European markets were lower Wednesday, as rising yields in the bond markets offset excitement surrounding corporate earnings.

The pan-European Stoxx 600 was 0.6 percent lower with all but one sector in the red. Basic resources, oil and gas, as well as industrials were more than 1 percent lower. Overall, market players were worried with the impact of higher interest rates on the stock market, and more broadly, on the global economy.

The U.S. 10-year Treasury yield topped 3 percent on Tuesday — the first time it has done in more than four years. Investors around the world have been fixated on the 10-year note, with concerns looming that hitting the 3 percent barrier could trigger a reaction from financial markets both in the U.S. and internationally.

Earnings

Kering jumped to the top of the European benchmark, up by 6 percent, after posting a strong first-quarter growth in sales.

Metso shares rose 5 percent after reporting an operating profit that was up by 28 percent in the first quarter. Credit Suisse rose 4.6 percent on Wednesday after delivering an earnings beat.

The German lighting group Osram sank to the bottom of the index, down by nearly 10 percent, after cutting its forward guidance for the 2018 fiscal year.

Sticking with the corporate space, the board of biotech firm Shire announced that it had received a revised acquisition proposal of £46 billion ($64 billion) from Takeda Pharmaceutical Company. In a statement, the Irish group said it was willing to recommend this revised offer to its shareholders.