European stocks edged lower on Thursday, with markets on edge for the comments from the head of the U.S. Federal Reserve on the central bank’s inflation strategy.
Up 33% from its March lows, the Stoxx Europe 600 SXXP, -0.22% slipped 0.2%.
Futures on the Dow Jones Industrial Average YM00, -0.24% fell 76 points.
The market is waiting for the 9:10 a.m. Eastern address from Federal Reserve Chairman Jerome Powell, in which he is expected to suggest the central bank will adopt a new framework to allow inflation to run hotter than the present target after a period of missing that goal.
There’s also data on U.S. jobless claims and more data on second-quarter gross domestic product.
Of stocks on the move, struggling airline engine maker Rolls-Royce RR, -6.64% lost 5% after reporting a £5.4 billion loss before tax. It’s reviewing “a range of options” to strengthen its balance sheet, alongside potential disposals to raise at least £2 billion, including ITP Aero and other assets. Its chief financial officer, Stephen Daintith, is leaving to take the same role at fast-growing supermarket distributor Ocado Group. OCDO, +0.98%
Advertising group WPP WPP, +4.07% rallied as it said it was on track to hit full-year targets and paid an interim dividend.
OneSavings Bank OSB, +10.36% jumped 10% as the specialist mortgage lender said its underlying pretax profit fell 14% and said application volumes are currently approaching 60% of pre-COVID-19 lockdown levels on tighter lending criteria and higher pricing.
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