European stock markets opened in the red on Wednesday after U.S. economic data prompted traders to ramp up Federal Reserve rate hikes bets, pushing the dollar to a 24-year high against the Japanese yen. U.S. Treasury yields jumped and the dollar received a boosted by data on Tuesday which showed the U.S. services industry picked up in August, reinforcing expectations for aggressive Fed rate hikes. Markets were pricing in a 73% chances of a 75 basis point hike at the Fed’s next meeting . read more Markets took a further hit in Asian trading from data showing China’s export growth slowed in August. MSCI’s broadest index of Asia-Pacific shares outside Japan fell to its lowest since mid-2020 (.MIAPJ0000PUS) . read more China’s exports and imports lost momentum as surging inflation crippled overseas demand and new COVID curbs and heatwaves disrupted output, reviving downside risks […]