A calmer tone set in later on Wednesday, with bond yields retreating.
In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped as much as 20 basis points (bps) to 4.8% this week alone.
Bond yields move inversely to prices, and many asset managers who had held bonds expecting prices to rally are now throwing in the towel.
Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday .
, ,World stocks (.MIWD00000PUS) hit their lowest since April on Wednesday, and the cost of insuring exposure to a basket of European corporate junk bonds hit a five-month high, according to data from S&P Global Market Intelligence.
Persons:
Bond, Juan Valenzuela, Artemis, Kevin McCarthy, Jason Lee, Michael Metcalfe, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli, Chiara Elisei, Marc Jones, Andy Bruce, Kim Coghill, Toby Chopra
Organizations:
bund, U.S . Treasury, Federal Reserve, Reuters, ADP, U.S . House, Congress, Hong, REUTERS, Street Global Markets, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson
Locations:
Treasuries, British, U.S, Hong Kong, London