- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- Stocks diverge, oil retreats as China disappoints markets
- Trio wins economics Nobel for work on wealth inequality
- Ex-Stasi officer jailed over 1974 Berlin border killing
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- Nearly 90, but opera legend Kabaivanska is still calling tune
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- In milestone, SpaceX 'catches' megarocket booster after test flight
- In a first, SpaceX 'catches' megarocket booster after test flight
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Ubisoft fears assassin's hit over falling sales
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- 'Little Gregory' murder haunts France 40 years on
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
- Jewish school in Canada hit by gunfire for second time
- With medical report Harris seeks to play health card against Trump
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- 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
Split decision in US stocks as market digests mixed messages from Fed
Wall Street indices moved in opposite directions Wednesday after digesting a mixed Federal Reserve decision that paired a pause in interest rate hiking with a signal for more tightening ahead.
US indices tumbled just after the policy statement as news of the Fed's first pause in more than a year was offset by forecasts from policymakers suggesting two more hikes in 2023.
But markets recovered somewhat later during Fed Chair Jerome Powell's press conference.
Powell described inflation as still too high, but added that the central bank had made no decisions yet about its July meeting or subsequent gatherings.
"In other words, a rate hike in July isn't a sure thing," said Briefing.com. "Arguably, the stock market is making some allowance for the possibility that the Fed might not push the policy rate as far as the dot-plot suggests it might go this year."
The Dow finished lower, but both the S&P 500 and Nasdaq rose modestly.
Earlier, Germany's benchmark DAX index leapt to a record 16,336.27 points before paring down some gains while the Paris CAC 40 also jumped.
London's FTSE 100 climbed as official data showed the UK economy rebounded in April on buoyant consumer spending after a March contraction.
The moves came ahead of Thursday's policy decision by the European Central Bank, which is expected to deliver another interest rate hike as it presses on with its fight against inflation.
Analysts predict that ECB policymakers will copy May's move and again raise borrowing costs by 25 basis points, taking the closely watched deposit rate to 3.50 percent.
In Asia, Hong Kong and Shanghai stocks struggled as investors kept tabs on China with speculation swirling that leaders would unveil a batch of measures to support the world's number two economy.
- A bluff? -
Ahead of Wednesday's decision, Fed policy makers were split on the best path forward with some calling for a hike and others calling for a pause.
In the end, the Fed settled on a unanimous decision to hold rates steady, while predicting a much more aggressive path ahead than many analysts expected.
Oanda's Edward Moya characterized the decision as a "very hawkish skip," adding that "the Fed is clearly worried that inflation might not be able to come all the way down to target."
But Oxford Economics rated the Fed's posture on additional interest rate hikes as likely a "bluff," according to a note.
"If it isn't a bluff, and the Fed continues to hike, that would increase the odds that the central bank pushes the economy into a recession," Oxford Economics added in the note.
Analysts noted that the stock market had rallied ahead of Wednesday's announcement in expectation of a Fed pause. That had set the market up for a potential pullback when the news was disclosed.
Futures markets currently are betting on a small interest rate increase in July, but not one after that.
- Key figures around 2030 GMT -
New York - Dow: DOWN 0.7 percent at 33,979.33 (close)
New York - S&P 500 UP 0.1 percent at 4,372.59 (close)
New York - Nasdaq: UP 0.4 percent at 13,626.48 (close)
London - FTSE 100: UP 0.1 percent at 7,602.74 (close)
Frankfurt - DAX: UP 0.5 percent at 16,310.79 (close)
Paris - CAC 40: UP 0.5 percent at 7,328.53 (close)
EURO STOXX 50: UP 0.7 percent at 4,375.98 (close)
Tokyo - Nikkei 225: UP 1.5 percent at 33,502.42 (close)
Hong Kong - Hang Seng Index: DOWN 0.6 percent at 19,408.42 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,228.99 (close)
Euro/dollar: UP at $1.0837 from $1.0793 on Tuesday
Pound/dollar: UP at $1.2663 from $1.2612
Dollar/yen: DOWN at 139.94 yen from 140.21 yen
Euro/pound: DOWN at 85.55 percent from 85.58 pence
Brent North Sea crude: DOWN 1.5 percent at $73.20 per barrel
West Texas Intermediate: DOWN 1.7 percent at $68.27 per barrel
burs-jmb
A.Samuel--CPN