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Global stocks decline as bond yields hit 2002 highs
Global stocks declined as government bond yields reached their highest levels since 2002, with the 30-year U.S. Treasury yield around 5.62%, the highest since June 2002, and the 10-year Treasury yields rising to 5.29%, the highest since June 2007. Expectations of interest rate hikes by the Federal Reserve, along with falling oil prices, contributed to pressure on the markets, with the S&P 500 slowing down and both the Nasdaq and Dow Jones indices dropping. European stocks also fell, as most markets declined due to rising bond yields and falling energy prices following a shift in oil price trends. Meanwhile, the Gulf markets closed lower amid deteriorating performance of most indices. The Japanese Nikkei also declined due to the impact of rising global bond yields on the Japanese market.
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