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By Bloomberg View

Italian and Spanish government bonds fell, following losses in Asia, and New Zealand’s dollar plunged to the lowest in almost five years after an interest-rate cut. Commodities dropped for the first time in five days.

Italy’s 10-year bond yield climbed four basis points to 2.29 percent at 9:11 a.m. London time. Spanish yields also rose after rates on Australian and Japanese notes climbed to the highest this year. The kiwi fell at least 1.6 percent versus all 16 major peers, and the dollar gained against the euro and the yen. Copper led declines in commodities. European and Asian stocks rose, while U.S. futures contracts were little changed.

Government bonds extended a global selloff amid debt sales scheduled from Spain and Italy to the U.S. on Thursday. The New Zealand dollar dropped after the central bank lowered the benchmark interest rate to 3.25 percent and signaled potential for another cut by mid-2016. Greek Prime Minister Alexis Tsipras heads into talks with his country’s creditors after promising Germany and France that he will step up efforts to find a formula that can release financial aid.

“Markets suddenly realized that the levels were wrong,” Mohamed El-Erian, chief economic adviser at Allianz SE, said in a Bloomberg TV interview. “There is insufficient liquidity when the market wants to collectively reposition. That’s why you’ve got these sharp moves.”

The Stoxx Europe 600 Index climbed 0.5 percent. Greece’s ASE Index rose 5.5 percent, heading for its biggest jump since February.

The U.S. will publish retail sales and jobless claims data on Thursday. Retail sales probably increased in May, according to economists’ forecasts. The number of Americans filing claims for jobless benefits last week is expected to have been 275,000 versus 276,000 a week earlier.