Thursday morning trade as the latest data showed China’s economy continued to recover.

Oil markets are in focus Thursday also, after oil rigs and refineries were shut ahead of a massive hurricane approaching Texas and Louisiana. 

On the coronavirus front, biotech firm Moderna announced Wednesday that its potential vaccine generated a promising immune response in elderly patients during an early stage clinical trial.

Earnings come from Bouygues, WPP, Hays and Rolls Royce Thursday, and on the data front, Switzerland will release second-quarter growth data, and Italy will publish industrial orders and sales for June. 

– CNBC.com staff contributed to this market report.

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