- Klopp to return as head of Red Bull football operations
- Hezbollah strikes Israel, says it foiled Israeli incursions
- Jurgen Klopp to return as head of Red Bull football operations
- Sinner to face Medvedev in Shanghai Masters quarter-finals
- US weighs Google breakup in landmark trial
- Record-breaking Root guides England to 232-2 in reply to Pakistan's 556
- Japan PM dissolves parliament for 'honeymoon' snap election
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- Goodbye Tito? Tomb at risk as Serbs argue over Yugoslav legacy
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- Pyongyang to 'permanently' shut border with South Korea
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- Climate change made deadly Hurricane Helene more intense: study
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- With EU funding, Tunisian farmer revives parched village
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- Boeing suspends negotiations with striking workers
- 7-Eleven owner's shares spike on report of new buyout offer
- Your 'local everything': what 7-Eleven buyout battle means for Japan
- Three million UK children living below poverty line: study
- China's Jia brings film spanning love, change over decades to Busan
- Paying out disaster relief before climate catastrophe strikes
- Chinese shares drop on stimulus upset, Asia tracks Wall St higher
- SE Asian summit seeks progress on Myanmar civil war
- How climate funds helped Peru's women beekeepers stay afloat
- Nobel Peace Prize to be awarded as wars rage
- Pacific island nations swamped by global drug trade
- AI-aided research, new materials eyed for Nobel Chemistry Prize
- Mozambique elects new president in tense vote
- The US economy is solid: Why are voters gloomy?
- Balkan summit to rally support for struggling Ukraine
- New stadium gives Real Madrid a headache
- Alonso, Manaea shine as 'Miracle Mets' blitz Phillies
- Harris, Trump trade blows in US election media blitz
- Harry's Bar in Paris drinks to US straw-poll centenary
- Osama bin Laden's son Omar banned from returning to France
- Afghan man arrested for plotting US election day attack
- Brazil lifts ban on Musk's X, ending standoff over disinformation
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- Chelsea edge Real Madrid in Women's Champions League, Lyon win
- Japan PM to dissolve parliament for 'honeymoon' snap election
- 'Diego Lives': Immersive Maradona exhibit hits Barcelona
- Brazil Supreme Court lifts ban on Musk's X
- Scientists sound AI alarm after winning physics Nobel
S&P 500, Nasdaq at records despite Fed seeing fewer rate cuts in 2024
European and US stocks mostly rose Wednesday after data showed US inflation slowed in May, with Wall Street indices holding onto records even after the Federal Reserve projected fewer interest rate cuts in 2024.
Both the S&P 500 and Nasdaq finished at records for the third straight day.
The Fed left its key lending rate unchanged and penciled in just one rate cut this year, down from the three expected in March.
The move came after inflation rated at 3.3 percent last month, down 0.1 percentage point from April, slightly below expectations.
Fed chair Jerome Powell welcomed the inflation data but added that the US central bank needs to see more "good inflation readings" before it gains sufficient confidence to consider cutting interest rates.
Art Hogan from B Riley Wealth Management characterized the inflation report as "unambiguously good," while viewing the market's acceptance of fewer interest rate cuts as reflecting that investors are "likely willing to forgo rate cuts for better economic data."
The Nasdaq led the major US indices, winning 1.5 percent following another big gain by Apple after the tech giant unveiled new artificial intelligence offerings. Other large AI-focused companies such as Microsoft and Nvidia also gained.
Oracle jumped 13.3 percent despite mixed earnings as analysts pointed to enthusiasm over new partnerships with Open AI and Google.
Elsewhere, European markets closed sharply higher after falling earlier this week in the wake of the far-right's strong performance in the elections to the EU Parliament.
French President Emmanuel Macron said he was seeking an alliance against political extremes in snap elections, adding that he aimed to keep the far right from succeeding him in 2027 when he steps down.
Macron was speaking at a rare domestic news conference three days after the far right upended his presidency and spurred him to call risky early polls by recording more than double the score of his ruling party in European elections.
Kathleen Brooks, research director at trading platform XTB, said markets were "calmed" by a commitment from Macron that he would not resign on the outcome of the election.
- Key figures around 2030 GMT -
New York - Dow Jones: DOWN 0.1 percent at 38,712.21 (close)
New York - S&P 500: UP 0.9 percent at 5,421.03 (close)
New York - Nasdaq: UP 1.5 percent at 17,608.44 (close)
London - FTSE 100: UP 0.8 percent at 8,215.48 (close)
Paris - CAC 40: UP 1.0 percent at 7,864.70 (close)
Frankfurt - DAX: UP 1.4 percent at 18,630.86 (close)
EURO STOXX 50: UP 1.4 percent at 5,034.43 (close)
Tokyo - Nikkei 225: DOWN 0.7 percent at 38,876.71 (close)
Hong Kong - Hang Seng Index: DOWN 1.3 percent at 17,937.84 (close)
Shanghai - Composite: UP 0.3 percent at 3,037.47 (close)
Euro/dollar: UP at $1.0811 from $1.0741 on Tuesday
Euro/pound: UP at 84.45 pence from 84.30 pence
Pound/dollar: UP at $1.2797 from $1.2740
Dollar/yen: DOWN at 156.86 yen from 157.13 yen
Brent North Sea Crude: UP 0.8 percent at $82.60 per barrel
West Texas Intermediate: UP 0.8 percent at $78.50 per barrel
burs-jmb/mdl
L.Davis--AMWN