– This is the script of CNBC's news report for China's CCTV on March 23, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Tuesday's terror attacks in Brussels were a grim reminder of our cities' vulnerability in the age of global travel. But there's evidence that investors have become inured to their effects as attacks in the West become more common.
The German DAX index closed up 0.42 percent Tuesday; a decade ago it's doubtful it would have gone up.
An analysis of market performance before and after terror attacks over the past decade suggests that investors don't react as drastically as they once did.
For example, the DAX fell more than 3 percent in five days in March 2004, after the Abu Hafs al-Masri Brigade killed more than 190 people on the Madrid train system. Last November, the DAX reacted to the attacks in Paris by climbing 2.3 percent over five days.
Some strategists think it's a new era as Europe and the U.S. work through isolationist impulses and the spread of migrants from an unstable Middle East. A market reaction could be some ways off, said Jason Trennert, Strategas Research's chief investment strategist.
"I think globally there is clearly a re-evaluation of immigration policies," Trennert told CNBC's "Squawk Box." "There's no question that nationalistic tendencies and populist tendencies are going to get stronger," which could make trading more difficult.
But open borders are fundamentally important to the European economy. Many companies based in the region have structured their operations across borders, with factories and offices in multiple countries. Those firms would face an immediate increase in transportation and labor costs simply to move goods between their assembly plants.
Bremmer pointed out that 1.7 million people cross European borders every day to get to work.
Meanwhile, the attacks in Brussels could impact the so-called "Brexit" referendum in June, said Ramakrishnan. "An event like today certainly does push the case for certain campaign language for the U.K. to leave the EU a bit further.
CNBC's Qian Chen, reporting from Singapore.