Stocks Slide Amid Middle East Tensions and Higher Oil Prices

Stocks declined globally as concerns over government finances mounted, with Asian bonds and Treasuries following suit. Higher oil prices added to fears that inflation will quicken.

The Japanese 10-year debt yield extended gains after climbing to multi-decade highs on Monday. The 30-year Treasury yield rose to 5.31%, a level last seen in June 2007.

Bonds in Australia and New Zealand dropped, with yields rising due to inflation worries.