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LONDON, June 26 - European stock markets turned lower on Wednesday as the market braced for a French election and a key U.S. inflation reading, while the yen tumbled to its lowest since 1986, keeping traders on alert for possible intervention by Japan's central bank.
"The turnaround in the market - which some might see as relatively stable - could be explained by a tug of war between bulls who are cashing in recent gains and bears who are resurfacing on the back of mounting downside risks," said Stephane Ekolo, equity strategist at TFS Derivatives. On the U.S. monetary policy front, Federal Reserve officials have urged patience on interest rate cuts, with governor Lisa Cook declining to say when the Fed would be able to act.
Markets were pricing in 47 basis points of easing this year, with a rate cut in September pegged at 72% probability, CME FedWatch tool showed. The BOJ, though, is dropping signals that its quantitative tightening plan in July could be bigger than markets think, and may even be accompanied by an interest rate hike.
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