World stocks lose steam after Fed pivot fervour peters out

 Euphoria over the September prospect of a U.S. interest rate cut petered out on Monday, sending U.S. share futures lower during pre-market trading as investors refocused on the broader economic picture. S&P 500 inched 0.2% lower and Nasdaq futures fell 0.3% pointing towards a lower Wall Street open, as of 1258 BST.   Powell's dovish change of course has prompted futures to price in an 84% chance of a quarter-point rate cut in September, and at least 100 basis points of easing to 3.25-3.5% by the middle of next year.   MSCI's broadest index of world shares (.MIWD00000PUS), opens new tab rose 0.1% and held near Friday's record highs, while in Asia Chinese blue chips closed up over 2% at their highest level since 2022 (.CSI300), opens new tab and Japan's Nikkei shut 0.4% higher. The pan-European STOXX 600 (.STOXX), opens new tab index was also 0.2% lower, dragged down by Europe's renewable stocks after the U.S. government ordered Denmark's Orsted (ORSTED.CO), opens new tab to halt construction of an offshore wind project near Rhode Island. The move, deepening woes for the industry and putting Orsted's plans to raise capital at risk, sent the company's share price down around a record 17%.   London markets were closed for a holiday, thinning overall trading volumes in Europe. Shares in Amsterdam-listed JDE Peet's (JDEP.AS), opens new tab meanwhile surged roughly 17% after Keurig Dr Pepper (KDP.O), opens new tab agreed a deal to buy the company for 15.7 billion euros ($18.36 billion), a 20% premium to Friday's closing price. The European Central Bank is expected to hold rates unchanged in September, sources told Reuters at the weekend. Discussions about further cuts may resume in the autumn if the economy weakens. "As an investor, you lose an enemy whenever the Federal Reserve pivots because it gives valuations room to become ever more expensive," said Florian Ielpo, Lombard Odier Investment Managers' head of multi-assets. But looking at inventory data for manufacturers, wholesalers and retailers, Lombard Odier's Ielpo said that while manufacturers had stocked up amid tariff announcements, retailers held little inventory further down the economic food chain.