European, Asian stocks slide

Gulf Today Report 

European stocks declined on Friday as investors put in money in high-flying technology shares due to worries of rising inflation. 

The benchmark European stock index was down 0.6%, London's FTSE 100 slipped 0.2% and Germany's DAX lost 0.1%, both well off session lows.

Roland Kaloyan, strategist at SocGen said, "Investors are actually looking at the pace at which yields drop and the current speed is quite concerning for equity markets."

Eurozone government bond yields, however, stabilised on Friday, although Germany's benchmark yield was still headed for its biggest monthly jump since 2016. 

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Asian stocks

Asian stocks dropped on Friday due to rout in global bind affecting yields thereby scaring investors.

MSCI's broadest index of Asia-Pacific shares outside Japan slid more than 3% to a one-month low, its steepest one-day percentage loss since May 2020.

Yields on the 10-year Treasury note eased back to 1.538% from a one-year high of 1.614% but were still up a startling 40 basis points for the month in the biggest move since 2016.

Japan's Nikkei shed 3.7% and Chinese blue chips joined the retreat with a drop of 2.5%.