Trading Day: US yields cross 5% threshold

On Wednesday, US bond yields surged to their highest levels since 2007, with many yields crossing the 5% threshold for the first time since 2007-08. This significant increase was driven by expectations of an interest rate hike next month and rising oil prices. The jump in borrowing costs led to a decline in stocks, with Wall Street down across the board and Europe's markets falling slightly.

Meanwhile, US diesel futures hit a two-week low, in response to Donald Trump's announcement of a potential ban on US diesel exports to curb high prices.