European stocks performed poorly on Monday, failing to continue last week's gains. Investors are waiting for more economic data

According to the information obtained by Zhitong Finance APP, after a sharp rise in the European stock market last week, it showed a lackluster performance on Monday. As of the time of publication, the pan-European Stoxx 600 index fell by 0.02 points to 511.44 points. Basic resource stocks and automotive stocks performed well, but were offset by the weak performance of technology stocks. Data shows that the pan-European Stoxx 600 index started to rise in mid-July, accumulating a 2.46% increase last week, the largest weekly gain since May. In terms of individual stocks, Plus500 Ltd. saw its stock price rise as the company had a strong performance in the first half of the year and is expected to exceed annual performance expectations. Swedish telecommunications equipment manufacturer Ericsson's stock price remained stable after the company sold its call routing business, Iconectiv, in the United States to a private investment department under KochInc for $1 billion. Currently, market participants are closely watching the upcoming Jackson Hole Global Central Bank Annual Symposium to be held later this week. Federal Reserve Chairman Powell will speak on Friday evening. Traders generally believe that Fed Chairman Powell is likely to "confirm rate cuts" at the Jackson Hole Symposium on Friday evening, with the main debate focusing on whether the rate cut will be 25 basis points or 50 basis points. Goldman Sachs pointed out that the market may receive signals of "rate cut confidence" and "data dependence", expecting Powell's information and off-site interviews to be similar to what has been heard in recent weeks, indicating that the Fed is close to cutting rates now, but the extent of easing will depend on upcoming data. Bank of America also stated that the Fed may signal a rate cut starting in September, but the size and speed of the rate cut will depend on the data, and the market's pricing of this outcome is reasonable, making these signals unlikely to be surprising. Meanwhile, investors are awaiting a series of upcoming economic data releases to seek clues about the global economic health. Improvements in technical indicators also indicate that investors are re-entering a risk preference mode. Panmure Liberum strategist Joachim Klement stated: "The market is still cautious about the U.S. economy, but investor sentiment is improving." He added that the European business activity data to be released this week "will provide the market with more insights into the speed of the economic slowdown in Germany and France, bringing new macroeconomic concerns to the market"