European Stocks Edge Lower as Investors Await Fed Speakers
European stocks edged lower on Monday as investors awaited speeches from Federal Reserve officials and the release of key economic data. The Stoxx Europe 600 Index fell 0.2%, while the U.K.’s FTSE 100 Index dropped 0.3%.
U.S. Economic Data in Focus
Investors are keeping a close eye on the U.S. economic data due out this week, including the latest jobless claims figures and the consumer price index. The data will be closely watched for clues on the health of the U.S. economy and the outlook for monetary policy.
The Fed is expected to keep interest rates near zero for the foreseeable future, but investors are looking for clues on when the central bank might start to raise rates. Fed Chairman Jerome Powell is scheduled to speak on Wednesday, and his comments could provide some insight into the central bank’s plans.
European Markets Mixed
European markets were mixed on Monday, with the German DAX Index rising 0.2% and the French CAC 40 Index falling 0.3%. The euro was little changed against the U.S. dollar, trading at 1.1850.
In the U.K., the FTSE 100 Index was weighed down by losses in the banking sector. Lloyds Banking Group and Barclays both fell more than 1%, while Royal Bank of Scotland dropped 0.7%.
Oil Prices Rise
Oil prices rose on Monday, with Brent crude futures up 0.7% to $45.20 a barrel. The gains came as investors bet on a recovery in demand as coronavirus restrictions are eased.
Tech Stocks Lead Gains
Tech stocks were among the biggest gainers on Monday, with the Stoxx Europe 600 Technology Index rising 0.7%. Shares of chipmaker Infineon Technologies rose 1.3%, while software company SAP gained 1.2%.
Outlook
Investors will be keeping a close eye on the U.S. economic data due out this week, as well as the comments from Fed officials. The data and comments could provide clues on the outlook for monetary policy and the health of the U.S. economy. Meanwhile, oil prices are likely to remain in focus as investors bet on a recovery in demand.