Government bond yields in the eurozone and the UK soared to fresh multi-year highs on Wednesday as investors nervous about rising interest rates continued to dump bonds.

US government bonds yields also jumped during afternoon trading in London, with the 10-year US Treasury yield hitting 5.333 per cent. The yield on the 10-year Bund was 6.3 basis points higher at 4.676 per cent while the 10-year gilt was yielding 5.514 per cent, up 8.4 basis points.