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(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* Fed Chairman Powell expected to sound dovish
* Airbus rises after strong delivery numbers
* Mexico-exposed Spanish stocks slip (Updates prices, adds comment)
July 10 (Reuters) - European shares were subdued on Wednesday ahead of U.S. Federal Reserve Chair Jerome Powell's testimony that could determine the path of future interest rate cuts, with strong industrial output data from France and Italy limiting losses.
Powell's two-day monetary policy testimony to Congress is set to begin at 1400 GMT, and investors see a worrying lack of inflation globally as a reason for him to sound suitably dovish.
The pan-European shares index fell 0.1% by 0807 GMT. Bank shares outperformed major European sectors, with a 0.8% gain.
The benchmark index is set to extend losses to a fourth straight session after a strong U.S. jobs report last week led investors to trim bets of a sharp interest rate cut in July.
"The move in markets is a continuation of what we've seen in the past few days, where traders are a bit nervous that the Fed won't be as dovish as initially suspected," said David Madden, analyst at CMC markets.
"We aren't going to see any major moves between now and until Powell gives his update, and if he does give an update on monetary policy that will give the markets new direction for the next few weeks."
Bank-heavy Italian shares rose 0.7%, outperforming the broader European markets that traded sideways.
The region's main index has recouped its May losses, gaining around 6% since then, on hopes that major central banks will adopt a looser monetary policy.
Investors will also be watching for minutes of the Fed's last policy meeting when officials edged towards a rate cut.
Germany's 10-year government bond yield rose to its highest since July 1, boosted by data that showed French industrial output in May leapt to its biggest monthly jump since November 2016. Italy's monthly industrial output also came in much stronger than expected.
In Madrid, stocks with exposure to Mexico led losses with lender BBVA, utility Iberdrola and Telefonica down between 0.3% and 0.7%, after a shock resignation of Mexican Finance Minister Carlos Urzua.
On the other hand, planemaker Airbus rose 1.2% after confirming deliveries rose by 28% in the first-half of the year, putting it ahead of Boeing for the first time in eight years.
British recruiter Hays Plc slid to the bottom of STOXX 600, down 6.6% as peer Pagegroup tumbled 13.7% after issuing a profit warning. (Reporting by Susan Mathew and Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)