- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
Global stocks slip despite China rate cut
Wall Street and European stocks mostly fell on Tuesday, as gains in Asia after China's central bank sprang a record cut to a benchmark lending rate to boost the nation's struggling economy failed to carry over.
Wall Street's main indices fell at the open of trading following a three-day holiday weekend as investors eyed major upcoming earnings reports, including from Silicon Valley chip titan Nvidia on Wednesday.
They are also awaiting publication of policy meeting minutes from the Federal Reserve and European Central Bank, on Wednesday and Thursday respectively.
That could offer insights about hoped-for interest rate cuts in the United States and the eurozone.
"Coming off the three-day weekend, the US equity market looks like it is having vacation-withdrawal symptoms," said analyst Patrick O'Hare at Briefing.com.
"There just isn't much of a buying impulse at the moment in the broader market, as participants are in a wait-and-see mode, anxious to see if there will be a buy-the-dip effort today following Friday's losses, and also anxious to see how the market responds to Nvidia's earnings report," he added.
Data released Friday showed a greater-than-expected rise in US wholesale prices, crushing hopes of an early interest-rate cut by the Fed, and sending stocks lower.
But Vincent Juvyns, global market strategist for JPMorgan Asset Management, told Bloomberg Television that "markets have adjusted to the idea that rate cuts would come later and probably be less important than what was originally priced."
Equities on both sides of the Atlantic have repeatedly set record highs in recent months on expectations of interest rate cuts and blockbuster earnings by tech firms doped by enthusiasm for AI.
In Europe, the Paris stock market advanced, aided by solid results from industrial gas giant Air Liquide, but Frankfurt and London dipped.
Chinese shares were buoyant after the Lunar New Year, leading gains in most Asian markets thanks to a holiday boost, although Tokyo stumbled on profit-taking.
- Another stimulus step -
"China provided a fresh boost to risk appetite... after the People's Bank of China (PBoC) announced cuts in another step to the nation's economic stimulus policy," said ActivTrades analyst Pierre Veyret.
The PBoC announced it was lowering the five-year loan prime rate (LPR), used to price mortgages, from 4.2 to 3.95 percent.
Beijing's measures are intended to rally dwindling growth and counter rate hikes in other major economies, as the world's second-largest economy battles a prolonged property-sector crisis and a global slowdown.
"This news... gave investors reasons to buy the dip while waiting for other crucial macro developments," added Veyret.
The Chinese central bank's moves, aimed at pushing commercial banks to grant more credit at better rates, was the largest reduction since the key LPR was revamped in 2019, Bloomberg reported.
Oil prices were mixed as demand fears jostled with concern over potential disruption to supplies from the crude-rich Middle East, while the dollar traded mixed.
- Key figures around 1430 GMT -
New York - Dow: DOWN 0.2 percent at 38,555.46 points
New York - S&P 500: DOWN 0.4 percent at 4,986.49
New York - Nasdaq Composite: DOWN 0.6 percent at 15,679.84
London - FTSE 100: DOWN 0.1 percent at 7,719.12
Paris - CAC 40: UP 0.1 percent at 7,777.28
Frankfurt - DAX: DOWN 0.3 percent at 17,036.11
EURO STOXX 50: DOWN 0.2 percent at 4,755.06
Tokyo - Nikkei 225: DOWN 0.3 percent at 38,363.61 (close)
Hong Kong - Hang Seng Index: UP 0.6 percent at 16,247.51 (close)
Shanghai - Composite: UP 0.4 percent at 2,922.73 (close)
Euro/dollar: UP at $1.0831 from $1.0769 on Monday
Dollar/yen: DOWN at 149.80 yen from 150.17 yen
Pound/dollar: UP at $1.2655 from $1.2584
Euro/pound: UP at 85.59 pence from 85.56 pence
Brent North Sea Crude: DOWN 0.2 percent at $83.42 per barrel
West Texas Intermediate: UP 0.8 percent at $79.80 per barrel
burs-rl/rlp
O.Norris--AMWN