San Francisco Frontiers - Stock markets mostly rise after tech rebound

In foreign exchange, the yen fell back towards levels that have stirred intervention warnings from Japanese officials.

The euro also remained under pressure before weekend elections in France that polls suggest will see big wins for the far-right and left-wing parties pushing President Emmanuel Macron's centrists into third.

The Paris stock market was down 0.5 percent in midday deals. Eurozone peer Frankfurt was up 0.2 percent despite a key survey showing German consumers are feeling more pessimistic heading into July, rattled by stubborn inflation and economic uncertainty.

The forward-looking survey published by pollsters GfK and the Nuremberg Institute for Market Decisions (NIM) dipped by 0.8 points to minus 21.8 points compared to a month earlier.

Outside the eurozone, London's stock market gained 0.1 percent approaching the half-way stage.

"Fears of a big imminent market wobble are now receding," noted Susannah Streeter head of money and markets at Hargreaves Lansdown.

"However, there are still concerns hanging around about stubborn inflation, with a hotter than expected reading in Australia sending the ASX 200 in Sydney lower."

Investors were awaiting the release Friday of US personal consumption expenditures index -- the Federal Reserve's preferred gauge of inflation -- hoping a softer reading would allow the bank to cut interest rates soon.

The Fed's so-called "dot plot" guide for rates points to one cut before January -- down from three predicted in March -- though there is much debate on whether it will make two, or even none at all.

Equity markets have been well supported this year by an expectation that officials will ease rates after a long-running campaign against sticky inflation.

However, the rally is showing signs of petering out owing to a string of data indicating the US economy and labour market remain strong, while investors are also concerned valuations may have gone too far, particularly among tech firms.

On Tuesday, the Nasdaq and S&P 500 both recovered from a recent sell-off thanks to a bounce in AI chip titan Nvidia from three days of heavy selling.

Asian markets mostly rose Wednesday after struggling in early trade.

Uncertainty over US rates was keeping the dollar elevated, with the yen in focus as it approaches the level that forced Japan to step into forex markets earlier this year.

The Asian country's top currency official has said authorities were ready to act 24 hours a day if the unit fell too far.

Billions were pumped in to support the yen when it hit a 34-year low of 160.17 in late April.

Traders are also poring over any comments from the Bank of Japan, which many say has been too cautious in moving away from its ultra-loose monetary policy.

It is tipped to hike interest rates next month and begin winding down its bond purchases that help keep borrowing costs down.

- Key figures around 1100 GMT -

London - FTSE 100: UP 0.1 percent at 8,255.32 points

Paris - CAC 40: DOWN 0.5 percent at 7,623.01

Frankfurt - DAX: UP 0.2 percent at 18,207.13

EURO STOXX 50: DOWN 0.1 percent at 4,929.78

Tokyo - Nikkei 225: UP 1.3 percent at 39,667.07 (close)

Hong Kong - Hang Seng Index: UP 0.1 percent at 18,089.93 (close)

Shanghai - Composite: UP 0.8 percent at 2,972.53 (close)

New York - Dow: DOWN 0.8 percent at 39,112.16 (close)

Dollar/yen: UP at 160.14 yen from 159.68 yen on Tuesday

Euro/dollar: DOWN at $1.0686 from $1.0715

Euro/pound: DOWN at 84.40 pence from 84.43 pence

Pound/dollar: DOWN at $1.2663 from $1.2686

Brent North Sea Crude: UP 0.8 percent at $85.70 per barrel

West Texas Intermediate: UP 0.9 percent at $81.59 per barrel

K.Torres--SFF