European shares were subdued on Wednesday ahead of U.S. Federal Reserve Chair Je...
- European shares were subdued on Wednesday ahead of U.S. Federal Reserve Chair Jerome Powell’s testimony that could determine the path of future interest rate cuts, with strong industrial output data from France and Italy limiting losses.
Powell’s two-day monetary policy testimony to Congress is set to begin at 1400 GMT, and investors see a worrying lack of inflation globally as a reason for him to sound suitably dovish. The benchmark index is set to extend losses to a fourth straight session after a strong U.S. jobs report last week led investors to trim bets of a sharp interest rate cut in July.
“We aren’t going to see any major moves between now and until Powell gives his update, and if he does give an update on monetary policy that will give the markets new direction for the next few weeks.”rose 0.7%, outperforming the broader European markets that traded sideways.
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