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China's First-Quarter GDP Growth Expected at 4.6%

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China's first-quarter gross domestic product numbers will be in focus, with the world's second-largest economy expected to grow 4.6% from a year ago. Nikkei 225 plunged 1.5% at the open, while the broad-based Topix was down 1.04%. Overnight the yen crossed 154 against the U.S. dollar, its weakest level since June 1990. Stocks retreated on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings. The yield on the 10-year Treasury rose above the key 4.6% level in the session, reaching its highest point since mid-November. The yen has been firmly beyond the 150 mark since the Bank of Japan raised interest rates on March 19, with Japanese officials repeatedly saying that "all options are on the table" to counter excessive yen moves.

On Tuesday, China's first-quarter gross domestic product numbers will be in focus, with the world's second-largest economy expected to grow 4.6% from a year ago.Nikkei 225

Overnight in the U.S., stocks retreated on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings andalso poured cold water on the market bounce, with the yield on the 10-year Treasury rising above the key 4.6% level in the session and reaching its highest point since mid-November.

CNBC Pro: These 10 oil stocks are the most — and least — sensitive to price swings amid Iran-Israel tensionsCNBC Pro screened for stocks in the MSCI World Energy Index that are both highly correlated and inversely correlated with international benchmark Brent crude oil prices over the past week, month, and year.Asian markets have had a mixed start to the year — with investors looking keenly at India, Japan and increasingly China.

"What is not priced into the current market, in our view, is a potential continuation of a direct conflict between Iran and Israel," Maximilian Layton, head of commodities research at Citi, told clients in a note. Oil prices could spike above $100 a barrel depending on how Israel responds to the attack, the analyst wrote.Nasdaq Composite

 

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