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What happened: U.S. bond yields surged, with the 10-year Treasury yield reaching 3.49% on Friday, its highest level since 2011. This move follows a week of political turmoil in the UK, where gilt yields spiked due to concerns over fiscal spending and debt, and in Japan, where yields hit a 40-year high amid skepticism over the government's debt issuance promises.

Market impact: The bond market's sudden shift is driving a broad sell-off in equities, particularly those in growth-oriented sectors like tech, which are sensitive to higher discount rates. In the UK, the pound and government bonds (gilts) are under pressure, while in Japan, the yen has weakened, and stocks have fallen.

What to watch next: The U.S. inflation report on September 13 will be crucial, as it may influence the Fed's rate hike trajectory and thus bond yields. Additionally, the UK's fiscal statement on September 23 could provide clarity on the government's spending plans, potentially easing gilt market concerns. Lastly, Japan's market sentiment will be influenced by the government's handling of the supplementary budget and debt issuance.