- 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
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
- Sabalenka sets up Gauff showdown in Wuhan semis
- EU questions shopping app Temu over illegal products risk
- Kim Sei-young holds lead with late birdies at LPGA Shanghai
- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
- Japanese atomic bomb survivor group Nihon Hidankyo wins Nobel Peace Prize
- Deadly Israeli strike on Beirut likely targeted Hezbollah security chief
- Bangladesh Islamist chief backs crimes against humanity trial for ex-PM
- Everest climber's remains believed found after 100 years
- 20 Pakistan coal miners shot dead in attack
- Clashes on South China Sea, Ukraine dominate Asia summit
- Han Kang's books sell out in South Korea after Nobel win
- Zelensky meets Pope, Scholz as whirlwind Europe tour ends
- Hello Hallyu: why is South Korean culture sweeping the globe?
- UK economy rebounds in August in boost to new govt
- Voice of Japan's beloved robot cat 'Doraemon' dies
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
Stocks falter before ECB but gold shines after Powell
Global stock markets struggled Thursday as investors awaited a eurozone monetary policy call, but gold hit a new record peak after Federal Reserve boss Jerome Powell indicated US interest rates would start to come down this year.
The European Central Bank (ECB) is expected to freeze borrowing costs again as sticky eurozone inflation prevents a reduction, while investors are on tenterhooks on the eve of critical US non-farm payrolls data.
Gold spiked to a new all-time peak at $2,161.48 per ounce to extend its record-breaking run and bitcoin steadied after also scaling historic heights this week, but oil slid on profit-taking after strong gains Wednesday.
"Markets are taking a more cautious approach... with traders waiting patiently for the upcoming ECB and US jobs report uncertainty to clear," said Scope Markets analyst Joshua Mahony.
"Despite a somewhat cautious approach, Powell's confidence that we will see monetary easing over the course of this year sparked a fresh move lower for the dollar.
"With the greenback coming under renewed pressure, we have seen commodities come back into favour," Mahony added.
A weaker US currency makes dollar-denominated commodities cheaper for buyers using stronger unit, which tends to boost demand and support higher price levels.
Focus is turning toward Friday's US jobs data following a positive set of figures showing the labour market remained healthy but appeared to be softening.
In closely watched testimony before lawmakers Wednesday, Powell flagged progress on bringing inflation towards the Fed's two percent goal and said borrowing costs could be lowered as a result.
He warned that the battle was far from over, while investors are eyeing a first move in June after their March hopes were scrubbed by a strong inflation report last month.
"If the economy evolves broadly as expected, it will likely be appropriate to begin dialling back policy restraint at some point this year," Powell told the House Financial Services Committee.
"But the economic outlook is uncertain, and ongoing progress toward our two percent inflation objective is not assured," he added.
While prices have been tempered by the Fed's decision to push rates to a two-decade high, officials have lined up to warn that cutting them too early could erase all their hard work.
On Thursday, UK gambling giant Entain topped London's fallers to slump six percent after it logged a post-tax annual loss and issued a profit warning over the impact of increased regulation on 2024 earnings.
On the upside, British business services group Rentokil Initial saw its share price soar more than 15 percent after posting sharply higher annual profit.
- Key figures around 1130 GMT -
London - FTSE 100: DOWN 0.3 percent at 7,659.67 points
Paris - CAC 40: UP 0.1 percent at 7,958.42
Frankfurt - DAX: FLAT at 17,716.12
EURO STOXX 50: UP 0.3 percent at 4,931.22
Tokyo - Nikkei 225: DOWN 1.2 percent at 39,598.71 (close)
Hong Kong - Hang Seng Index: DOWN 1.3 percent at 16,229.78 (close)
Shanghai - Composite: DOWN 0.4 percent at 3,027.40 (close)
New York - Dow: UP 0.2 percent at 38,661.05 (close)
Euro/dollar: DOWN at $1.0896 from $1.0899 on Wednesday
Dollar/yen: DOWN at 147.91 yen from 149.44 yen
Pound/dollar: UP at $1.2749 from $1.2732
Euro/pound: DOWN at 85.44 pence from 85.58 pence
Brent North Sea Crude: DOWN 0.9 percent at $82.21 per barrel
West Texas Intermediate: DOWN 0.8 percent at $78.50 per barrel
burs-rfj/bcp/lth
L.Harper--AMWN