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News that China's mainland border with Hong Kong will be reopened after three years had sent Asian-Pacific shares outside Japan to a four-month high overnight, but with both the dollar and bond market borrowing costs creeping up, Europe couldn't keep up. The MSCI All-World index shed 0.55%.
Europe's markets suffered an early stumble on Thursday as a firm message from the Fed that it won't be cutting interest rates any time soon offset optimism around China's phasing out of COVID restrictions. News that China's mainland border with Hong Kong will be reopened after three years had sent Asian-Pacific shares outside Japan to a four-month high overnight, but with both the dollar and bond market borrowing costs higher post-Fed, Europe couldn't keep up.
News that China's mainland border with Hong Kong will be reopened after three years had sent Asian-Pacific shares outside Japan to a four-month high overnight, but with both the dollar and bond market borrowing costs creeping up, Europe couldn't keep up. The MSCI All-World index lost 0.8%.
U.S. stocks sank on Thursday and brought to a halt a global rally in global stocks, as upbeat American jobs data after the Federal Reserve's firm message that it won't be cutting interest rates any time soon offset China's latest reopening plans. News that China's mainland border with Hong Kong will be reopened after three years had sent Asian-Pacific shares outside Japan to a four-month high overnight, but with both the dollar and bond market borrowing costs creeping up, Europe couldn't keep up.