Global stocks fall as oil rises and bond yields climb

Stocks declined across major markets on October 8 as rising oil prices and government borrowing costs weighed on equities. In early US trading, the S&P 500 fell about 0.4% and the Nasdaq lost nearly 0.6%, while European stocks approached their lowest levels in three months.

Europe's STOXX 600 declined 0.7%, and France's CAC-40 dropped 0.5% as concerns about French government finances also affected Italian and Greek debt and parts of the banking sector. Earlier in Asia, Japan's Nikkei lost 1.4% and South Korea's KOSPI fell 2.6%.

Oil gained more than 5% following increased attacks on Gulf shipping. Brent futures climbed above $105 a barrel, recording their largest increase in a month. US crude futures rose 5.18% to $92.85 a barrel.

The 10-year US Treasury yield edged up to 5.29%, after reaching 5.36% overnight, its highest level in 24 years. Two-year yields remained around 4.8%. Minutes from the Federal Reserve's latest meeting showed most members regarded another rate increase by year-end as likely, while remaining open-minded about each meeting.

Reports of substantial technology-company financing plans added to concerns about competition for funding. According to media reports, Broadcom was seeking $50 billion in financing, while SpaceX planned $30 billion of investment-grade debt and $10 billion in loans for Nvidia chip purchases.

The euro traded at $1.119 after a 0.6% decline in the previous session. The dollar index stayed around 102.32, close to an 18-month high. Bank of France head Emmanuel Moulin described France's economic situation as serious but said the country did not require European Central Bank assistance.