European Stocks Await Jackson Hole Speeches
European stocks were little changed on Monday as investors awaited speeches from central bankers at the Jackson Hole symposium. The Stoxx Europe 600 Index was flat, with the benchmark hovering around its highest level since February.
European Markets Remain Cautious
The markets in Europe remained cautious as investors awaited the Jackson Hole symposium, which is scheduled to begin on Thursday. The event will feature speeches from central bankers from around the world, including Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde.
The Stoxx Europe 600 Index was little changed, with the benchmark hovering around its highest level since February. The index has gained more than 10% since the start of the year, driven by a surge in technology stocks and a rebound in the banking sector.
Technology Stocks Lead the Way
Technology stocks were the biggest gainers on Monday, with the Stoxx Europe Technology Index rising 0.7%. The index has gained more than 20% since the start of the year, driven by strong demand for semiconductors and other tech-related products.
The banking sector was also higher, with the Stoxx Europe Banks Index rising 0.3%. The index has gained more than 15% since the start of the year, driven by a rebound in the sector after a sharp sell-off in March.
Oil Prices Rise
Oil prices rose on Monday, with Brent crude futures rising 0.7% to $45.60 a barrel. The rise in oil prices was driven by optimism that demand for the commodity will increase as economies around the world continue to reopen.
Currency Markets
In the currency markets, the euro was little changed against the dollar, trading at 1.1850. The pound was also little changed, trading at 1.3200.
Outlook
Investors will be closely watching the Jackson Hole symposium for clues on the direction of monetary policy. Central bankers are expected to discuss the outlook for the global economy and the potential for further stimulus measures.
The markets in Europe are likely to remain volatile in the near term as investors digest the speeches from the central bankers. In the longer term, the outlook for the region remains positive, with the economy expected to continue to recover from the pandemic-induced recession.