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European Stock Futures Marginally Higher; Powell's Speech Limiting Activity

Stock MarketsAug 27, 2021 02:09AM ET
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© Reuters

By Peter Nurse 

Investing.com - European stock markets are expected to open marginally higher Friday, with investors wary of taking positions ahead of a highly anticipated speech by Federal Reserve Chairman Jerome Powell.

At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.1% higher, the FTSE 100 futures contract in the U.K. rose 0.1%, while the CAC 40 futures in France were largely flat.

The Jackson Hole symposium, the Fed's annual research conference for central bankers, is being held virtually this year, because of the Covid-19 virus, and has been the focus of the market all week as it has been often used by Fed policymakers in the past to provide guidance on future policy.

Powell is set to speak at 10 AM ET (1400 GMT), and his comments is expected to sketch a rough timeline for tapering the Fed's bond-buying program. This would mark the beginning of the end for the central bank’s unprecedented monetary support in the wake of the coronavirus outbreak.

St. Louis Federal Reserve President James Bullard said on Thursday that the Fed is "coalescing" around a plan to begin cutting its $120 billion in monthly bond purchases, while his counterpart at the Kansas City Fed Esther George added her voice to calls for tapering "sooner rather than later."

Also prompting caution Friday was the deteriorating situation in Afghanistan after suicide bomb explosions outside the Kabul airport late Thursday killed numerous civilians and at least 13 U.S. soldiers.

Back in Europe, French and Italian consumer confidence releases are due during the session, and are expected to show a slight drop as Covid cases rise, while the earnings slate is quiet.

Elsewhere, crude prices rose Friday, on track to post strong gains this week, with oil companies shutting down production in the Gulf of Mexico as Tropical Storm Ida approaches the region, threatening near-term supply disruption as it nears hurricane status.

Of interest later Friday will be the release of the Baker Hughes rig count data, while the Commodity Futures Trading Commission’s data on net positioning will also be studied for clues about the future direction of the market.

By 2:05 AM ET, U.S. crude futures traded 1.8% higher at $68.61 a barrel, heading for a weekly gain of more than 8%, while the Brent contract rose 1.6% to $71.28, on track for a rise of more than 9% this week.

Additionally, gold futures rose 0.5% to $1,804.95/oz, while EUR/USD traded 0.1% higher at 1.1761.

 

European Stock Futures Marginally Higher; Powell's Speech Limiting Activity
 

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Comments (7)
Ben sonne Diawara
Ben sonne Diawara Aug 30, 2021 9:11AM ET
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Chris Poulos
Chris Poulos Aug 27, 2021 4:28AM ET
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no matter how much people think 'oh, the market has priced in tapering' ... it hasnt. powell will talk about tapering, markets will nosedive & US dollar goes up. what other possible scenario is there?
perplexed76 .
perplexed76 . Aug 27, 2021 4:27AM ET
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Powell is a hostage of stock gamblers
Rise Unlimited
Rise Unlimited Aug 27, 2021 3:49AM ET
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Trying to offset shortage markups, give incentive to get people back to work, stimulus, help forebearances, home loan modifications and home sells was a kind gesture. It just produced smoke and mirrors. Jobs cutting 1 wage into 2 masks the people let go after Payment protection program. Now the govs want money from businesses to give more to the increase in retail investors to throw at crypto and buy penny contracts off of flood of fake Chinese “Amazon” reviews. Recipe for disaster if something big doesn’t happen soon.
Raja Yoghurt
Raja Yoghurt Aug 27, 2021 3:13AM ET
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The fed is obviously doen't have resources for tapering. So powell will replicate draghi's "whatever it takes" speech.
Rustam Garaev
235666 Aug 27, 2021 3:00AM ET
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bubble up till it implodes their indices off
Ricardo Diogo
Rcd72 Aug 27, 2021 2:42AM ET
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fed ponzi asset purchase scheme is driving inflation higher and higher
 
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