Il Nuovo Postiglione - Stocks slide as investors await key Fed speech

US Federal Reserve Chairman Jerome Powell, who has resisted President Donald Trump's public demands to slash rates, is scheduled to deliver remarks Friday at the annual central bankers conference in Wyoming.

Major European indices were lower in midday trading, tracking a lacklustre session in Asia, and Wall Street indices opened lower after weakness seen on Wednesday.

Investors largely brushed off purchasing managers' index (PMI) data showing eurozone business activity reached a 15-month high in August, while UK activity grew at its fastest pace in a year.

"Eyes are turning to... Powell's final speech at the Jackson Hole Symposium as Federal Reserve Chair (before his term ends in May 2026)," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

"Although the effect of Trump's tariffs on monetary policy will be the undercurrent theme, investors will be looking specifically for clues as to the Fed's inclination to cut interest rates," she said.

Data last week provided a mixed picture of US inflation, leaving it uncertain whether the Fed will lower rates as many investors expect in September -- a move that could bolster growth in the world's largest economy.

A recent sell-off in major tech stocks has added to market uncertainty, as investors grow wary of the sustained rally across the sector since April.

The tech-heavy Nasdaq fell again on Thursday, though shares in AI chip designer Nvidia were trading flat after heavy selling in previous sessions ahead of its earnings report next week.

Despite the building unease, shares in Seoul closed higher Thursday, bolstered by an uptick in Samsung's share price.

Shanghai, Sydney and Taipei also saw moderate gains.

Tokyo's Nikkei index closed lower, along with Hong Kong.

Global markets have also fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump's Friday meeting with Russian counterpart Vladimir Putin.

The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.

Oil prices rose again Thursday, following a report the previous day showing a sharp decline in US crude stockpiles.

- Key figures at around 1340 GMT -

New York - Dow: DOWN 0.6 percent at 44,675.02 points

New York - S&P 500: DOWN 0.3 percent at 6,374.53

New York - Nasdaq: DOWN 0.3 percent at 21,116.06

London - FTSE 100: DOWN 0.3 percent at 9,259.45 points

Paris - CAC 40: DOWN 0.6 percent at 7,293.03

Frankfurt - DAX: DOWN 0.2 percent at 24,227.68

Tokyo - Nikkei 225: DOWN 0.7 percent at 42,610.17 (close)

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 25,104.61 (close)

Shanghai - Composite: UP 0.1 percent at 3,770.78 (close)

Euro/dollar: DOWN at $1.1639 from $1.1648 on Wednesday

Pound/dollar: DOWN at $1.3441 from $1.3452

Dollar/yen: UP at 147.64 yen from 147.44 yen

Euro/pound: DOWN at 86.56 pence from 86.59 pence

West Texas Intermediate: UP 0.1 percent at $63.28 per barrel

Brent North Sea Crude: UP 0.1 percent at $66.93 per barrel

A.Riccobono--INP