Global bond yields climbed to major new highs as renewed Middle East fighting pushed oil above $90 a barrel, intensifying inflation concerns and weighing on risk assets. The 10-year U.S. Treasury yield, a benchmark for pricing across asset classes, rose 2.2 basis points to a near 20-month high of 4.78%, while Japan's 10-year yield approached 3%, a level not seen for a generation. Markets were also positioning for possible rate increases in New Zealand, Europe, the United States and Japan. U.S. jobs data due Friday could influence expectations for a U.S. hiking cycle starting as soon as this month. Rising borrowing costs globally provided only limited support for the dollar, while stocks in Japan and Hong Kong fell. European and Japanese market pressures were compounded by geopolitical tensions, and Shein Global's weak market debut added to the subdued tone in Asia.