On Wall Street, the Dow Jones Industrial Average declined by 0.9% to 41,763.19, while the S&P 500 dropped 1.9% to 5,705.37, and the tech-heavy Nasdaq Composite fell 2.8% to 18,095.15.
The yield on U.S. 10-year Treasury notes rose slightly by 0.8 basis points to 4.272%, up from 4.264% late Wednesday, after reaching a nearly four-month high of 4.339% on Tuesday.
Asian markets opened the month cautiously, with MSCI’s broad Asia-Pacific index (excluding Japan) slipping 0.3%, down 1.9% for the week.
In Tokyo, the Nikkei fell 2.1% as a stronger yen posed challenges for Japanese exporters, with the yen steady at 152.06 per dollar after a 1% rally overnight.
China’s blue-chip stocks edged up 0.1%, while Hong Kong’s Hang Seng index gained 0.4%.
UK borrowing costs are continuing to rise, driven by concerns over the Chancellor’s plans to increase annual borrowing by £32 billion.
The yields on both two-year and 10-year gilts climbed approximately three basis points after markets opened this morning.
This marks the tenth consecutive day of increases for the two-year bond, making it the longest upward streak since 2006.
