European shares largely flat ahead of Powell's speech

(Reuters) - European shares were largely flat on Friday as investors played it safe ahead of Federal Reserve Chair Jerome Powell's speech later in the day.

The pan-European STOXX 600 index was up 0.1% at 516.28 points by 0709 GMT, after hitting its highest level this month in the previous session.

The benchmark was set to gain for a third straight week, the longest weekly streak in nearly five months.

Investors will keep a keen eye on Powell's remarks at the Jackson Hole symposium in Wyoming, due at 1400 GMT, for any clues on the pace and timing of U.S. rate cuts.

Bank of England governor Andrew Bailey is also scheduled to speak at the symposium later in the day.

Britain's FTSE was up 0.3%.

The oil and gas sub-index, was up 0.7%, boosting the STOXX 600, on the back of higher oil prices. [O/R]



The automobile sector gained 0.6% after China's commerce ministry met with automakers and industry associations to discuss raising import tariffs on large-engined gasoline vehicles.

Among individual stocks, Nestle was the biggest drag on the index, losing 3% after the Swiss food group said it would replace CEO Mark Schneider with company veteran Laurent Freixe.

Source: Investing.com