A look at the day ahead in Asian markets from Jamie McGeever.
Analysts polled by Reuters reckon the economy grew by 0.3% from the previous quarter, and by 2.4% compared with the same period a year ago. Both would mark a slower pace of growth from the fourth quarter of last year.could be in for a bout of profit taking on Wednesday after rallying strongly on Tuesday, a fourth straight rise, following the RBA's rate hike and signaling of more to come.
That's the Aussie's longest winning streak in a month, and the currency is up almost 1% this week. It has not appreciated two weeks in a row since January. Chinese trade data for May will be the main focus, especially imports, which have been sluggish for over a year. The scrapping of pandemic-era restrictions and lockdowns earlier this year was supposed to spur a surge in domestic demand, but that hasn't happened.
The surprise 7.9% slump in imports in April was a major red flag that the economic re-opening was not going according to plan. It was one of the main catalysts for investors turning bearish on Chinese assets and the economy in recent weeks.The Chinese yuan slid to new low for the year through 7.10 per dollar on Tuesday. Further signs of a struggling economy will likely keepOverall, markets go into Wednesday in pretty fine fettle.
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