- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
Stocks tread water after shock over Powell rate warning
Stock markets sputtered on Wednesday after Federal Reserve chief Jerome Powell triggered a rout by warning that higher interest rate hikes might be needed to tame stubborn inflation.
Wall Street's main indices were flat in early trading after the opening while European markets were mixed.
Asian indices mostly ended lower after Powell on Tuesday dealt a hammer blow to faint hopes that the US central bank could pause its rate tightening soon.
Powell told US lawmakers that the "ultimate level of interest rates is likely to be higher than previously anticipated" as economic data has come in stronger than expected.
Fresh data on Wednesday showed that US employers stepped up their pace of hiring in February -- another indication that more effort may be needed to cool the world's biggest economy.
Powell will address the Congress again on Wednesday.
European Central Bank president Christine Lagarde, whose institution has also been hiking rates to control inflation, made her own pledge on Wednesday to "do whatever it takes" to restore price stability.
"The stock market had the interest rate jitters yesterday and it has been slow to shake them off today," said Briefing.com analyst Patrick O'Hare.
"There is burgeoning concern that the continued rate hikes will indeed invite a recession down the road," O'Hare said. "The uncertainty for many is, just how far down the road might that be?"
Investors are now betting on the Fed to lift rates 50 basis points at its meeting this month.
That would be twice as much as its last gathering.
"Given the strength of recent data, the change of tone (by Powell) should not have been surprising," noted CMC Markets analyst Michael Hewson.
US inflation is running above six percent and while that is down from multi-decade peaks seen last year, it is still well above the bank's target of two percent.
Traders eagerly await US monthly jobs data due Friday.
Tokyo's stock market was another rare gainer Wednesday, with exporters profiting from a weaker yen.
The dollar pared back gains against the euro, pound and yen after hitting multi-month highs.
The oil market fell again Wednesday after tumbling more than three percent in the wake of Powell's comments.
A strong US currency weighs on dollar-denominated crude prices, which become more expensive for customers purchasing in other currencies.
- Key figures around 1445 GMT -
New York - Dow: FLAT at 32,847.66 points
London - FTSE 100: UP 0.2 percent at 7,934.58 points
Paris - CAC 40: DOWN 0.1 percent at 7,333.74
Frankfurt - DAX: UP 0.3 percent at 15,606.21
EURO STOXX 50: UP 0.2 percent at 4,286.84
Hong Kong - Hang Seng Index: DOWN 2.4 percent at 20,051.25 (close)
Tokyo - Nikkei 225: UP 0.5 percent at 28,444.19 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,283.25 (close)
Euro/dollar: UP at $1.0562 from $1.0549 on Tuesday
Pound/dollar: UP at $1.1845 from $1.1830
Euro/pound: DOWN at 89.15 pence from 89.18 pence
Dollar/yen: DOWN at 136.75 yen from 137.16 yen
West Texas Intermediate: DOWN 1.4 percent at $76.52 per barrel
Brent North Sea crude: DOWN 1.0 percent at $82.46 per barrel
Y.Uduike--CPN