European shares were little changed on Friday, holding on to weekly gains, with market participants turning their focus to Jackson Hole, where the heads of the Federal Reserve and the European Central Bank are set to speak later in the day.
The Stoxx Europe 600 Index slipped 0.05% at 8:12 a.m. in London, with technology and travel shares dropping the most while energy stocks gained. Retailer Watches of Switzerland Group Plc plunged after one of its rivals, Bucherer AG, agreed to sell itself to watch maker Rolex SA.
The main regional benchmark is clinging to a gain for the week after three weeks of declines. This year’s European equities rally has faltered in August amid renewed worries over China’s property and shadow banking sectors and the effect of higher interest rates on the economy. The speeches in Wyoming by Fed Chair Jerome Powell and ECB President Christine Lagarde will be closely watched for clues on the outlook for monetary policy.
Also speaking from Jackson Hole, ECB Governing Council member Joachim Nagel said he’s not convinced inflation is under control enough for a halt in interest rate hikes.“We are expecting the higher-for-longer and data-dependent mantra to be repeated at Jackson Hole today, although more longer-term deep messages would be welcome,” said Diego Fernandez, chief investment officer at A&G Banco.
Watches of Switzerland plunged as much as 26% in London. Peel Hunt cut the stock to hold from buy, saying Rolex’s acquisition of Bucherer could affect where Rolex decides to allocate its timepieces. About half of Watches of Switzerland’s sales are Rolex, Peel Hunt said.European mining stocks gained with iron ore on track for its biggest weekly gain since June, as Chinese mills began to restock to meet an anticipated increase in steel demand when construction activity picks up from next month.
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