European Shares Rise Ahead Of Powell’s Big Jackson Hole Speech

European stocks were flat to slightly higher on Friday after U.S.-China trade talks ended without breakthrough, as widely expected.

Investors looked ahead to U.S. Federal Reserve Chairman Jerome Powell’s big Jackson Hole speech later today for Fed views on Turkey’s currency crisis and the U.S.-Chinese trade spat.

In economic news, fresh data from Destatis showed the German economy expanded at a faster pace as initially estimated in the second quarter on domestic demand.

The largest euro area economy grew 0.5 percent sequentially, following the 0.4 percent increase in the first quarter. The rate came in line with the estimate released on August 14.

The pan-European Stoxx Europe 600 index was up 0.12 percent at 383.85 in late opening deals after declining 0.2 percent in the previous session.

The German DAX was up 0.1 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 were up around 0.2 percent.

Miners were on the rise as London copper prices recovered. Anglo American rose 1.2 percent, Antofagasta rallied 2.6 percent and Glencore added 1.1 percent.

Shire plc shares jumped 2.5 percent. The U.S. Food and Drug Administration has approved a first of its kind drug from the company used to treat patients suffering from a rare swelling disorder.

Oilfield services provider Petrofac rose over 1 percent after it announced an agreement to sell Petrofac GSA Holdings to Ithaca Energy (UK) Limited for a total consideration of up to $292 million.

Irish building materials group Kingspan soared 7 percent after its first half sales rose 15 percent to top €2 billion for the first time.

Swiss semiconductor maker U-Blox slumped as much as 18 percent after cutting its full-year revenue, EBITDA and EBIT guidance.

by RTTNews Staff Writer

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