"Global Bond Rout Intensifies, Then Eases with Relief Rally"

The global bond rout deepened as benchmark U.S. yields hit a 16-year high, reflecting concerns that high interest rates will slow global growth and dampen risk appetite. However, the bond market later retreated on a cooler-than-expected U.S. private payrolls report, leading to a relief rally in stocks. European equities fell for a third day due to a consumer spending pullback. The bond sell-off is expected to be short-lived, with market focus shifting to the September unemployment report. Despite the bond market turmoil, Fed officials do not see rising yields as a cause for alarm. Oil prices tumbled, while gold prices continued to decline due to elevated Treasury yields and expectations of higher interest rates.