Europe opens lower as markets eye Yellen – CNBC

8 months ago Comments Off on Europe opens lower as markets eye Yellen – CNBC

One key event markets will be keeping an eye out for on Friday is Janet Yellen, who is due to answer questions in the U.S. as she receives an award at Harvard University. A second reading of U.S. first-quarter GDP data came in slightly below expectations, rising 0.8 percent which may give investors – along with Yellen’s speech – more hints on when the Federal Reserve could raise interest rates.

Investors are also keeping an eye on oil prices, which topped $50 a barrel on Thursday, however despite this jump. prices fell into negative territory on Friday, as analysts predicted range-bound markets for the coming months as supply outages slowly help to clear a global glut, Reuters reported. Brent and U.S. crude are currently trading just below $49 a barrel.

In markets, Asia finished mostly higher as traders kept an eye out for any direction from the U.S. Federal Reserve’s chief’s comments. In the U.S., markets opened higher.

In other news, Group of Seven (G-7) leaders meeting in Ise-Shima, Japan, expressed concern on Friday about risks to the world economy, including weak growth, and pledged to tackle economic, geopolitical and humanitarian challenges. In a statement ending a two-day G-7 summit in central Japan, the leaders also committed to avoiding “competitive devaluation” of their currencies and warned against “disorderly” exchange-rate moves.

Europe opens lower as markets eye Yellen – CNBC