European Shares To Open On Cautious Note Ahead Of Powell's Pivotal Speech

(RTTNews) - European stocks are seen opening on a cautious note Friday as investors anxiously await Fed Chair Jerome Powell's Jackson Hole speech later in the day for clues on U.S. interest rates.

It is likely that Powell could signal the likelihood of high interest rates for longer to curb inflation.

The symposium also features meetings by policymakers from the European Central Bank, Bank of England and Bank of Japan.

Asian markets traded lower as tech stocks succumbed to profit taking after recent gains.

Treasury yields were largely flat and gold edged lower while the dollar was poised for its sixth straight week of gains.

Oil prices were higher but headed for a second weekly decline on dollar strength and amid lingering fuel demand concerns.

U.S. stocks ended sharply lower overnight, failing to sustain early gains after Nvidia beat earnings views and raised its guidance.

A tech rally proved to be short-lived as U.S. bond yields resumed their climb in the wake of mixed comments from Fed officials.

While Boston Fed President Susan Collins warned of further rate increases, Philly Fed President Patrick Harker said the Fed has probably done enough to curb inflation.

Former St. Louis Fed President James Bullard believes that a reacceleration in growth this summer could delay plans for the Fed to end its interest-rate increases.

On the data front, durable goods orders for July missed expectations while the latest jobless claims figures showed continued labor market resilience.

The tech-heavy Nasdaq Composite plummeted 1.9 percent, the S&P 500 tumbled 1.4 percent and the Dow lost 1.1 percent.

European stocks reversed course to end mostly lower on Thursday.

The pan European STOXX 600 dropped 0.4 percent. The German DAX shed 0.7 percent and France's CAC 40 gave up 0.4 percent while the U.K.'s FTSE 100 inched up 0.2 percent.