Global stocks started cautiously on Tuesday as rising tensions in the Middle East worried investors, while oil prices remained high. This comes as markets await China’s return after a long holiday. The 10-year U.S. Treasury yield stayed above 4%, with a strong U.S. job market reducing expectations for Federal Reserve rate cuts.
The ongoing conflict saw Hezbollah fire rockets at Israel’s Haifa, raising fears of a broader war. Oil prices surged, with Brent crude hitting over $80 a barrel for the first time in more than a month. Concerns about Israel possibly targeting Iran’s oil infrastructure contributed to the price hike, although analysts noted this was an unlikely scenario.
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Meanwhile, the cautious mood in global markets may shift with China’s reopening. Chinese markets are expected to see gains after recent stimulus measures, and all eyes are on a key press conference for more details.
In the U.S., expectations for aggressive Fed rate cuts have cooled after a strong jobs report, with traders now predicting more modest rate changes. The U.S. dollar has stabilized, while gold remained steady at $2,643.33 per ounce.
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