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Safe-haven bond markets succumbed to heavy selling once more early on Tuesday, sending equity markets down sharply while the euro jumped 1 percent against the dollar.
The benchmark 10-year U.S. Treasury yield, which moves in the opposite direction to the price, rose to about 2.35 percent, the highest level since December, and Germany's 10-year Bund yield soared over 10 basis points to about 0.72 percent.
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.
"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.
Fast and furious
It was the sell-off in global bond markets Tuesday that continued to attract the most attention given the ferocity of the moves seen in recent weeks.
German Bund yields have led the move higher in debt yields, climbing sharply from a record low of about 0.05 percent in April as the European Central Bank implemented a 1 trillion euro asset-purchase program to boost deflation and a sluggish economy.
Higher Treasury yields meanwhile mean higher borrowing costs for corporates, which could hit share prices around the world, analysts said.
"Folk have woken up to the reality that although global growth is still tantalising, growth signals are starting to emerge, deflation expectations are falling and against this backdrop it did not make sense to have yields where they were," Bill Blain, a senior fixed income strategist at Mint Partners in London, told CNBC.
"The fact that we have bond rates rising will hurt stocks," he said.
Euro firm, so is oil
A rebound in oil prices from a rout between June last year and January has also added to a scaling back of deflation expectations, analysts said. Data released last month showed the euro zone ended four months of deflation in April.
And on Tuesday, oil prices extended recent gains with Brent futures up more than 2 percent at $66 a barrel and U.S. crude oil futures up almost 2 percent at about $60 amid fears over unrest in Yemen and a weaker dollar.
The euro was trading at about $1.1263, up one percent on the day and about 7 percent higher from a low of $1.05 hit in March. (Tweet this)
"The currency market moves are difficult to understand on their own, there is a dollar sell-off across the board," Steven Englander, global head of G10 strategy at Citi, told CNBC.
"There was a sense that the Fed may not deliver what was in the $1.05 (euro/dollar) price and there's also a view that Europe's economy is not in bad shape," he added.
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