Global stocks fell on Tuesday as US bond yields surged to 16-year highs amid fresh concerns that the Federal Reserve will need to keep interest rates higher for longer. Treasury yields soared after new data showed that the US jobs market remains remarkably resilient in the face of spiralling interest rates. It fuelled fresh concerns that the Federal Reserve will need to keep interest rates elevated as it battles to control inflation. The number of US job openings unexpectedly increased from 8.9m in July to 9.6m in August, according to the Bureau of Labour Statistics’ Job Openings and Labour Turnover Survey, known as JOLTS. This is much higher than economists’ predictions that job openings would remain flat. The figures promoted a bond market sell-off which pushed 10-year and 30-year yields to their highest levels since 2007, with the longer-term Treasury trading above 4.9pc. The surge in US government borrowing costs weighed down on stock markets across the world. In the US, the Dow Jones Industrial Average shed 430 points or 1.3pc to close at 33,002.38, its biggest one-day decline since March. The broad-based S&P 500 dropped 1.4pc to 4,229.45, and the tech-heavy Nasdaq Composite index fell 1.9pc to 13,059.47. Equity...