The pressure valve is back on. European equities are facing a rough start to the day, with French fiscal concerns and broader bond market worries continuing to weigh on investor sentiment.Eurostoxx -1.5%Germany DAX -1.0%France CAC 40 -1.4%UK FTSE 100 -0.5%Spain IBEX -1.4%Italy FTSE MIB -0.2%It's an ugly one as the calmer mood from yesterday has totally been wiped out. While the selling is only returning today, the warning signs have been there all through the week - especially in the bond market.French borrowing costs are once again surging, with 10-year yields pushing above the 5% level for the first time since 2002. Meanwhile, the France-Germany 10-year yield spread has pushed beyond 160 bps now, reaching levels last seen during the Eurozone debt crisis.As such, that is hardly a comforting backdrop for European equities, especially when investors are already having to contend with elevated global bond yields and persistent geopolitical uncertainty.And just a heads up to France's plight in that it might get worse, with Moody's set to review the country's sovereign credit rating tomorrow. The possibility of a downgrade is certainly something that is adding to market nerves today.In any case, it's not just a French story that is weighing on the overall risk backdrop. Asian equities had it rough also earlier today and US futures are not faring any better. S&P 500 futures are down 1% with Nasdaq futures down 1.7% as AI worries continue to weigh on the overall mood. And that says quite a bit about how fragile the market confidence is, despite the better showing at the start of this month.For now, the immediate concern is whether the latest selling will gather further momentum. And with bond yields staying elevated and little sign of a meaningful resolution to France's fiscal troubles, I wouldn't be counting on investors rushing back in to buy the dip just yet. This article was written by Justin Low at investinglive.com.