Global markets tumble on AI fears, oil surges, French debt pain

Key facts

• Global markets fell on Thursday due to AI fears and cybersecurity concerns.
• US Treasury yields plunged as investors sought safe-haven assets.
• Brent crude oil reached a five-month high above $112 a barrel.
• French and German 10-year bond spreads widened to their widest level since 2011.
• Bitcoin experienced its largest fall since June, dropping 4%.
• China's CSI300 index entered a bear market.

Global markets experienced a significant downturn on Thursday, driven by escalating concerns surrounding artificial intelligence and cybersecurity threats. Investors fled riskier assets, pushing equities and bond yields lower, while flocking to the perceived safety of US Treasuries. The price of Brent crude oil climbed to a five-month high, exceeding $112 a barrel, amid broader market anxieties. Unrest in France also contributed to the negative sentiment, widening the spread between French and German 10-year bond yields to their highest level since 2011. The technology sector was particularly hard-hit, with the Philadelphia Semiconductor Index falling 6.7% and major stocks like Amazon and Nvidia declining. Bitcoin also saw a sharp drop, its largest since June. In China, the CSI300 index entered bear market territory.