Stoxx 600 closes at four-week high on Wednesday

While the Stoxx 600 closed at a four-week high on Wednesday, it’s alternated between daily gains and losses for most of the last week amid corporate earnings and speculation about central-bank stimulus. President Mario Draghi said on Thursday the European Central Bank will consider increasing stimulus when it has a cleared picture of the impact of the Brexit vote.

The Stoxx 600 ended little changed for the past two days amid thin trading, trimming its weekly advance to 0.7 percent.

Investors turned to U.S. assets amid a reduction in bets on how quickly central-bank intervention in Asia and Europe would come. Expectations for lower rates or additional bond buying had sparked a threeweek rally in global equities that added more than $4.5 trillion in value. On Friday euro-area officials familiar with the matter indicated the region’s central bank sees no urgent need to adjust or expand a bondbuying program in September, while Japan’s policy makers were said to be concerned about using unusual easing.

The Group of 20 nations is planning to say that it’s capable of dealing with the economic fallout of Britain’s vote to leave the European Union, according to a draft statement.

Delegates from the world’s largest developed and emerging-market economies are gathering this weekend in Chengdu, China, to address issues ranging from recent terrorist attacks to the deteriorating global growth outlook. Economic prospects were dimmed additionally by Britain’s vote to leave the EU.

The Brexit vote “adds to the uncertainty in the global economy,” according to the draft. “The global economic environment is challenging and downside risks persist, highlighted by fluctuating commodity prices, low inflation in many economies, geopolitical conflicts, terrorism and refugee flows.”

On Friday Asian stocks retreated from an eightmonth high as consumer-discretionary companies led losses and Bank of Japan chief Haruhiko Kuroda’s opposition to so-called helicopter money dragged Tokyo equities lower. However, during the week the MSCI Asia Pacific Index advanced by 0.3 percent.