European Markets Struggle to Reverse Negative Momentum as Dollar Shines in Gloomy Global Data

The dollar remains strong amidst a gloomy market atmosphere, with oil prices reaching one-year highs and contributing to bond market sell-offs. Global stocks have declined for nine consecutive sessions, while the dollar stands at a 10-month high against other major currencies. Lawmakers' disagreements in the US could lead to a government shutdown, potentially prompting a ratings response from Moody's. The Republican presidential candidates' debate did not produce any significant changes in the race dominated by Donald Trump. China is heading into a week-long holiday, with the yuan under pressure, Evergrande's shares suspended again, and industrial profits falling. The world's most indebted developer, Evergrande, is at the center of a liquidity crisis in China's property sector. Asian stocks, including the Nikkei, fell, influenced by rising US bond yields. Fed Chair Jerome Powell's comments will be closely watched by the markets.