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Investing.com -- Canada's 10-year government bond yield jumped to 3.904% on Thursday, up 5.6 basis points, or 1.46%, as a global bond selloff intensified amid surging oil prices and renewed concerns about persistent inflation.
The move extends a sharp rise in Canadian borrowing costs, with the benchmark yield having closed at 3.848% on Wednesday, according to market data.
The latest move comes as global bond markets face fresh pressure from an oil-price surge linked to the escalating Middle East conflict. Brent crude climbed above $100 a barrel, raising concerns that higher energy costs could keep inflation elevated and delay interest-rate cuts globally.
The rise in Canadian yields also comes against a backdrop of tighter global financial conditions. The Bank of Canada said last week that long-term bond yields had moved higher globally, including in Canada, while warning that persistent high oil prices posed upside risks to inflation.