World shares gain as Treasury yields edge higher

Global stock markets advanced on October 9 despite an increase in U.S. government bond yields, as investors assessed technology companies' fundraising needs and oil prices above $100 a barrel. The Nasdaq Composite gained 0.6%, while the S&P 500 added 0.5%.

Shares in Europe rose 1%. MSCI's broad Asia-Pacific equity gauge excluding Japan increased 0.56%, and the Nikkei ended the session largely unchanged.

Brent crude futures rose about 0.2% to $104.48 per barrel, extending a rise of more than 4% in the preceding session. U.S. President Donald Trump said the United States would not attack Iran before the midterm elections.

Telecommunications stocks ranked among the weakest performers in U.S. and European benchmarks. SpaceX's acquisition of low-band spectrum prompted concerns about greater competition from satellite-delivered mobile services.

SpaceX, Broadcom and Oracle were each expected to seek billions of dollars to purchase advanced AI chips. Separately, Nvidia-backed Australian data center operator Firmus put its $5 billion initial public offering on hold, citing market volatility. The company said it would instead pursue private fundraising.

European government borrowing costs generally eased following a sharp bond selloff fueled most recently by inflation worries and concerns about France's finances. The spread between French 10-year debt yields and German Bunds was about 137 basis points.

Doug Beath, global equity strategist at Wells Fargo Investment Institute, said the S&P 500's relatively limited participation suggested investors considered large technology companies better equipped to withstand higher yields and oil prices, while remaining cautious about other sectors.