Global Markets-Stocks jump with chipmakers; oil rises to 5-week high

European stocks rose, with technology and mining shares gaining. The pan-European STOXX 600 index was up 0.56%.

MSCI's gauge of stocks across the globe rose 11.58 points, or 1.05%, to 1,117.08.

Benchmark 10-year U.S. Treasury yields reached a two-month high as traders added to bets that the Federal Reserve will hike interest rates this year.

The yield on benchmark U.S. 10-year notes rose 3.41 basis points to 4.632% and reached 4.640%, the highest since May 20.

The Fed held interest rates steady at its June meeting, but policymakers signaled they expect to raise borrowing costs later this year amid growing concern that inflation remains lodged above the central bank's 2% target.

Trade was also in the spotlight. The Canadian dollar weakened 0.27% versus the greenback to C$1.411 per dollar, after U.S. President Donald Trump on Monday unveiled plans for 50% tariffs on a range of imports from Canada in retaliation for what he described as discriminatory treatment of American-made cars, alcohol and dairy goods.