European Shares Tread Water With U.K. Market Closed for Holiday
(Bloomberg) -- European shares traded little changed Monday with investors weighing the latest dovish messaging on scaling back stimulus from the U.S. Federal Reserve as the U.K. market remained closed for a bank holiday.
The Stoxx Europe 600 Index ended the session up 0.07% in low volumes. Stocks in Europe are trading near a record with the benchmark set for its seventh straight monthly gain, its longest monthly winning streak since 2013. Market participants are looking for further guidance on tapering after Fed Chair Jerome Powell used his speech at the Jackson Hole policy forum to signal that while the central bank may start paring bond purchases this year, it’s in no hurry to raise interest rates.
“A close observation of the U.S. labor market remains the key to further assessing the monetary policy course,” said Christian Scherrmann, a U.S. economist at DWS Investment. “We expect further information after the central bank meeting in September and do not expect the reduction in bond purchases to begin until the end of this year at the earliest.”
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