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- Shanghai markets sink ahead of briefing on mixed day for Asia
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- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
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- Wall Street stocks retreat from records on US inflation data
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- Musk finally unveiling his long-promised robotaxi
Global stocks slump on eve of US inflation data
Stock markets dropped Tuesday as investors await key US inflation data and track President Joe Biden's battle with Republicans over the debt ceiling.
Wall Street dropped at the open, and Frankfurt and Paris both accelerated losses through the day.
London stocks fell into negative territory as investors returned from a long holiday weekend marking the coronation of King Charles III.
Traders were waiting for Wednesday's US inflation data that will shape the Federal Reserve's interest-rate policy.
A drop in the inflation reading in recent months has fanned hopes that the Federal Reserve will soon pause its tightening campaign and even begin cutting rates by the end of the year, with the banking crisis reinforcing that view.
"US inflation data... will play a key role in shaping the Fed's interest rate plans moving forward," said Nigel Green, head of financial advisory firm deVere Group.
After lifting borrowing costs last week, officials hinted at a possible hold at their June meeting.
"Investors await tomorrow's release of inflation numbers in the hope that a clearer picture will start to emerge regarding the Federal Reserve's stance in the second half of the year," added ActivTrades analyst Ricardo Evangelista.
The Bank of England will also announce its latest monetary policy decision on Thursday, with analysts expecting another hike with UK inflation holding stubbornly above 10 percent.
Traders are also keeping tabs on Washington as Biden prepares for talks Tuesday with Republican House Speaker Kevin McCarthy and other congressional leaders on raising the debt ceiling.
There are worries that lawmakers will fail to reach a deal to increase the amount the country can borrow to meet its repayment obligations, with right-wing Republicans determined to secure spending cuts.
Treasury Secretary Janet Yellen has warned the government could hit its limit by the start of June, adding that "financial and economic chaos would ensue" if a deal was not reached.
- Sweden real estate worries -
In Europe, real estate shares were dragged down by one of Sweden's biggest commercial landlords.
There were signs of Sweden's property crisis worsening as SBB took a series of steps to save cash, including scrapping a planned share sale, and continued focus on selling assets.
Its shares fell more than 18 percent on Tuesday.
"SBB is a reminder that we have a few highly indebted real estate companies that have issues with their balance sheets that need to be addressed," said Esbjorn Lundevall, equity strategist at Swedish bank SEB.
Shares in Switzerland's biggest bank, UBS, fell after it announced that Credit Suisse CEO Ulrich Koerner would join its leadership team when it completes the merger with its fallen domestic rival.
Asian stock markets were largely downbeat after data showed a steeper-than-expected drop in Chinese imports, suggesting recovery from zero-Covid policies in the world's number two economy is not yet as strong as had been hoped.
Although data showed that April exports rose more than expected, they grew at a slower pace from March.
- Key figures around 1330 GMT -
London - FTSE 100: DOWN 0.5 percent at 7,741.80 points
Frankfurt - DAX: DOWN 0.4 percent at 15,893.36
Paris - CAC 40: DOWN 1.0 percent at 7,369.63
EURO STOXX 50: DOWN 0.9 percent at 4,310.88
New York - Dow: DOWN 0.2 percent at 33,546.72
Tokyo - Nikkei 225: UP 1.0 percent at 29,242.82 (close)
Hong Kong - Hang Seng Index: DOWN 2.1 percent at 19,867.58 (close)
Shanghai - Composite: DOWN 1.1 percent at 3,357.67 (close)
Euro/dollar: DOWN at $1.0949 from $1.1004 on Monday
Pound/dollar: DOWN at $1.2590 from $1.2618
Dollar/yen: UP at 135.22 yen from 135.10 yen
Euro/pound: DOWN at 86.96 pence from 87.21 pence
West Texas Intermediate: DOWN 1.0 percent at $72.12 per barrel
Brent North Sea crude: DOWN 1.0 percent at $75.99 per barrel
burs-rox/lth
M.Mendoza--CPN