European equities dropped at the open today amid fears of a surge in interest rates and a continued rotation out of growth stocks into the likes of industrials.
The FTSE 100 slid 0.79% after opening, while the CAC tumbled 0.94% and the DAX was 1.02% lower.
EUR/USD has fell below 1.1950, the lowest level since December 2020. Fed Chair Powell's reluctance to lower US bond yields is boosting the dollar.
Euro zone bond yields climbed today after Federal Reserve Chair Jerome Powell reiterated his stance that interest rates would stay low for a long time.
Germany’s benchmark 10-year bond yield was last up 2 basis points at -0.29%, holding below almost one-year highs hit last week as world bond markets came under intense selling pressure.
Focus now shifted to U.S. jobs data released later. Nonfarm payrolls likely increased by 182,000 jobs last month after surging only 49,000 in January.
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Check out how European markets are reacting today