16 September 2022 - 11:56London — European stocks dipped on Friday and Europe’s benchmark German 10-year bond yield hit its highest since mid-June as investors braced for a US rate hike, while warnings from the World Bank and the International Monetary Fund fanned fears of a slowdown.
The downbeat tone continued during Asian trading, with data showing that China’s property sector had contracted further last month. Markets priced in a 75% chance of a 75-basis-point rate hike and a 25% chance of 100 bps when the Fed meets next Wednesday. “I expect stocks to head back down to below their March lows. If you are in an environment where you have central banks that aggressively raise rates, historically this has always led to bear markets.”The US dollar index was up 0.3% at 110.13, still hovering near a 20-year high, and steady against the yen at 143.365.
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