RPT-Global bond yields, European stocks surge after China cuts rates
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LONDON Aug 25 (Reuters) - European equities and global bond yields jumped higher on Tuesday after the world's second largest economy China cut interest rates and banks' reserve requirements.
The pan-European FTSEurofirst 300 was up 4.5 percent at 1024 GMT and on track for its best one-day gain since May 2010. Battered mining stocks were the big beneficiaries, with Glencore shares up around 9 percent and Anglo American up more than 6 percent.
U.S. stock index futures held earlier gains.
Yields on German bonds -- the euro zone benchmark -- rose more than 10 basis points to a two-week high of 0.68 percent , while U.S. and British equivalents rose 8 bps to 2.08 percent and 1.89 percent, respectively .
The U.S. dollar extended gains against most major currencies. It rose 1.3 percent against the safe-haven yen , which traded at 119.96 to the dollar, while the euro dropped 1 percent to trade at $1.15.
(Writing by John Geddie; Reporting by London markets team, editing by Nigel Stephenson)
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