European stock markets fell 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 boost after data on Tuesday showed the U.S. services industry picked up in August, reinforcing expectations of aggressive Fed rate hikes. Markets were pricing in a 77% chances of a 75 basis point hike at the Fed’s next meeting. China’s exports and imports lost momentum as surging inflation crippled overseas demand and new COVID curbs and heatwaves disrupted output, reviving …
