The European Stocks Market began the trading week in green after the former US Treasury Secretary Larry Summers pulled-out as a candidate for chairman of the Federal Reserve.
European Stocks saw gains on Monday, assisted by the news that the former US Treasury Secretary Lawrence Summers withdrew as a candidate to become the next Federal Reserve (Fed) chairman. Meanwhile, investors are focusing on the next central bank’s policy meeting on September 17-18.
The European Euro Stoxx 50 rose 0.82% higher to 2,893.02 at the market open, while the German DAX advanced by 1.19% to 8,611.59. The French CAC 40 edged 0.86% higher to 4,148.81 and the UK’s FTSE 100 gained 1.04% to 6,652.52.
Former US Treasury Secretary Larry Summers was considered as one of the leading candidates to become the next Federal Reserve (Fed) Chairman and was against the central bank’s asset-purchasing program. Current Fed Chairman Ben Bernanke is expected to step down in four months.
“Any possible confirmation process for me would be acrimonious and would not serve the interests of the Fed, the administration, or ultimately, the interests of the nation’s ongoing recovery,” Larry Summers wrote in a letter to US President Barack Obama.
With the next Fed meeting in the spotlight, investors looking forward to the next meeting scheduled for 17-18, to get more clues as to whether the central bank would maintain its $85 billion monthly bond-buying program.
The US and Russia have made progress with the discussion about the situation in Syria and are preparing a framework document about Syria’s chemical weapons. Syria is expected to provide further detailed information about its stockpiles within a week and the weapons have to be removed by mid-2014.
European Stocks – Economic News
The Consumer price index for eurozone is expected to be released later in the day, which is expected to show that inflation rose by 0.1% in August on a monthly basis.
Meanwhile, in Italy, the trade balance for the country is expected to show a surplus of €4.13 billion in July, up from June’s record of €3.62 billion reached in June.
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