On Thursday European stocks fell after Spain’s borrowing costs surged to a euro-era record on waning demand at a bond sale, adding to concern the region’s debt crisis is deepening. U.S. futures and Asian shares were little changed.

European shares fell to a five-week low in choppy trade as rising bond yields in the euro zone raised concerns the region’s two-year debt crisis was deepening and could threaten the global economic recovery.

BNP Paribas SA and Societe Generale SA led a selloff in banks, both dropping more than 3 percent. The benchmark Stoxx Europe 600 Index retreated 1.1 percent in London after Spain sold a new benchmark bond at an average yield of almost 7 percent, still missing the maximum target, and France, too, borrowing at higher yields.

The ECB bought Italian and Spanish bonds on Wednesday and on Thursday according to people familiar with the situation.

The Spanish Treasury said it sold 3.56 billion euros of a new 10-year benchmark bond at an average yield of 6.975 percent, compared with 5.433 percent when it sold bonds due in April 2021 last month. The bank had set a maximum target of 4 billion euros for the day’s sale.

France sold 6.98 billion euros of notes maturing between 2013 and 2016 and plans to sell inflation-linked bonds later during the day. The country’s five-year notes stayed lower, with the yield climbing 9 basis points to 2.87 percent.

Japanese stocks rebounded from a two-year low as Japan Petroleum Exploration Co. led energy companies higher after oil and metal prices rose. Japan Petroleum, Japan’s second-largest oil explorer, advanced 3.6 percent. The Nikkei 225 Stock Average increased 0.2 percent, after falling as much as 0.7 percent. The Topix index rose 0.5 percent.