Reuters: US Dollar Report: GLOBAL MARKETS-European shares edge down as Bernanke speech looms

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GLOBAL MARKETS-European shares edge down as Bernanke speech looms Aug 31st 2012, 07:23 Fri Aug 31, 2012 3:23am EDT * European shares drift down as positions cut ahead of Fed speech * Euro hovers near week's low at $1.2510, dollar steady * World shares extend week's losses on slowing global growth LONDON, Aug 31 (Reuters) - European shares edged down and the single currency flatlined on Friday as markets adjusted to dwindling hopes that U.S. Federal Reserve Chairman Ben Bernanke would offer hints on monetary policy stimulus later in the day. Risk assets have seen broad but modest falls all week ahead of Bernanke's address to the annual Jackson Hole meeting of central bankers as improving U.S. economic data chipped away at a widely held view the Fed chief would signal an easier policy stance. "We go into the Jackson Hole conference with the market adjusted to more reasonable expectations of what Ben Bernanke will deliver. We would even go as far as saying that traders could be expecting to be disappointed," said Chris Weston, trader at IG Markets. MSCI's world equity index was down 0.15 percent at 320 points on Friday, having lost about 1.3 percent this week on signs global economic activity is gradually slowing even as the fragile U.S. recovery gathered some strength. The FTSE Eurofirst index of top European shares was down 0.2 percent at 1,075.87 points, near levels not seen since early August. The euro hovered near its week's low at $1.2510, while the dollar stood at 81.65 against a basket of currencies , virtually unchanged over the whole week. German government bonds were steady despite a surprising report that Bundesbank chief Jens Weidmann considered resigning several times because of his opposition to a new bond-buying plan from the European Central Bank. Traders are looking ahead to the European flash inflation estimate for August and July unemployment rates due later which are expected to show prices gaining about 2.5 percent and joblessness edging higher across the 17-nation currency bloc. Link this Share this Digg this Email Reprints

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