US Bond Market: Ten-year yield hits 4-year high of 2.92%

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Now to the bond markets. The US 10-year treasury yield extended it's rally in the Asian session on Thursday, hitting a fresh four-year high of 2-point-92 percent.

That came after a spike at US consumer prices in January, raising expectations that the Federal Reserve may speed up the pace of interest rate hikes. The yield level also went slightly higher than the levels that triggered the global stock market sell-off earlier this month.

The US Labor Department reported on Wednesday that the CPI rose 0.5 percent last month. That's higher than the expectation of a 0.3 percent increase. Markets now see an 80-percent chance the Fed will raise rates during its policy meeting in mid-March, seven percentage points higher than the previous forecast.

Meanwhile, the U.S. and European markets rallied by more than 1 percent on average. The Dow posted a 4-day winning streak, surged 253 points, with tech and financials helped to life the market from session low. Positive news coming out from Europe as well.

Eurostat reported Wednesday that, the Eurozone GDP rose 0.6 percent from the previous three months, supported the rallied in the region.