- Italy seek Nations League consistency as Germany continue rebuild
- From boom to budgeting as reality bites for Saudi football
- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- England 96-1 after Salman's century lifts Pakistan to 556
- Hollywood star Idris Elba champions African cinema in Ghana
- Djokovic rolls Cobolli to make Shanghai Masters last 16
- Milan's Hernandez receives two-game suspension after referee rant
- Geoffrey Hinton, soft-spoken godfather of AI
- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
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US stocks steady before Powell's Fed testimony; Europe falls
New York shares were mixed Tuesday as traders awaited testimony from Federal Reserve chief Jerome Powell, while Europe's main stock markets were dragged lower by political uncertainty in France.
Powell's remarks to Congress on Tuesday and Wednesday will be parsed for hints on the timing of US rate cuts, with most investors expecting a first reduction in September.
"Some expect Powell to sound cautious regarding the progress on inflation and tell the US politicians to be patient until the Fed gathers enough evidence that inflation is on a solid path toward their 2 percent target," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
"But there is a chance that he sounds slightly more optimistic and willing to cut the interest rates sooner rather than later pointing at the slowing economic growth and loosening jobs market," she said.
Among New York's major indexes, the Dow was slightly lower in mid-afternoon trading while the wider S&P and tech-heavy Nasdaq were up slightly.
The Paris CAC 40 fell 1.2 percent -- following on Monday's 0.6-percent drop -- as investors fretted over the results of Sunday's elections, which produced a badly divided parliament where the largest block of seats were won by a left-wing alliance.
The French stock market "is the weakest performer in Europe," noted Kathleen Brooks, research director at XTB.
"Although France has no clear leader right now, the prospect of a far-left party calling the shots and increasing both taxes and spending is worrying investors, and thwarted hopes of a post-election recovery rally in French assets and the euro," she said.
London's top-tier FTSE 100 index fell 0.7 percent, dragged down by a four-percent drop in BP shares after the British energy giant warned second-quarter earnings could take an impairment hit of up to $2 billion.
In the United States, investors are also looking to consumer inflation data due Thursday for further indications that price increases are still easing as hoped, which would give the Fed greater confidence to start cutting rates.
US Fed chair Powell last week fanned hopes of a cut, saying the battle against inflation had made "progress" and the job market was cooling.
"The labor market continues to normalize and soften, but we think any further weakening might push the Fed to cut rates before the 2 percent inflation target is reached," Charles Schwab analysts said in a comment.
Wall Street's main indices mostly advanced on Monday, with the S&P 500 and Nasdaq both reaching new records.
The optimistic mood continued into Asia, with Tokyo climbing two percent to close at a record high.
Shanghai reversed early losses to end 1.3-percent after Moody's Ratings revised up its 2024 GDP forecast for China to 4.5 percent.
The dollar was little changed against the euro and pound.
- Key figures around 1540 GMT -
New York - Dow: DOWN 0.3 percent at 39,257.05 points
New York - S&P 500: UP 0.1 percent at 5,579.20 points
New York - Nasdaq composite: UP 0.2 percent at 18,435.37 points
London - FTSE 100: DOWN 0.7 percent at 8,139.81 points (close)
Paris - CAC 40: DOWN 1.6 percent at 7,508.66 (close)
Frankfurt - DAX: DOWN 1.3 percent at 18,236.19 (close)
EURO STOXX 50: DOWN 1.3 percent at 4903.62 (close)
Tokyo - Nikkei 225: UP 2.0 percent at 41,580.17 points (close)
Hong Kong - Hang Seng Index: FLAT at 17,523.23 (close)
Shanghai - Composite: UP 1.3 percent at 2,959.37 (close)
Euro/dollar: DOWN at $1.0812 from $1.0827 at 2030 GMT on Monday
Euro/pound: UP at 84.58 pence from 84.50 pence
Pound/dollar: UP at $1.2782 from $1.2810
Dollar/yen: UP at 161.46 yen from 160.80 yen
West Texas Intermediate: DOWN 0.7 percent at $81.78 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $85.13 per barrel
P.Costa--AMWN