Global Market Today: Asian shares hesitant as oil climbs, earnings loom

Asian shares traded cautiously as Brent crude surged 3 percent above 90 dollars a barrel on escalating US-Iran military tensions, reviving inflation worries. US futures are now pricing in 29 basis points of Fed rate hikes by year-end with a 60 percent chance of a September hike, pushing 30-year Treasury yields back above 5 percent. Meanwhile, the Philadelphia Semiconductor Index has shed 10 percent last week, and investors are watching upcoming earnings from Alphabet, Intel and Tesla, with BofA forecasting a 5 percent earnings beat led by tech and semiconductors.