[Europe Open] Unified Decline on 'Powell Shock'... Euro Stoxx 50 Down 1.2%

Jerome Powell, Chairman of the U.S. Federal Reserve (Fed) [Photo by Yonhap News]

[Asia Economy Reporter Chunhee Lee] On the 29th, European stock markets showed a decline across the board in early trading.

As of 4:30 PM (Korean time) on the 29th, the French CAC40 index was trading down 1.19% at 6199.37.

The German DAX index recorded a drop of 1.11% to 12,827.40.

The pan-European Euro Stoxx 50 index was down 1.20% at 3560.55.

The UK stock market was closed in observance of the Summer Bank Holiday.

This decline appears to be influenced by the hawkish remarks made by Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), at the Jackson Hole meeting on the 26th (local time). Chairman Powell expressed his determination to continue rate hikes and tightening measures, even at the cost of unfortunate consequences, to curb inflation. The European stock markets faced their first trading day following Powell's comments on that day.

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