Global Stocks Cautious Amid Middle East Conflict, Oil Prices Surge

SINGAPORE - 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.

It was last 0.09% higher at $81.00 per barrel, while U.S. crude futures rose 0.14% to $77.25 a barrel. Focus will also be on a press conference from the country's National Development and Reform Commission due at 0200 GMT, for further details around the stimulus pledges that drove the market frenzy. Reflecting the less aggressive Fed easing expectations, the two-year U.S. Treasury yield hovered near its highest level in over a month on Tuesday and last stood at 3.9764%.

It was on the back foot in early Asia trade, falling 0.17% against the Japanese yen to 147.97, while sterling rose 0.03% to $1.3089.

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