The global bond market sell-off spread from US Treasuries to Europe, with European government bond yields surging and spreads widening rapidly on Thursday. France's 10-year government bond yield briefly rose to 4.96%, a new high since 2002, while the UK's 30-year government bond yield surpassed 6% for the first time. Meanwhile, the US 10-year Treasury yield briefly climbed to 5.34% during the session, its highest in nearly 24 years. This sell-off was primarily driven by rising inflation and interest rate expectations, escalating energy prices due to the Middle East conflict, and forced liquidations of highly leveraged hedge fund positions.