LONDON The European markets were quiet Friday ahead of the remarks by Chairman Jerome Powell, U.S. Federal Reserve, at the annual Jackson Hole symposium.
In early trade, the pan-European Stoxx 600 fell 0.1%. Travel and leisure stocks dropped 0.8%, while basic resources gained 0.4%.
Friday's session of the European blue-chip index started roughly the same as it had been at the beginning of the week. Markets were in suspended animation before the Jackson Hole meeting.
The markets in Asia-Pacific were mixed on Friday. However, U.S. stock futures climbed fractionally after major Wall Street indexes posted multi-day winning streaks Thursday.
Fed in Focus
Investors from around the globe will be paying attention to Powell's speech, which provides details about how and when the central banks might reduce its monetary stimulus.
T. Rowe Price's chief U.S. economist, Alan Levenson, stated that markets shouldn't expect big surprises from Powell's speech or a deviation from previous messages from the Fed that tapering will likely begin later in the year or early 22 depending on economic conditions.
Levenson stated that he believes the 'advance notification' will be given at the 22 September FOMC meeting followed by the announcement on 3 November that asset purchases will slow down in December, provided the Fed's expectations are met.
"In this context Chair Powell's message will be open to 'advance notification' on 22 September without committing any action."
