Bond scares linger, investors look to Powell
Worries about lofty U.S. bond yields hit global shares on Thursday (March 4).
The MSCI world equity index, which tracks shares in 49 countries, lost 0.5%.
That was its third straight day of losses.
Japan's Nikkei fell over 2% - hitting its lowest level in nearly a month.
Investors are awaiting news from U.S. Federal Reserve Chair Jerome Powell
And hoping he will address concerns about a rapid rise in long-term borrowing costs.
10-year U.S. Treasury yields - seen as the benchmark for such costs - have reached one year highs of late.
That's on bets a strong economic recovery aided by government stimulus could fuel inflation.
Meanwhile, one European Central Bank policymaker said the recent rise in euro zone borrowing costs may reflect rising growth and inflation prospects there.
A three-day rally in European stocks was clipped in morning trade.
The renewed jump in U.S. bond yields hit risk appetite there too.
The pan-European STOXX 600 index fell over half a percent by mid morning.
With miners particularly hard hit.
UK-listed shares of Rio Tinto and BHP shed 5.9% and 5% respectively, after their Australia-listed stocks were hit by ex-dividend trading.
Technology stocks, the driver of the market's rebound also fell.
