Middle East conflict keeps markets nervous ahead of China's reopening

Global stocks began Tuesday on a cautious note while oil prices stayed elevated as the escalating conflict in the Middle East sapped risk appetite ahead of China's highly anticipated reopening after a long holiday. The benchmark 10-year U.S. Treasury yield held above 4% in early Asia trade, as a robust U.S. labour market prompted traders to heavily scale back their expectations for Federal Reserve rate cuts. Hezbollah on Monday fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, one year after the devastating Hamas attack on Israel that sparked the Gaza war.