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| - World stocks moved in a tight range Thursday, reserving judgement after US Federal Reserve chief Jerome Powell said he would not rush to raise interest rates and could allow inflation to stay above his two-percent target "for some time." In a key speech, Powell unveiled a change of policy to let inflation overshoot, allowing the economy to produce more jobs and correct "shortfalls" in the Fed's pursuit of its dual goal of maximum employment -- in recognition a tighter labour market would not necessarily drive prices higher. "This change reflects our appreciation for the benefits of a strong labour market, particularly for many in low- and moderate-income communities," said Powell, adding that the Fed is prepared to use "our full range of tools to support the economy." Earlier, traders weighed geopolitical concerns which resurfaced after Beijing reportedly fired missiles during exercises around the South China Sea and the US sanctioned several Chinese firms linked to the disputed region. The Dow, just opening as Powell spoke, had added 0.6 percent around a half an hour into the session while the tech-heavy NASDAQ and European indices trod water. The Fed has already provided crucial support worth trillions of dollars to help the world's top economy navigate the Covid-19 virus crisis, supporting stocks to bounce back strongly from March troughs. "Despite central banks offering unprecedented amounts of stimulus and stock markets hitting new highs on a regular basis, investors are craving another stimulus fix," said OANDA analyst Craig Erlam before Powell spoke. European equities were roiled Thursday after aerospace giant Rolls-Royce and advertising giant WPP each posted sizeable losses on coronavirus fallout. A fourth successive record run on Wall Street was not enough to stoke a rally in Asia, with a fresh flare-up in coronavirus cases in the region keeping dealers grounded. The mood was also downbeat after Bloomberg News reported that China had fired four ballistic missiles into the South China Sea as part of a military exercise, a day after Beijing said a US spy plane had entered a no-fly zone in northern China. The region is one of a number of issues over which China-US tensions have spiked in recent months. In July, Washington declared Beijing's pursuit of territory and resources there illegal, explicitly backing the territorial claims of Southeast Asian countries against China. And on Wednesday, it imposed sanctions and restrictions on 24 Chinese companies and associated officials for taking part in building artificial islands in the disputed waters. Oil traders are keeping tabs on Hurricane Laura in the Gulf of Mexico, which made landfall in Louisiana on Thursday morning. Around three million barrels a day of refining capacity have been closed after US authorities said the hurricane could bring "potentially catastrophic storm surges, extreme winds and flash flooding". Crude prices traded relatively flat but remain close to their highest levels for about five months. New York - Dow: UP 0.6 percent at 28,494.03 points London - FTSE 100: FLAT at 6,048.23 Frankfurt - DAX 30: DOWN 0.1 percent at 13,180.18 Paris - CAC 40: DOWN 0.2 percent at 5,039.21 EURO STOXX 50: DOWN 0.4 percent at 3,342.96 Tokyo - Nikkei 225: DOWN 0.4 percent at 23,208.86 (close) Hong Kong - Hang Seng: DOWN 0.8 percent at 25,281.15 (close) Shanghai - Composite: UP 0.6 percent at 3,350.11 (close) Euro/dollar: UP at $1.1863 from $1.1830 at 2100 GMT on Wednesday Dollar/yen: DOWN at 105.97 yen from 105.99 yen Pound/dollar: UP at $1.3244 from $1.3210 Euro/pound: UP at 89.57 pence from 89.56 pence Brent North Sea crude: DOWN 0.4 percent at $45.44 per barrel West Texas Intermediate: DOWN 0.4 percent at $43.20 burs-rfj/cdw/tgb
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