TOKYO — Global stocks fell Thursday in lackluster trading as investors awaited a speech by Federal Reserve chair Janet Yellen on Friday for hints on a possible further interest rate increase.
KEEPING SCORE: Germany's DAX dropped 0.9 percent to 10,529 after a survey showed business confidence fell unexpectedly in August, possibly in a delayed reaction to Britain's decision to leave the European Union. The CAC 40 of France lost 0.7 percent to 4,403. The FTSE 100 of Britain fell 0.3 percent to 6,815. Dow and S&P futures were down 0.2 percent and 0.1 percent respectively, suggesting Wall Street might extend losses following a selloff of drugmakers on Wednesday.
MYLAN'S TROUBLE: Outrage over price increases by Mylan for its EpiPens, medical devices used to deliver adrenaline to a patient suffering from a potentially fatal allergic reaction, have pulled pharmaceutical companies lower. Mylan bought the rights to the product in 2007 and has raised the price from roughly $100 for two pens to roughly $600. Presidential candidate Hillary Clinton issued a statement Wednesday calling Mylan's price increases "outrageous" and called for the company to slash prices for EpiPens.
FED WATCH: Investors are awaiting Yellen's speech at an annual conference of central bankers in Jackson Hole, Wyoming. The Fed is expected to hold off on raising interest rates at its September meeting, but Yellen's comments may offer clues on the likelihood and timing of a future hike.
Read Friday's Arkansas Democrat-Gazette for full details.