Global bond yields climbed to major highs on Tuesday as renewed Middle East fighting lifted oil prices and intensified inflation concerns. The 10-year U.S. Treasury yield, a benchmark for pricing across asset classes, rose 2.2 basis points (one-hundredth of a percentage point) to 4.78%, its highest level in nearly 20 months. Japan's 10-year benchmark approached 3%, a level not seen for a generation, while German and French long-term borrowing costs reached 15-year highs. Brent crude futures topped $91 a barrel, and Europe's benchmark gas price had closed at a more than 3-1/2-year high. Markets were pricing a rate increase in New Zealand on Wednesday and in Europe the following week, while U.S. and Japanese hikes this month had better-than-even odds. The prospect of tighter monetary policy, higher energy costs, geopolitical tensions and fiscal concerns weighed on bonds and stocks. U.S. futures steadied after modest overnight declines on Wall Street, with investors awaiting Friday's U.S. jobs data. Federal Reserve Chair Kevin Warsh recently indicated policymakers could act if inflation pressures do not ease. Equity markets also weakened, with Japan's Nikkei down 0.2% and Hong Kong's Hang Seng down 0.7%, while Shein shares slipped below their reduced offer price in early Hong Kong trading. The broad rise in borrowing costs provided only limited support for the dollar, leaving the euro at $1.1619 and the yen at 159.76 per dollar.