European stocks closed lower on Wednesday as investors monitored rising bond yields stateside and the outlook for inflation.
The pan-European Stoxx 600 ended the session down 0.7%, with retail sinking 3.1% to lead losses as most sectors and major bourses slid into negative territory.
Global investors are watching market moves in the U.S. after the benchmark 10-year Treasury yield jumped Tuesday to levels not seen since February 2020. The 30-year rate also hit its highest level in a year.
The benchmark Treasury yield continued to rise Wednesday as U.S. retail sales easily topped expectations, adding to fears of potential inflation during the post-Covid economic recovery.
Investors are also keeping an eye on cryptocurrencies Wednesday after bitcoin topped $51,000 for the first time as its surge to new record highs continued.
Reference: CNBC
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