Finance

A global selloff in government bonds has intensified, pushing the benchmark 10-year U.S. Treasury yield up to roughly 4.80%, its highest level in 20 months. The surge reflects growing investor conviction that elevated energy costs will stoke consumer price inflation and complicate monetary policy expectations.

Major stock indexes opened on shaky ground following consecutive sessions of losses to kick off September, historically the weakest month of the year for equities. Macroeconomic concerns have led market participants to price in an approximate 64% to 66% probability of an interest rate hike at the Federal Reserve's upcoming September meeting.

Non-yielding assets experienced downward pressure as rising bond yields and hawkish central bank expectations reduced their investment appeal. Bitcoin slid below $77,000, while spot gold fell below the psychologically important $4,300 per troy ounce threshold to touch two-week lows.