Investors are selling assets across the globe, from government bonds to stocks and gold, amid concerns about the potential economic fallout from the U.S.-Israeli conflict. European gas prices rose by 22% in one day, highlighting the region's energy dependency. Investors are no longer confident the Fed will cut rates this year and have increased their rate hike bets across Europe's central banks. These concerns led to a surge in government bond yields across the world, particularly in the UK. The US dollar also dropped against peers, falling 1% against the yen and 0.6% towards the euro. The ECB fully price in two rate hikes and a strong chance of a third by December.