Shares slip as European bond bashing rumbles on
European bond markets experienced increased selling pressure on Thursday as soaring oil and gas prices added to concerns over sovereign debt. Tech giants SpaceX, Broadcom, and Oracle were reportedly seeking billions in debt to fund AI chip purchases, raising worries about a potential credit crunch. The European Central Bank's policymakers warned of persistent inflation, further exacerbating bond market jitters.
The euro struggled as concerns about France's finances spread to other heavily indebted countries and the banking sector. European shares slumped, with the pan-European STOXX 600 index down 1% at its lowest since June. Major banks also suffered, with Deutsche Bank, Santander, Societe Generale, and Unicredit falling for a second day.
Meanwhile, commodity prices surged, with Brent crude oil breaching $104 a barrel and U.S. crude climbing 3.2% to $91.43 a barrel.
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