European stocks edged higher, but remained near a six-week low, as investors weighed mixed policy signals from China ahead of a speech by Federal Reserve Chair Jerome Powell later in the week.
The Stoxx 600 rose 0.3% at 8:07 a.m. in London, following weakness in Asian equities after Chinese banks kept a key interest rate that guides mortgages on hold, a surprise move that sowed confusion over the country’s approach to stemming the nation’s property slump.
This year’s rally in European stocks has paused this month amid turmoil in China’s property and shadow banking sectors, while signs of resilience in the US economy have fanned worries about higher-for-longer interest rates. The Stoxx 600 is nearing technical oversold territory, although it remains in the range that’s been in place since April.
“Global risk sentiment is less than ideal as healthy economic data from the US and darker clouds over China cast a shadow on both stock and bond markets,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
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