Futures higher after rally on Powell's dovish remarks

Asian stocks hobbled by fading expectations for aggressive Fed rate cut

Oil bulls will be encouraged by the transpiring tailwinds, including rising geopolitical tensions, a potential United States interest rate cut, and rising summertime demand, while the OPEC+ supply cuts extension effectively places a sturdier floor under Oil prices. US crude was up 82 cents to $58.65 a barrel.

Stock markets mostly fell on Wednesday, with investors awaiting key clues on the outlook for United States interest rates from Federal Reserve chief Jerome Powell. Yields on 10-year Treasuries hit a one-month high.

LONDON, July 10 (Reuters) - Shares were treading water on Wednesday while rising Treasury yields kept the dollar steady, as investors waited to hear whether the world's most powerful central banker would confirm or confound expectations for a US rate cut this month. The pound halted a drop to a two-year low as data showed the United Kingdom economy rebounded in May. Economists polled by Reuters expect consumer price index to remain unchanged in June after edging 0.1% higher in May. Minutes from the central bank's last meeting further cemented expectations for a cut in borrowing costs.

Powell further noted that the baseline outlook is for the U.S. economic growth to remain solid, labor markets to stay strong and inflation to move back up to central bank's 2% target, though there is a risk that weak inflation will be persistent - more than the Fed now anticipates.

Elsewhere, oil extended gains on crude output cuts ahead of a potential hurricane in the Gulf of Mexico.

European Central Bank minutes are due on Thursday.

USA producer prices are due on Friday.

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Wall Street had been duly circumspect, with the Dow ending down 0.08%, while the S&P 500 added 0.12% and the Nasdaq 0.54%.

Powell testifies to Senate Banking Committee on ThursdayECB minutes are due on Thursday.A key measure of USA inflation - the core consumer price index, due Thursday - is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.US producer prices are due on Friday.

The Bloomberg Dollar Spot Index decreased 0.2 per cent, the lowest in a week. Shares of American, United Airlines Holdings and Southwest Airlines Co rose between 0.5% and 1.3%.

The British pound stood at 1.2508, not removed from six-month lows of $1.2481 touched on Friday. The Japanese yen increased 0.3 per cent to 108.14 per dollar, the strongest in a week.

Futures 0#FF: are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting, but have abandoned wagers on a half-point move. Yields on two-year Treasuries rose to 1.917 per cent from their recent low of 1.696 per cent and Europe's benchmark yields up around five basis points. Gold rose 0.3 per cent to US$1,423.66 an ounce, the highest in more than six years.

West Texas Intermediate crude climbed 0.6% to $60.81 a barrel, reaching the highest in seven weeks. Oil's climb was triggered by constrained United States supplies, with production in the Gulf of Mexico being reduced by about a third given the possibility of an incoming hurricane, along with the steep decline reported in U.S. crude inventories.



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