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European Stocks Status During Powell’s Speech

European stocks fixed to move higher as investors monitored the U.S. Federal Reserve Chairman Jerome Powell’s speech on Friday at Jackson Hole symposium.

In addition to that, the side of the stocks market is climbing. The FTSE 100, DAX, and CAC 40 jumped in the range of 28 to 68 points on Friday.

Aside from that, this week, U.K. Prime Minister Boris Johnson met with French President Emmanuel Macron and Chancellor of German Angela Merkel for talks. As a result, Brexit took part in the high agenda. And Macron on Thursday might be confident on coming up with a solution with the slightly revised withdrawal agreement. But he repeated that the backstop for the Republic of Ireland-Northern Ireland border is “indispensable.”

Meanwhile, Asian stocks on Friday was unstable due to the intensifying tensions between Japan and South Korea. And cue to the sharp trade dispute, Seoul suddenly canceled an intelligence-sharing pact with Tokyo.

European News

Now, more on European News, Italian President Sergio Mattarella stated that some parties specified a need for more time to come up with a solution to the ongoing government crisis. And according to the statement, they will report again by early next week. Five Star Movement (M5S) leader Luigi di Maio said that his party is currently working to prevent the snap elections from happening.

Then moving to European corporate news, Deutsche Bank complied with the agreement to pay the U.S. Securities and Exchange Commission $16 million. The payment is to settle charges, which violated the Foreign Corrupt Practices Act.

On the other hand, in the report of the Financial Times, the EU is thinking about the plan for a 100 billion euro ($110.71 billion) sovereign wealth fund. And this is to finance European industrial champions to compete with other U.S. corporate giants like Google and Apple.



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