European equities were largely subdued on Thursday, with the Euro Stoxx 50 down 6 points to 6,464, as investors awaited the start of the Federal Reserve's annual Jackson Hole symposium. The broader Stoxx Europe 600 Technology index rose up to 1.8%, but failed to lift the market-wide Stoxx Europe 600.
The Swiss SMI led declines, falling 0.8% to 14,421, while the UK's FTSE 100 dropped 0.5% to 10,823. Analysts noted that Nvidia's strong outlook had provided a boost to semiconductor stocks, with STMicro, Infineon, ASM International and ASML among the gainers. Salesforce also contributed to the sector's momentum after posting strong post-market gains on its AI strategy.
Market sentiment remained cautious ahead of Fed Chair Kevin Warsh's speech on Friday, with the outcome of the symposium closely watched for potential monetary policy signals. The personal consumption expenditures price index, the Fed's preferred inflation gauge, had recently exceeded the central bank's 2% target, keeping a September rate hike in play.
In contrast, the food and beverage sector came under pressure following weak guidance from Pernod Ricard. Analyst Pierre Tegner of Oddo BHF highlighted the company's cautious outlook for 2027 and its revised 2029 growth target, now at the lower end of its 3-6% range. The outlook prompted a downward revision to earnings estimates.
