European Stocks Trim Weekly Gains On Somewhat Hawkish Yellen Remarks

(RTTNews) - European stocks fell Friday, trimming weekly gains as top central bankers met in Jackson Hole, Wyoming for the Federal Reserve's annual symposium.

All eyes were on Fed Chair Janet Yellen, who delivered a mixed assessment of the U.S. economy.

Yellen on Friday warned that rate hikes could come sooner than expected if the U.S. economic recovery is sustained.

However, the Fed's internal labor market indicators suggest that the recent decline in the unemployment rate overstates the improvement in overall labor market conditions, Yellen said.

ECB President Mario Draghi will address the conference at Jackson Hole after the European markets close.

The Euro Stoxx 50 index of eurozone bluechip stocks rose 0.81 percent, but posted a weekly gain of 2.1 percent.

The German DAX eased 0.77 percent, the CAC 40 of France lost 1.17 percent, and the FTSE 100 of the UK lost 0.20 percent.

Hugo Boss rose 1.3 percent. Deutsche Bank raised the stock to "Buy" from "Hold."

Petrofac eased 0.7 percent after announcing its chairman is stepping down.

London Stock Exchange rose 1 percent after announcing a rights issue.

Goldman Sachs raised Lonmin to "Conviction Buy List" from "Neutral." The stock added 1.8 percent.