European shares slip ahead of U.S. Fed chief Powell's testimony
Reuters
Published Jul 10, 2019 08:18
European shares slip ahead of U.S. Fed chief Powell's testimony
(Reuters) - European shares dipped in early trading on Wednesday ahead of U.S. Federal Reserve Chair Jerome Powell's two-day testimony where investors will closely watch for signs of an interest-rate cut later this month.
Powell is scheduled to give his semi-annual monetary policy testimony to Congress at 1400 GMT, and investors see a worrying lack of inflation globally as one reason for Powell to sound suitably dovish.
The pan-European shares index (STOXX) fell 0.2% and was on course to extend losses to a fourth day, with Spain's IBEX (IBEX) underperforming with a 0.4% loss.
Stocks with exposure to Mexico led losses in Madrid with BBVA (MC:BBVA), Iberdrola (MC:IBE) and Telefonica (SA:VIVT4) down between 0.6% and 0.8%, after a shock resignation of Mexican Finance Minister Carlos Urzua on Tuesday rattled Mexican markets.
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Written By: Reuters
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