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I monitored a round of European market openings; all six indices were green on the same day, with Germany falling the most, down 1.65%. At the time, I thought it was sentiment-driven, but later I realized it was the denominator moving. European stock pricing reflects interest rate expectations, not whether there is bad news on the day. When US Treasury yields rise, European valuations get suppressed first, and capital will withdraw without needing a reason. #DailyOrbit #FedOctHikeOddsHit55%