European stocks hit three-month lows

European stock markets declined sharply, with the Stoxx 600 index reaching its lowest levels in more than three months, heavily impacted by a 3.7% drop in the banking sector. This came amid rising yields on global government bonds, which reached their highest levels in years, fueling inflation fears and expectations of prolonged interest rate hikes. As a result, borrowing costs for companies and households increased. The yield on 10-year German bonds fell to 3.6526%, while French bonds hit their highest levels since 2002, affecting the European market overall.

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