'Sticky inflation' and rate hike fears push global shares lower

European stock markets suffered their worst losses this year in the wake of renewed sell-off

Eurozone government bond yields, including those for Ireland, rose sharply, implying that the cost of borrowing for the State will rise. Picture: iStock

Global shares fell as fears that interest rates would be heading higher for longer remerged after data showed underlying inflation in the US was running hotter than believed.

The renewed sell-off means that, in the past week, European stock markets suffered their worst losses this year.