European stock index futures fell more than 1% on Friday following steep losses on Wall Street in the previous session as a jump in bond yields and concerns of lofty equity valuations hammered demand for risky assets.

Euro Stoxx 50 futures were down 1.6% by 0606 GMT, while FTSE futures and DAX futures lost 1.2% and 1.3%, respectively.

In Asian trading, stocks skidded to one-month lows and the dollar rose from a three-year trough as the 10-year Treasury yield hit a one-year high of 1.614%, sparking fears the heavy losses could trigger distressed selling in other assets.

On Wall Street, futures tracking the Nasdaq 100 shed 0.6%, a day after the Nasdaq Composite posted its biggest daily percentage fall in four months, with growth-oriented technology stocks bearing the brunt of the sell-off. S&P e-mini futures were down 0.2%.