Here is a rewritten version of the article in a neutral tone, with some minor edits for clarity and concision:

Global Markets Shift: US Dollar Falls as European Yields Rise

The global financial landscape has experienced significant changes over the past week, with the US dollar losing ground against major currencies. This shift has been driven by various factors, including changes in economic policies, shifts in investor sentiment, and movements in market yields.

Equities Alternatives

The Hang Seng Index has outperformed other major equity benchmarks this year, led by tech giants such as Alibaba Group Holding Ltd. and BYD Co Ltd. These companies have benefited from China's efforts to boost its economy and support tech companies.

Meanwhile, the US stock market has been hit by disappointing results from some key companies and concerns over valuation multiples. The tailspin has also coincided with Germany's DAX Index reaching an all-time high as defense stocks and European steelmakers rallied amid the changing policy backdrop.

Dollar Fade

The world's primary reserve currency has lost almost 4% of its value since the post-election peak in January. This decline accelerated last week, pushing the Bloomberg Dollar Spot Index to its lowest level since early November. The slide was driven by a combination of factors, including European market moves and a shift towards "US normalism" in investor sentiment.

Narrowing Gap

The persistent US yield premium over Germany has shrunk abruptly, potentially undermining the relative appeal of Treasuries. This development is significant as it highlights the diverging trajectories of the two markets. International investors now face another consideration when assessing whether to allocate to US debt: volatility. Owning long-duration US Treasuries is "normally a safe haven," but now it's a tactical trade due to high levels of volatility.

Credit Impact

All these forces are working against US companies, which may struggle to attract European buyers for their debt. These investors make up more than half of the overseas buyers of US corporate bonds, and rising European yields could erode demand from them. Asian investors may pick up some slack, but the cost of hedging back into euros has also increased.

Overall, these developments have significant implications for global markets, particularly in terms of investor sentiment and market dynamics. While the shift may have room to run, it remains uncertain whether this rotation will continue in the next six or 12 months.