By Joanne Chiu and Riva Gold 
   -- Treasury yields keep climbing 
 
   -- Asian tech under pressure 
 
   -- Alphabet to report earnings 

Global stocks started the week slightly lower as investors parsed a mixed set of corporate results, with equities showing only a muted response to a selloff in bonds that sent the 10-year Treasury yield near 3%.

The Stoxx Europe 600 edged down 0.2% in morning trading, echoing modest losses in Asia. Futures pointed to a 0.2% opening decline for the S&P 500 after a late-session decline in consumer goods companies sent the index lower on Friday.

Stocks appeared to show only a limited reaction as U.S. Treasury yields hit multiyear highs. A rise in February contributed to a steep selloff in stocks as investors worried about higher inflation, tighter monetary policy and more competition from the bond market.

Yields on 10-year Treasurys last climbed to 2.985% after settling at 2.949% late Friday in New York, the highest level since January 2014. Yields move inversely to prices.

Fund managers surveyed by Bank of America Merrill Lynch in April said they view 3.5% as the yield level that would cause investors to rotate from equities back into bonds.

Eric Robertsen, global head of forex, rates and credit research at Standard Chartered, said the rising 10-year yield comes as higher commodity prices lift inflation expectations.

Brent crude oil was last down 0.4% at $73.80 a barrel, but is up 5% on the month. Still, Mr. Robertsen sees U.S. inflation ultimately rising modestly, capping long-term yields.

Shorter-term Treasurys have seen even faster price declines this year, resulting in yield spreads narrowing to levels not seen in a decade.

In Europe, shares of UBS Group fell 4% after the Swiss bank reported first-quarter results, weighing down the European banking sector despite a continued rise in government bond yields, which tends to boost lending income.

Among gainers in European stocks, shares of Royal Philips were up 3.3% after the Dutch technology company reported results and backed its outlook for 2017-20. Shares of Fresenius rose 2.1% after saying on Sunday it is terminating its $4.3 billion agreement to buy generic-drug maker Akorn, although Akorn said they intend to see the deal through.

Asian stock markets mostly inched lower following a decline in U.S. equities late last week. Japan's Nikkei Stock Average edged down 0.3% and Hong Kong's Hang Seng fell 0.5%.

Chinese small-caps and Taiwanese stocks were weak, with Taiwan Semiconductor falling a further 1.1% after Friday's 6.3% drop. The company's warning on second-quarter sales pressured global tech stocks at the end of last week.

The U.S.'s move last week to ban American companies from selling products to Chinese telecommunications-equipment giant ZTE also weighed down technology shares there.

However, trading volume in Hong Kong and China was lighter than normal ahead of a possible trade breakthrough between the U.S. and China. U.S. Treasury Secretary Steven Mnuchin may visit Beijing to talk trade.

The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was last up 0.2% after settling at its highest since January.

Write to Joanne Chiu at joanne.chiu@wsj.com and Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

April 23, 2018 05:33 ET (09:33 GMT)

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