NEW YORK, United States (AFP) — Global equity markets were mixed Monday as investors await key United States (US) inflation data this week that could offer guidance on interest rate cuts long sought by President Donald Trump.

Reports that semiconductor giants Nvidia and AMD would give Washington a 15 per cent cut of the revenue from certain chip sales to China also bolstered expectations of a further pause on higher US tariffs against Beijing.

On Monday afternoon, US media reported that Trump had signed an order to delay the reimposition of steeper tariffs on Chinese products by another 90 days, citing Trump administration officials.

The White House did not respond to queries on the matter.

For now, it appears that investors are awaiting new US consumer price index figures. Adam Sarhan of 50 Park Investments warned that a cooler-than-expected reading could still be “a double-edged sword.”

While a lower inflation reading would give the Fed room to cut rates, on the other hand, “it’s not bullish because that means the economy’s slowing,” he added.

Also in view is a high-stakes summit between Trump and Russian President Vladimir Putin on Friday in Alaska, which could pave the way for a Ukraine ceasefire and ease tough Western sanctions against Moscow.

London’s FTSE 100 index edged higher but Paris and Frankfurt closed lower, pulled down in particular by defence stocks as investors calculated the chances of an end to the Ukraine war.

Major Wall Street indices closed lower.

“Markets are bracing for a surprisingly busy week, with several key events and data releases likely to shape sentiment,” notably US inflation, said Jim Reid, managing director at Deutsche Bank.

Investors have ramped up their bets the Fed will lower borrowing costs at its next policy meeting in September following a series of reports — particularly on jobs — indicating weakening in the world’s biggest economy.

Stocks in Hong Kong and Shanghai rose on Monday, while Tokyo was closed for a public holiday.

Gold futures retreated after hitting a record high Friday, when a letter released by US customs authorities signalled the precious metal should also be subject to new US duties.

But Trump said Monday that gold would not face additional tariffs.

In company news, Nvidia and AMD shares both closed lower.

Elsewhere, shares in Danish renewable energy firm Orsted plunged 30 per cent in Copenhagen as the company said it would raise $9.4 billion by selling new shares.

The company added that it dropped plans to sell a stake in its Sunrise Wind project over Trump’s decision to freeze federal permitting and loans for all offshore and onshore wind projects.