Australia Economy: Strong Growth Meets Inflation Fears, Rate Hike Looms

1.9% — The expected annual GDP growth rate for the Australian economy in the June quarter, a figure that has prompted economists to upgrade forecasts and warn the RBA may need to hike rates.

Money Moves

• ASX falls 1.1% to 8,963 — The S&P/ASX 200 dropped sharply as oil surged above $US95 a barrel and global bond yields hit 15-year highs.
• Oil spikes above $US95 — Rising Middle East tensions send crude higher, reigniting inflation fears and pressuring...