(Reuters) – European stocks were broadly stable on Friday as investors played it safe ahead of Federal Reserve Chairman Jerome Powell’s speech later in the day.

The pan-European index rose 0.1% to 516.28 points at 07:09 GMT, after hitting its highest level this month in the previous session.

The benchmark was set to rise for a third straight week, the longest weekly streak in nearly five months.

Investors will be closely watching Powell’s speech at the symposium in Jackson Hole, Wyoming, at 1400 GMT for clues about the pace and timing of US rate cuts.

Andrew Bailey, Governor of the Bank of England, will also speak at the symposium later in the day.

rose by 0.3%.

The oil and gas subindex rose 0.7%, boosting the STOXX 600 on higher oil prices. (O/R)

The auto sector rose 0.6% after China’s Commerce Ministry held talks with automakers and industry associations about raising import tariffs on large gasoline vehicles.

Among individual stocks, Nestlé was the biggest detractor from the index, losing 3% after the Swiss food giant announced it would replace CEO Mark Schneider with company veteran Laurent Freixe.