European markets set for a negative open, as rising yields put investors on edge

The FTSE 100 is seen slipping 58 points at 7,368, the CAC is expected to open 53 points lower at 5,392, while the DAX is poised to start the day down 129 points at 12,422, according to IG.

Global markets have been jittery over the last 24 hours, after the U.S. 10-year Treasury yield topped 3 percent on Tuesday — the first time it has done in more than four years.

Investors around the world have been fixated on the 10-year note, with concerns looming that hitting the 3 percent barrier could trigger a reaction from financial markets both in the U.S. and internationally. Investors have also been selling Treasurys in April amid expectations of rising inflation, which could push the U.S. central bank to tighten monetary policy faster.

Consequently markets have come under severe pressure after this psychological level was cracked, with the Dow sinking more than 400 points by the U.S. close on Tuesday, and markets in Asia tumbling on Wednesday.

Aside from moves in the bond market, Wednesday’s session will be filled with a brand-new batch of corporate earnings.

Novozymes, Valeo, Dassault Systemes, Linde, Deutsche Boerse, Norsk Hydro, GSK, Fresnillo, Antofagasta, Persimmon, and Whitbread are just a handful of businesses slated to publish their latest financial updates. Statoil and Credit Suisse have both released earnings before the market open.

Sticking with the corporate space, the board of biotech firm Shire has announced that it had received a revised acquisition proposal of £46 billion ($64 billion) from Takeda Pharmaceutical Company. In a statement, the Irish group said it was willing to recommend this revised offer to its shareholders.