European stocks ended a two-day slide as oil prices retreated and the bond
sell-off eased, with traders awaiting the Fed's rate decision later today.
Markets have lacked momentum since August record highs amid energy-driven
inflation and growth concerns. Traders assign a 94% probability to a Fed rate
hike today; attention will focus on policy guidance and market reaction. "If
they do hike, the key is how the long end of the bond market reacts," said Bill
Dinning, CIO at W1M Wealth Management. He said a US 10-year Treasury yield of
5.5% would put pressure on equities.
