European equities are opening lower across the board today, as the latest surge in bond yields continues to weigh on broader risk sentiment. The opening changes:Eurostoxx -0.4%Germany DAX -0.6%France CAC 40 -0.4%UK FTSE -0.3%Spain IBEX -0.5%Italy FTSE MIB -0.5%The losses are fairly broad-based, with the DAX leading the declines as European stocks take their cue from the more defensive mood in global markets.The main drag at the moment is the bond market. 10-year Treasury yields have pushed back above the 5% mark, hitting 5.11% - its highest level since 2007. That is adding to concerns that financial conditions could tighten further if the selloff in bonds continues. That has already weighed on Wall Street in trading yesterday and the pressure is now spilling over into Europe at the open.Besides that, oil prices are another factor keeping investors cautious for the most part. Brent crude's renewed push above $100 has brought the inflation question firmly back into focus, particularly at a time when recent euro area data has also pointed to firmer price pressures.That leaves European stocks facing the same uncomfortable combination that has been a bane for broader markets in recent weeks. That being higher oil prices and higher bond yields.For now, I would still say that the declines at the open are relatively contained. But if yields are to break further into more uncomfortable territory, that will remain the key pressure point to watch as the session develops. This article was written by Justin Low at investinglive.com.