Europe index futures are little changed before Yellen testimony
By Bloomberg
European stock-index futures were little changed, after a five-day gain in equities, as investors awaited testimony by Federal Reserve Chair Janet Yellen and Greece’s creditors scrutinize a set of its economic measures.
Contracts on the Euro Stoxx 50 Index expiring next month rose less than 0.1 percent to 3,517 at 7:06 a.m. in London. The Stoxx Europe 600 Index on Monday extended a seven-year high after creditors agreed to extend Greek bailout funds. Greece sent a draft list of policies to creditor institutions, based on a provisional agreement last week. Euro-area finance ministers will receive them on Tuesday, a Greek government official said.
Greece’s ASE Index slipped 4.5 percent last week. The market was closed on Monday for a holiday.
Investors are also seeking clues on the timing of a U.S. interest-rate increase from Yellen’s speech due at 10 a.m. in Washington. The Fed Chair testifies before the Senate Banking Committee on the U.S. economy, monetary policy and the world outlook.
BHP Billiton Ltd. is among stocks that may move on corporate news. The world’s biggest mining company reported first-half earnings that beat analysts’ projections as it set out plans to cut project spending to the lowest since 2010.
Barclays Plc and Deutsche Bank AG may be active as a person familiar with the matter said they are among at least 10 lenders under investigation by the U.S. Justice Department’s antitrust division. The unit is probing whether the world’s biggest banks manipulated prices of precious metals, people said.
The Stoxx 600 has advanced 12 percent this year as the European Central Bank announced quantitative easing. That’s sent the relative strength index, a measure of market momentum, above 70 and to its highest level since May 2013, a sign that the rally may have been too quick to maintain. The Stoxx 600 fell to a six-month low in June of that year.
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