Stock market today: World shares slide after Wall St rout driven by high yields, mixed earnings

BANGKOK — Shares skidded Thursday in Europe and Asia after Wall Street tumbled as bond yields tightened their chokehold.

The yield on the 10-year Treasury has nudged back up toward 5%. It was at 4.95% early Thursday after dipping to 4.82% late Tuesday. High yields whittle away at prices for stocks and other investments while slowing the overall economy and adding pressure to the financial system. They tend to take the biggest toll on stocks seen as pricey or those requiring their investors to wait the longest for big growth. That puts the spotlight on internet-related, technology and other high-growth stocks. Sharp drops of 5.6% for Amazon, 4.3% for Nvidia and 1.3% for Apple were the heaviest weights on the S&P 500 on Wednesday.

The gap between the minus 0.1% Japanese benchmark rate and much higher rates in the U.S. and elsewhere has driven the dollar's value sharply higher against the yen. To a certain extent, that's a boon for export manufacturers who register much higher profits in yen back home, but it undercuts the currency's purchasing power for imports.

The founder of Chinese property developer Evergrande — who was once Asia's second-richest person — is no longer a billionaire

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