NEW YORK/LONDON, Nov 8 - World stock markets slid on Wednesday and the dollar gained for a third straight day as some investors accepted the notion that while the Federal Reserve may have halted hiking interest rates, they will still stay higher for longer.
"The Fed not necessarily hiking anymore might get people a little bit more excited, but does that mean that we're going to start cutting aggressively? It's too early to say that," said Marvin Loh, senior global macro strategist at State Street in Boston. Markets are pricing in an almost 50% chance of a rate cut of at least 25 basis points as soon as May, according to the CME Group's FedWatch Tool, compared with about 41% a week earlier.MSCI's all-country world stock index shed 0.07% after last week posting its biggest weekly jump in almost a year. Europe's broad STOXX 600 index closed up 0.28%.
European shares rose, supported by gains in healthcare stocks and strong earnings reports, while investors assessed a slew of economic data and comments from central bankers for cues on the European Central Bank's rate hike path. MSCI's broadest index of Asia-Pacific shares overnight slipped 0.3% and Japan's Nikkei 225 closed lower after Bank of Japan Governor Kazuo Ueda told parliament the central bank does not need to wait until real wages turn positive before exiting stimulus.Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden , the nation's biggest private property developer, four people familiar with the plan said.
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