Global stocks set to end year amid worst showing by broadest index since 2008, European stocks steady
Travellers walk with their luggage on December 27 at Beijing Capital International Airport, China, amid the lifting of restrictions in the country which have worsened the spread of Covid-19. Picture: REUTERS/TINGSHU WANG
European stocks, which are strongly influenced by developments in China, were steady, with the broad Stoxx 600 now on course for its worst year since 2018. Iris Pang, ING's chief economist for Greater China, said the relaxation of travel rules could “reduce the level of worries Covid among the public”, in turn increasing “mobility within the country” and consumer spending.
In fixed income, eurozone debt markets remained under pressure after hawkish rhetoric from the European Central Bank at its December monetary policy meeting. The yield on 10-year US Treasury notes was down two basis points to 3.837%, hovering around the five-week high of 3.862% it touched in the previous session.Investors have been trying to gauge how high the Federal Reserve will need to raise rates as it tightens policy in its continuing battle against inflation, while also trying to avoid tilting the economy into recession.
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