Longer-dated euro zone bond yields hit multi-year highs on Tuesday, joining a global fixed-income selloff as fading hopes for a swift end to the war in Iran drove oil prices higher and fuelled inflation concerns. Long-standing worries about fiscal stability in countries such as France, Japan, the UK and the United States also weighed on global bonds, even as recent soft U.S. data prompted markets to trim their expectations for rate hikes from the Federal Reserve.
Germany's 10-year yield, the benchmark for the euro zone, was last up 4 basis points at 3.255%, its highest level since May 2011. Bond yields move inversely with prices.
