Miners push European stocks higher

On Friday European stocks advanced as the euro and dollar traded sideways before Janet Yellen and Mario Draghi speak in Jackson Hole. Commodities showed more conviction, with most raw materials climbing.

Stocks across Europe fluctuated before edging higher, with gains for miners outweighing retailer declines in the Stoxx Europe 600 Index. Crude traded near $48 a barrel as Hurricane Harvey headed for Texas. Sovereign debt fell across Europe, while the euro traded flat after sliding against the dollar earlier as data showed German corporate confidence weakened.

In a week when traders have had little to go on and the Northern Hemisphere summer has suppressed volumes, equity markets have struggled for traction as investors await the forum in Jackson Hole, Wyoming. Though European Central Bank President Draghi isn’t expected to offer a fresh policy message, his speech and that of Federal Reserve Chair Yellen will be parsed for clues on the timing of reductions in stimulus.

Beyond the gathering of central bankers, market risks may be building in Washington. President Donald Trump took to Twitter to fuel the debate on legislation to keep the U.S. government open next month. Trump blasted Republican leaders for ignoring his advice on raising the debt ceiling and creating a “mess.” Countering, House Speaker Paul Ryan said the borrowing limit will be raised. Rates on short-term Treasury bills spiked amid concern Congress and the White House may not act in time.

The Stoxx Europe 600 Index increased 0.2 percent as of 10:22 a.m. in London. The MSCI World Index of developed countries climbed less than 0.05 percent. Futures on the S&P 500 Index advanced less than 0.05 percent.

Gold advanced 0.1 percent to $1,287.76 an ounce. Copper climbed 0.4 percent to $6,718.00 per metric ton, the highest in almost three years.

Japan’s Topix index closed 0.3 percent higher with volume on the gauge about 20 percent below its 30-day intraday average. The MSCI Asia Pacific Index rose 0.2 percent.