The first aim of this paper is to present the logical core of XPath 2.0: a logically clean, decidable fragment, which includes most navigational features of XPath 2.0 (complex counting conditions and data joins are not supported, as they lead to undecidability). The second aim is to provide a list of equations completely axiomatizing query equivalence in this language (i.e., all other query equivalences can be derived from these).