Analysts said the reasons for the global market volatility wasn't down to any one reason.
These included a scaling back of European deflation expectations, sparking the sell-off in bonds that began last month; and a perception that a rise in U.S. interest rates was likely to come later rather than sooner – something that was boosting the euro, which in turn was pressuring European stocks.
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"The fact of the matter is that the concerns about deflation in Europe have been overstated, so we are seeing a reaction in yields and this is pushing the euro up and the Dax down," Michael Hewson, chief market analyst at CMC Markets U.K., told CNBC.
"People are also talking about Friday's non-farm payrolls report being positive but it wasn't really, so that has pushed back talk of a rate hike soon," he added.
Last week's jobs report, perhaps the most closely watched U.S. indicator, showed the U.S. economy created 223,000 jobs in April. But March non-farm payroll growth was revised down to 85,000 from the 126,000 previously reported.