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| - European equities mostly fell Tuesday on lingering concern about the pace of expected US interest rate hikes, but London rose on the back of the weak pound, dealers said. Investors shrugged off Asian gains, despite oil prices hitting new two-year highs above $75 on demand optimism. The dollar regained its composure somewhat before key testimony from US Federal Reserve chief Jerome Powell. Frankfurt stocks shed 0.2 percent and Paris dipped 0.3 percent in early afternoon eurozone deals. London's benchmark FTSE 100 index however advanced 0.2 percent nearing midday, as the weaker pound lifted share prices of multinationals that earn in dollars. "With the exception of the FTSE, which is finding support from a weaker pound, European indices are back in the red," said OANDA analyst Sophie Griffiths. "Concerns over the Fed reining in support for the economy and adopting a hawkish stance is once again unnerving investors." Markets were sent into turmoil last week after the Fed brought forward its forecasts for hiking interest rates as it looks to prevent overheating in the US economy. Powell is widely expected to shed more light on the monetary policy outlook. In prepared remarks ahead of a House hearing Tuesday, Powell pledged again the bank's continued support to ensure the "sustained improvement" in the economy is extended. Investors contemplated the US central bank's latest projections for hiking interest rates in light of the country's blockbuster economic recovery and sharp spike in inflation. The Fed's "dot plot" forecast last week indicated liftoff in 2023 -- a year earlier than first flagged -- with some policymakers eyeing the end of 2022, while discussions on winding down its vast bond-buying programme are likely in the next few months. "Recent fears around Fed tightening remain prevalent," noted IG analyst Joshua Mahony. Ultra-loose monetary policy by the Fed and other central banks, along with massive government spending, have been key pillars of the rally across global equities enjoyed since their nadir in April last year. Elsewhere, Brent oil briefly topped $75 for the first time in two years on a wave of demand optimism, as investors eye a surge in demand for the commodity as the global economy reopens. New York crude had soared Monday as high as $73.96, attaining a peak last witnessed in October 2018. "Demand optimism is now well established and a tightening of the (oil) market is very much in the spotlight," Vandana Hari, of Vanda Insights, said. "If there is a pause in this rally, it will likely come from the supply side." Both oil contracts however pulled lower nearing midday in London. London - FTSE 100: UP 0.2 percent at 7,077.36 points Frankfurt - DAX 30: DOWN 0.3 percent at 15,549.88 Paris - CAC 40: DOWN 0.2 percent at 6,591.91 EURO STOXX 50: DOWN 0.3 percent at 4,100.03 Tokyo - Nikkei 225: UP 3.1 percent at 28,884.13 (close) Hong Kong - Hang Seng Index: DOWN 0.6 percent at 28,309.76 (close) Shanghai - Composite: UP 0.8 percent at 3,557.41 (close) New York - Dow: UP 1.8 percent at 33,876.97 (close) Euro/dollar: DOWN at $1.1883 from $1.1919 at 2100 GMT Pound/dollar: DOWN at $1.3862 from $1.3934 Euro/pound: UP at 85.72 pence from 85.54 pence Dollar/yen: UP at 110.45 yen from 110.27 yen Brent North Sea crude: DOWN 0.2 percent at $74.78 per barrel West Texas Intermediate: DOWN 0.4 percent at $73.34 per barrel dan-rfj/rl
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