UKX FTSE 100 Index

By Carla Mozee, MarketWatch

Stoxx 600 set for weekly decline

European stocks wavered Friday, on track to snap a weekly run of gains, as investors remained largely on the sidelines before Donald Trump delivers his inauguration speech and takes office as the 45th president of the United States.

The Stoxx Europe 600 was up 0.1% at 363.10, with gains for telecom, oil and gas, financial and industrial shares holding up the benchmark. 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.

The minor gains in equities Friday came before investors worldwide tune into Trump's swearing-in ceremony in Washington, D.C., which is slated to start at 4:30 p.m. London time, or 11:30 a.m. Eastern Time. 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 1% on Friday. Shares of German lender Deutsche Bank AG (DBK.XE) moved up 0.9%, Credit Suisse Group (CSGN.EB) tacked on 0.8% and Lloyds Banking Group PLC (LLOY.LN) climbed 0.8%.

For the week, the Stoxx Europe 600 was looking at a fall of 1%. That would mark the first losing week in four.

Indexes: Germany's DAX 30 rose 0.1% to 11,61.37 and France's CAC 40 picked up 0.3% to 4,854.25.

Spain's IBEX 35 moved up 0.2% to 9,401.20 and the U.K.'s FTSE 100 was flat around 7,205.33.

The euro changed hands at $1.0663, slightly higher than $1.0623 late Thursday in New York.

(END) Dow Jones Newswires

January 20, 2017 05:06 ET (10:06 GMT)

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