A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022.
The BoE said it would temporarily buy long-dated bonds - linked most closely to workers' pensions and home loans - in light of a surge in 30-year bond yields above 5%, their highest since 2002.
"The surge in bond yields threatens the housing market and broader economy.
The MSCI All-World index was last down 0.5%, having pulled off a session trough that marked its lowest since November 2020.
"The Bank of England is restoring some calm to the markets.