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Markets Tread Water, Waiting for Jackson Hole speech, but Business Carries On

European markets are down this morning, as they wait for direction from Federal Reserve chief Janet Yellen and her Jackson Hole remarks later today. Banks were up across the region, though institutions with high exposure to Eastern Europe, such as Austria’s Raiffeisen Bank International, are under pressure. British insurer RSA Insurance announced the sale of its Hong Kong and Singapore business to Allied World Insurance for about $215 million. New York activist investor Edward Bramson has called for an extraordinary general meeting of shareholders to vote on his demand for two seats on the board of Electra Private Equity, a listed private equity trust. He wants to oust the CEO and conduct a review of its strategy. Electricite de France is fined in London for mishandling customer complaints at its UK operation, while the German government has given a green light for energy company RWE to sell its oil and gas exploration business to a group of investors around Russian oligarch Michail Fridman.