European stocks pushed higher on Friday ahead of a keenly awaited speech by Federal Reserve boss Jerome Powell, brushing aside losses in Asia as investors worried he may signal further interest rate hikes. Markets have seesawed in recent days as investors position themselves ahead of speeches by Powell and other central bankers at an annual symposium in Jackson Hole, Wyoming, in which they may indicate whether more interest rate hikes are needed to tame inflation.
“Heading into the Jackson Hole Fed event, the market might be leaning excessively towards a dovish outlook, evident in its mere 16 percent probability of a rate hike,” said SPI Asset Management’s Stephen Innes.—AFP
