US and European stocks lost ground as concerns about US-China trade tensions picked up pace and the prospect of further interest rate rises by the Federal Reserve pushed Treasury yields and the dollar higher.
The minutes of the Fed’s meeting last month — released late on Wednesday — heightened worries that the US central bank would at some point raise rates above its measure of neutral.
“The probability of [the Fed funds] rate being above 3 per cent by the end of next year has risen back to 30 per cent,” noted Kit Juckes, strategist at Société Générale.
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