A look at the day ahead in Asian markets from Jamie McGeever.Purchasing managers indexes on Tuesday offer the first glimpses into how several countries around the world performed in April, with market fireworks in Asia most likely to come from the Reserve Bank of Australia's (RBA) latest interest rate dec
Purchasing managers indexes on Tuesday offer the first glimpses into how several countries around the world performed in April, with market fireworks in Asia most likely to come from the Reserve Bank of Australia's latest interest rate decision and guidance.
Wall Street struggled for direction as investors weighed the implications of JP Morgan's takeover of stricken First Republic Bank, while the dollar and bond yields rose - the 10-year yield had its biggest jump in seven months - after data showed that U.S. manufacturing activity rebounded in April. Anyone who went long mega tech and short regional U.S. banks on Dec. 31 will be sitting pretty today.Bond yields could remain elevated on Tuesday after the U.S. Treasury said late on it was significantly increasing its borrowing estimate for the second quarter to $726 billion - more than double its previous estimate in January.
In foreign exchange, the one major currency to buck the weakening trend against a buoyant U.S. dollar on Monday was the Australian dollar, which gained 0.3 per cent ahead of the RBA's policy decision.
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