The global bond selloff continues, with investors betting the Federal Reserve may need to raise interest rates this year. The benchmark 10-year U.S. Treasury yield rose overnight to 4.687%, a 16-month high; the 30-year yield climbed to 5.198%, a level not seen since 2007. European stock markets are expected to open lower, with Euro Stoxx 50 futures down 0.7%; Nasdaq futures dipped 0.1%, and S&P 500 futures fell 0.2%. Oil prices edged lower on Wednesday, with Brent crude futures down 0.5%, but still holding above $110 per barrel at $110.7. The Strait of Hormuz remains effectively blockaded; the U.S. President stated that further strikes on Iran might be necessary. A day earlier, he had indicated a delay to a planned attack to allow for more negotiations with Tehran. The MSCI Asia ex-Japan index fell 0.7% on Wednesday, marking its fourth consecutive day of losses; Japan's Nikkei index dropped 1.5%, its fifth straight day of decline. South Korea's KOSPI index declined 1.7%. Shares of Samsung Electronics fell 1.4% after its union announced an 18-day strike starting Thursday, threatening the stability of the global semiconductor supply chain. An analyst at IG Group said: "Currently, a market pullback after an exceptionally strong rally remains within my baseline expectations. The surge in U.S. Treasury yields is clearly causing volatility and has become the market's focal point. "NVIDIA's earnings might significantly beat expectations... but I have doubts. I think it's difficult for NVIDIA to surprise and shock the market as it has in the past; such standout performances are unlikely to be repeated." Chip giant NVIDIA is set to report its first-quarter earnings after the U.S. market close on Wednesday, with expectations exceptionally high as usual. The median forecast from a London Stock Exchange Group analyst survey predicts revenue growth of nearly 80%, approaching $79 billion. U.S. Treasuries remained under pressure during the Asian session. The benchmark 10-year yield held steady at 4.6613%, having jumped 21 basis points over the past three trading days. The 30-year yield was at 5.1795%, unchanged from the previous session but up 17 basis points since last Thursday. The U.S. dollar hovered near a six-week high against major currencies. Against the yen, it held at 158.95, rising for a seventh consecutive session and largely erasing losses incurred after the Bank of Japan intervened on April 30 to defend the 160 level. The euro traded at $1.1597, having touched its lowest level since April 8 overnight. The British pound was at $1.3391, not far from the six-week low reached earlier this week. Gold prices fell 0.4% to $4,463 per ounce, pressured by the stronger dollar, marking the lowest level since late March.