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- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
- Austrian rapper channels anti-racist rage in Romani hip-hop songs
- Ohtani magic powers Dodgers over Padres in MLB playoff thriller
- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
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Markets waver, oil falls on weak Chinese data, looming US rate hike
Stock markets diverged and oil prices fell on Monday as traders tracked weak Chinese economic data and a looming US interest rate hike that could tame inflation but also thwart growth.
Equities kicked off the month of May on the wrong foot after Wall Street finished a tough April by closing sharply down on Friday following disappointing results from tech giant Amazon.
"The markets remain skittish regarding an expected aggressive Fed monetary policy tightening cycle as the Central Bank is set to hike rates this week," said analysts at Charles Schwab investment firm.
"Moreover, global sentiment continues to be hampered by the ongoing war in Ukraine, the recent spike in interest rates, the rallying US dollar, and slowing economic activity in China," they said.
Wall Street seesawed in early deals.
Eurozone markets were down sharply in afternoon trading, with Paris almost two percent lower and Frankfurt tumbling 1.3 percent. London was closed for a bank holiday.
Tokyo, Seoul, Mumbai, Manila, Sydney and Wellington all finished lower. Hong Kong and mainland Chinese markets were closed along with several other Asian markets.
Data at the weekend showed Chinese manufacturing activity shrank last month at its fastest pace since the start of the pandemic as the government applies Covid-19 lockdowns in the biggest cities of the world's second biggest economy.
While economic hub Shanghai remains locked down, Beijing has tightened virus controls in the capital, requiring clear Covid tests to visit public spaces.
This followed gloomy economic data in Europe on Friday showing that Russia's invasion of Ukraine was weighing on growth.
The struggles in China, the world's biggest crude importer, led to a drop in prices of the commodity on demand concerns, offsetting worries about tighter supply as the EU eyes a ban on Russian oil over its invasion of Ukraine.
Oil prices fell more than three percent, with Brent North Sea crude, the benchmark international contract, falling to $103.71.
The European Commission is preparing a sanctions text that could be put to the 27 member states as early as Wednesday, sources said, adding that the ban would be introduced over six to eight months to give countries time to diversify their supply.
- Rate hike looms large -
Investors are also looking ahead at the US Federal Reserve's two-day policy meeting, which starts Tuesday and is expected to see the central bank hike borrowing costs by half a point -- the most since 2000 -- to tame soaring consumer prices.
Some analysts are predicting the Fed could even announce a three-quarter-point increase at some point as it battles more than 40-year-high inflation.
With some commentators warning rates could go as high as three percent, there are also worries the Fed could be too heavy handed and tip the US economy into recession.
"The Fed must make up for lost time and act quick and strongly as it faces inflation which keeps surprising as it rises," said Franck Dixmier, head of fixed income at Allianz Global Investors.
"The challenge in executing the normalisation of its monetaryt policy is to ensure a soft landing of the US economy ... while maintaining a dynamic labour market and above all avoiding triggering a recession," he said.
- Key figures at around 1400 GMT -
New York - Dow: UP 0.2 percent at 33,045.26 points
Frankfurt - DAX: DOWN 0.8 percent at 13,987.69
Paris - CAC 40: DOWN 1.5 percent at 6,438.19
EURO STOXX 50: DOWN 1.6 percent at 3,743.16
London - FTSE 100: Closed for a holiday
Tokyo - Nikkei 225: DOWN 0.1 percent at 26,818.53 (close)
Hong Kong - Hang Seng Index: Closed for a holiday
Shanghai - Composite: Closed for a holiday
Euro/dollar: DOWN at $1.0530 from $1.0550 on Friday
Pound/dollar: DOWN at $1.2545 from $1.2578
Euro/pound: UP at 83.91 pence from 83.86 pence
Dollar/yen: UP at 130.03 yen from 129.89 yen
West Texas Intermediate: DOWN 3.5 percent at $101.04 per barrel
Brent North Sea crude: DOWN 3.2 percent at $103.71 per barrel
P.Cavaco--PC