By Carla Mozee and Victor Reklaitis, MarketWatch

Stoxx Europe 600 drops Friday, but Dax, CAC 40 edge up

Europe's main stock benchmark closed down modestly Friday, snapping a weekly run of gains, as investors remained largely on the sidelines before Donald Trump delivers his inauguration speech as the 45th president of the United States.

The Stoxx Europe 600 was down 0.1% to end at 362.58.

The minor drop in equities Friday came as investors worldwide tuned into Trump's swearing-in ceremony in Washington, D.C., which was starting as European trade wrapped up at 4:30 p.m. London time, or 11:30 a.m. Eastern Time.

See:MarketWatch's live blog and video of Trump's inauguration (http://blogs.marketwatch.com/capitolreport/2017/01/20/donald-trump-to-be-inaugurated-as-45th-president-live-blog-and-video/)

And read:What time is the inauguration? (http://www.marketwatch.com/story/when-is-the-inauguration-2017-01-17)

Investors are "hoping that his speech comprehensively outlines his policy plans for the next four years in a scripted rather than lively off-the-cuff affair," said Accendo Markets analysts Mike van Dulken and Henry Croft in a note. "Financial deregulation, infrastructure spending and tax reforms will be the key policy topics markets will be hoping receive some dedicated airtime this evening."

Bank stocks globally have climbed on expectations the Trump administration will move to relax regulatory laws. The Stoxx Europe 600 Bank index climbed 0.9% on Friday. Shares of German lender Deutsche Bank AG (DBK.XE) moved up 2%, Credit Suisse Group (CSGN.EB) tacked on 1% and Lloyds Banking Group PLC (LLOY.LN) climbed 0.5%.

For the week, the Stoxx Europe 600 suffered a fall of 0.9%. That marked the first losing week in four. The index on Thursday finished down less than 0.1% (http://www.marketwatch.com/story/european-stocks-waver-ahead-of-first-ecb-call-of-the-year-2017-01-19), giving up an earlier advance that was sparked by dovish comments about stimulus efforts made by European Central Bank President Mario Draghi.

Indexes: Germany's DAX 30 rose 0.3% to 11,630.13, and France's CAC 40 picked up 0.2% to 4,850.67.

The U.K.'s FTSE 100 closed down 0.1% at 7,198.44 (http://www.marketwatch.com/story/ftse-100-slips-as-wait-and-see-mode-sets-in-before-trump-takes-office-2017-01-20).

The euro changed hands at $1.0680, higher than $1.0623 late Thursday in New York.

 

(END) Dow Jones Newswires

January 20, 2017 12:01 ET (17:01 GMT)

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