A look at the day ahead in European and global markets from Stella Qiu:
Another central bank pivots. The Bank of Korea on Thursday slowed its pace of tightening to a modest 25 basis point hike, becoming the latest central bank to step down from outsized rate increases.
at its next policy meeting in December, ignoring warnings that rates might still have to peak above 5% by mid next year. Long-term Treasuries jumped. Yields on 10-year notes dropped to be a huge 79 basis points below two-year yields, a curve inversion on a scale not seen since the dotcom bust of 2000 and, on the face of it, a signal investors expect a deep economic downturn in coming months.
Elsewhere, China's new economic stimulus - a likely cut to the banks' reserve requirement ratio and a rescue package for the battered property sector - helped real estate stocks but failed to lift the wider mainland market .CSI300, which fell 0.3% as surging COVID cases still dominated investor sentiment., with Beijing, which has the strictest rules, failing to contain the spreading virus.
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