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Morning Bid: Powerless | Reuters

A look at the day ahead in European and global markets from Anshuman Daga

Just as missile attacks fuel worries of emergency blackouts in Ukraine, global equities are also feeling the pain from U.S. economic data that is stoking fears the Fed could go higher for longer.

Treasury yields are up, the dollar is standing firm after its biggest rally in two weeks and risk-off sentiment is holding sway.

For the euro zone, however, there is little in the way of good news. Business activity declined for a fifth month in November, indicating the economy was headed for a mild recession as consumers slash spending amid surging inflation.

Industrial orders data from Germany, the biggest economy in the euro zone, is the only economic indicator worth watching on Tuesday.

Reuters Graphics Reuters Graphics

While the euro bloc’s economy remains fragile, economists still expect the European Central Bank to add 50 basis points to its deposit rate next month…

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