The yield on 30 year UK gilts spiked to 6.029%, its highest level since 1998, spearheading a session of turmoil on Oct. 1 that left the S&P 500 down 0.03%. US equity markets lost nearly $750 billion in value since the open, though indices failed to recover despite a late pull back in Treasury yields, as equity breadth remained flat throughout the day.

The selloff followed a global surge in borrowing costs where the US 10 year Treasury reached a 24 year high of 5.34% and global debt hit a record $365 trillion, or 310% of GDP. Liz Martins, an economist at HSBC, told Reuters that the market movement indicates a lack of faith in the ability of governments to manage their mounting debt loads.