US markets settled with modest losses, with no fresh signals from the Federal Reserve and no new developments in US-China trade talks - Dow lost -34-points or -0.13%, with Caterpillar Inc falling -2.43% after UBS downgraded the company to a "sell" from a "buy" rating previously and cut their 12-month target price to US$125 per share from US$154, citing cited slowing demand in global construction as the main reason for the downgrade. The broader S&P500 dipped -0.08%, NASDAQ -0.07%. Federal Reserve Chair Jerome Powell delivered his semi-annual testimony to the Senate Banking Committee. In prepared remarks, Powell said the economy is “healthy” and the outlook "favourable" but added the Fed is also seeing “crosscurrents and conflicting signals” that had weakened the case for further rate increases and made an otherwise positive economic outlook less certain. Mr Powell is now due to appear before the House Financial Services Committee tonight AEDT. Elsewhere, President Trump has arrived in Vietnam for a second summit with North Korean leader Kim Jong Un.
