Friday, March 29, 2024
HomemarketsEuropean markets close lower as bond moves wobble global stocks

European markets close lower as bond moves wobble global stocks

  • The pan-European Stoxx 600 ended the session down by 0.4%, having earlier fallen more than 1%.
  • The U.S. 10-year yield began to climb again during afternoon trade in Europe, unnerving investors.
  • Tech stocks have been the major casualty of the retreat, with European tech shares slumping 3.3%.

European markets closed mostly lower Thursday as a rise in bond yields saw jitters return to global stocks once again.

The pan-European Stoxx 600 ended the session down by 0.4%, having earlier fallen more than 1%. Basic resources dropped 4.3% while utilities added 1.7%.

European stocks received a weak handover from Asia-Pacific, where Japan's Nikkei 225 and Hong Kong's Hang Seng index dropped more than 2% as the 10-year U.S. Treasury yield rose again. Mainland Chinese stocks also slipped on the day, with the Shanghai composite down 2.1% while the Shenzhen component dropped 3.5%.

The U.S. 10-year yield stabilized early in the session Thursday but began to climb again during afternoon trade in Europe, and was last seen at 1.4774%.

On Wall Street, stocks swung wildly following back-to-back losses, with investor sentiment shaken by moves in the bond market.

Last week, the 10-year yield surged to a high of 1.6% in a move that some described as a "flash" spike, but which sparked fears about stock valuations and rising inflation.

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