European markets tread carefully before Jackson Hole symposium

Key headlines:

Market data:

• Dollar nearly unchanged
• Gold steady at $4,599
• European stocks climbed; S&P 500 futures were flat
• WTI crude rose 0.4% to $83.22
• US 10-year yields increased 1.2 bps to 4.686%
• Bitcoin dropped 0.6% to $79,631

Trading was generally subdued as participants awaited Fed Chair Warsh's Jackson Hole speech later. Though the address may not provide new insights, it remains the main risk event to close the week.

Consequently, the period leading up to the speech has been uneventful, with traders and investors reluctant to make any moves.

The US dollar saw minimal change, with slight fluctuations across the board. EUR/USD was unchanged, trading in a 15-pip range at 1.1645. USD/JPY edged up 0.2% to 159.65.

Gold remained near the $4,600 level, with US futures also lacking momentum. S&P 500 futures were flat, while Nasdaq futures dipped 0.2%. However, European equities posted modest gains, with French stocks rebounding after a weak session on Thursday. The DAX again approached record highs.

Elsewhere, oil prices were subdued amid ongoing US-Iran tensions. Despite optimistic rhetoric this week, no tangible progress has emerged, and the conflict appears set to continue into September. WTI crude fell 0.4% to $83.22.

Month-end flows are also expected to influence trading in the session ahead and possibly on Monday. This could lead to some volatility before the weekend.