European stocks lower ahead of Powell speech, banks weigh

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The pan-European STOXX 600 index (STOXX) slipped 0.2% by 0716 GMT, with banks (SX7P) and miners (SXPP) leading the losses.

Tech stocks (SX8P) extended gains after another record-setting session on Wall Street. (N)

Investors will be looking for clues on the U.S. central bank’s new strategy for meeting its price stability and maximum employment goals amid a deep economic crisis caused by the coronavirus pandemic. Powell is set to speak at 1310 GMT.

French advertising group Publicis (PA:PUBP) rose 0.9% after bigger rival WPP (L:WPP) said it had resumed its dividend after cost cuts and a switch to faster ad production helped it to beat dire forecasts for second-quarter trading. WPP shares jumped 4.8%.

German online takeaway food group Delivery Hero (DE:DHER) slipped 1.7% on announcing the acquisition of online grocery service InstaShop after almost doubling its revenues in the first half of 2020.