Federal Reserve Chair Janet Yellen will speak about the labor market at the Fed Bank of... Read More
Luxottica Group SpA fell 1.7 percent after Il Sole 24 Ore reported the company’s board may meet Sept. 1 to appoint a new chief executive officer. Lonmin Plc climbed 2.8 percent after Goldman Sachs Group Inc. raised its recommendation on the platinum producer.
The Stoxx Europe 600 Index slid 0.4 percent to 336.29 at 12:04 p.m. in London, after falling as much as 0.7 percent. The gauge has rallied 2 percent this week as investors bet that industrial slowdown in the euro area will increase pressure on the
European Central Bank to introduce asset purchases known as quantitative easing. Standard & Poor’s 500 Index futures slipped 0.1 percent today, while the MSCI Asia Pacific Index gained 0.2 percent.
“For the euro zone right now, bad news is good news, as bad news intensifies expectations for QE,” Gunther Westen, who helps oversee about $35 billion as head of asset allocation and fund management at Meriten Investment Management GmbH in Dusseldorf, Germany, said by telephone. “I’m sticking to my range-bound view. The current soft patch in the economy is offset by increased QE expectations. The ECB will keep those expectations alive.”
The volume of shares changing hands in Stoxx 600-listed companies was 11 percent below the 30-day average for this time of the day, according to data compiled by Bloomberg.
Fed Policy
Yellen will speak about the labor market at the Fed Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming. The talk, due at 8 a.m. local time, may yield clues about the timing of an increase in U.S. interest rates, after data from housing to manufacturing yesterday indicated that the U.S. economy is continuing to strengthen.ECB President Mario Draghi will address policy makers, academics and investors at Jackson Hole after the European markets close. Bank of Japan Governor Haruhiko Kuroda will take part in a panel discussion tomorrow.
More than 150 trucks carrying humanitarian aid from Russia crossed into Ukraine’s border and headed for the city of Luhansk. Ukraine said the move amounted to an invasion as the convoy entered without its consent. Ukraine allowed the vehicles to proceed after failing to discuss its safety with the Russian side, the Foreign Ministry in Kiev said in a statement. Rebels are using mortars along the convoy route, it said.
Luxottica Management
Luxottica dropped 1.7 percent to 38.27 euros. Il Sole reported that Chief Financial Officer Enrico Cavatorta may lead the team of Italian managers after CEO Andrea Guerra steps down. The newspaper did not say where it got the information. The largest maker of eyeglasses said yesterday there is no news on Guerra departing, after Il Sole reported on Aug. 20 that Guerra may be asked to step down by the company’s founder Leonardo del Vecchio.Lonmin gained 2.8 percent to 218.9 pence. Goldman Sachs raised the Johannesburg-based company to “conviction buy” from neutral, saying that concerns over the company’s balance sheet and operations are overdone.
Hugo Boss AG advanced 2.4 percent to 107.85 euros. Deutsche Bank AG upgraded the German fashion house to buy from hold, saying the company has a strong free cash flow and its margins from logistics and womenswear may improve.
Essentra Plc climbed 3.7 percent to 858.5 pence. JPMorgan Chase & Co. raised the U.K. manufacturer of items from toothpaste tubes to packaging tape to overweight from neutral. The brokerage said potential mergers and acquisitions may increase investor returns in the near term.
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