Stocks lower ahead of US economic data and Jackson Hole

Stocks lower ahead of US economic data and Jackson Hole

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US Weekly jobless claims and GDP data is due and would have had investors trading cautiously even without the extra level of nerves introduced by the Fed meeting. Jerome Powell’s speech tomorrow is expected to provide details regarding when the central bank may start tapering its bond-buying program. Recent weak economic data and the spread of the coronavirus Delta variant has thrown into doubt the recent market expectation that the Fed will begin cutting back the stimulus before the end of the year.

In Europe, ECB Chief Economist Philip Lane said yesterday that the spread of the coronavirus Delta variant is likely to be limited across the region. He also said that the central bank would only decide when to unwind the current stimulus after their pandemic emergency program expires.


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