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Rising yields sparked recession fears overnight, which saw US equities close in the red. The Dow Jones down 0.3%, the S&P500 down 0.6% and the Nasdaq down 0.7%. While stocks fell, bond yields jumped higher, after the Fed signalled the rate hikes will continue, as they aim to tame inflation.
In Europe, investors digested geopolitical tensions and the UK budget. The UK finance minister Jeremy Hint announced his latest fiscal statement, which included billions of pounds worth of spending cuts and tax hikes. Also, global markets continue to watch the developments in Ukraine after a missile hit Polish territory. The STOXX600 closed down 0.4%, after fluctuating between marginal gains and losses in early trade. Germany’s DAX closed up 0.2%, while the FTSE100 closed flat and France’s CAC ended the session 0.5% lower.
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