GLOBAL MARKETS-Global bond rout deepens before receding on relief rally

A rout in government bond markets deepened on Wednesday with benchmark U.S. yields hitting fresh 16-year highs as investors bet that persistently high interest rates will slow world growth and dampen the appetite for riskier assets. Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. Growth concerns weighed on crude oil and gold prices, and European equities edged lower for a third day as retailer shares fell on a consumer spending pullback.