U.S. EQUITIES REACT TO FED'S 'HAWKISH HOLD'

American equities plummet and borrowing costs hit their highest in nearly two decades as investors find little to like in the Fed's fifth 'hold' in a row. But, Chairman Warsh hints that a hike could be on the way. Elsewhere, investors digest a mixed bag of tech earnings from across the pond. Microsoft's cloud growth accelerates at its fastest pace in nearly five years, but Meta takes a hit as Mark Zuckerberg doubles down on AI spending. And strong EV demand boosts Renault sales in the first half, as the French carmaker withstands pressure from its Chinese peers.

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