STOXX 600 down 0.1
Indivior drops on lower profit forecast
BP slide on Q2 warning erases stock39;s gains in 2024
Dassault Systemes falls after guidance cut

July 9 Reuters European shares dipped on Tuesday as investors awaited Federal Reserve Chair Jerome Powell39;s testimony to gauge the likelihood of a rate cut in September, while Indivior sank to a threeyear low after lowering its profit forecast.

The panEuropean STOXX 600 index was down 0.1, led by losses in energy shares that tracked lower oil prices and in automobile and parts.

Miners were the top gainers, rising 0.5 as copper prices rose slightly.

Powell is scheduled to start his twoday, semiannual monetary policy testimony before Congress at 10 a.m. ET 1400 GMT. Money markets currently see a 77 chance of a rate cut by the Fed in September.

The first day of the testimony is always the most important day as we will get to catch the overall tone and the key messages, said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.

Some expect Powell to sound cautious regarding the progress on inflation and tell U.S. politicians to be patient until the Fed gathers enough evidence that inflation is on a solid path toward their 2 target.

European Central Bank board ECB member Piero Cipollone39;s comments later in the day will also be on investors39; radar to gauge the ECB39;s interest rate trajectory.

The main focus, however, will be on U.S. and German consumer prices data on Thursday that will give direction…