Marketmind: Oil, yield spike takes wind out of market sails

- A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.

Australia's economy is expected to have grown at a faster quarter-on-quarter rate of 0.3% than the 0.2% registered in the January-March period, and at a 1.8% annual rate, which would be down from 2.3% in Q1. The flip side of that was another leg up for the U.S. dollar. There are still three trading days left this week but if the dollar index closes in the green it will mark an eighth weekly rise in a row, matching the longest winning run since December 2014-January 2015.

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Marketmind: Oil, yield spike takes wind out of market sailsAsia is set for a cautious open on Wednesday after a jump in oil prices to their highest level this year and resulting spike in bonds yields on Tuesday helped take some of the froth out of local stock markets that had built up recently. Australia's economy is expected to have grown at a faster quarter-on-quarter rate of 0.3% than the 0.2% registered in the January-March period, and at a 1.8% annual rate, which would be down from 2.3% in Q1. These figures come a day after the Reserve Bank of Australia held its key cash rate on hold at 4.10% for a third month and indicated that its tightening cycle could be over, triggering a sharp sell off in the Australian dollar.
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