|08-23-2014, 03:47 PM||#1|
European shares trim losses on Yellen`s remarks, Ukraine
European shares declined on Friday, after Federal Reserve Chair Janet Yellen delivered a mixed assessment of the U.S. economy and monetary policy at Jackson Hole.
Yellen on Friday warned that rate hikes could come sooner than expected if the U.S. economic recovery is sustained.
However, the Fed`s internal labor market indicators suggest that the recent decline in the unemployment rate overstates the improvement in overall labor market conditions, Yellen said.
ECB President Mario Draghi will address the conference at Jackson Hole after the European markets close.
Yellen also said the Fed’s assessment of employment slack has become challenging and there is no simple recipe for appropriate policy.
- Stoxx 600 lost 0.23 percent or 0.76 points to 336.75
The gauge earlier dropped as much as 0.7 percent after Russian aid trucks entered Ukraine without consent from Kiev.
The Stoxx 600 rallied 2.1 percent this week as investors bet that industrial slowdown in the euro area will increase pressure on the European Central Bank to introduce asset purchases known as quantitative easing.
- Stoxx 50 dropped 0.83% or 26.06 points to 3098.50
News the Red Cross was also not moving into Ukraine with the Russian trucks as planned triggered stock selling in London, Frankfurt and Paris. Shares in Moscow tumbled about 1.5 percent to bring this week`s rally to an abrupt halt, and the ruble also fell.
-The British FTSE 100 lost 0.04% or 2.41 points to 6775.25
-The French CAC 40 lost 0.93% or 40.13 to 4252.80
-Frankfurt’s DAX 30 lost 0.66% or 62.36 points to 9339.17
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