European futures hold their breath before Powell
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EUROPEAN FUTURES HOLD THEIR BREATH BEFORE POWELL
European equity futures are holding steady on Friday as markets await a speech from Fed Chair Powell that could provide details on when and how fast the central bank plans to loosen policy.
Powell is due to kick off Friday's proceedings at Jackson Hole at 1400 GMT, where he is likely to reiterate that a rate cut next month is appropriate, the size of which is still unclear as markets price in around a 25% chance they move by 50 bps.
For now, Euro STOXX 50 futures STXEc1 are up less than 0.1%, while futures in Frankfurt FDXc1, London FFIc1 and Paris FCEc1 are up between 0.1%-0.5%.
Shares in Swiss food group Nestle NESN.S will be in focus after the company said it was replacing CEO Mark Schneider with company veteran Laurent Freixe.
Futures on Switzerland's SMI FSMIc1, of which Nestle is the largest company by market cap, are down 0.8%.
Europe's autos sector could also be in focus after China's Commerce Ministry met with automakers and industry associations to discuss raising import tariffs on large-engined gasoline vehicles, just as the EU nears its own tariff decision on Chinese electric vehicles.
(Samuel Indyk)
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FRIDAY'S OTHER LIVE MARKETS POSTS:
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