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Trump Jr.’s emails expand on Russian connections, crude rips as Goldman gets bearish, and Janet Yellen shares the spotlight with Stephen Poloz . Here are some of the things people in markets are talking about.

From Russia: With Love

Donald Trump Jr. acknowledged that he was aware the Russian lawyer he met with during the U.S. presidential campaign had potentially damaging information on Hillary Clinton that came from the Kremlin, publishing a statement and email chain to that effect. PIMCO Chief Investment Officer Dan Ivascyn said these revelations dim the U.S. economic outlook, but they only rattled markets briefly Tuesday. Over the past few days, the president's eldest son has provided a variety of explanations for why he took the meeting.

Oil Soars

U.S. stocks mostly shook off a brisk decline following Trump Jr.'s email release, with the S&P 500 Index edging down 0.1 percent. The big news of the day, however, was in commodity markets. While Goldman Sachs called for oil to drop back below $40 per barrel without "shock and awe" from OPEC, crude defied that call today. West Texas Intermediate futures rose more than 3 percent by 5:55 a.m. Tokyo time as the Energy Information Agency cut its forecast for U.S. output in 2018.

North American Central Bankers

Global monetary policymakers have been hinting at a synchronized tightening. On Wednesday, the Bank of Canada may be the first central bank to follow the Fed in taking a concrete step in that direction, with implied odds of a hike sitting at roughly 90 percent. The decision is due out at 11 p.m. Tokyo time. Meanwhile, Fed Chair Janet Yellen will also begin two days of testimony before Congress, with traders focusing on her assessment of financial conditions. The only major central banks expected to have moved a full percent away from the zero lower bound over the next year are the Federal Reserve and Bank of Canada.

Also Coming Up...

There's a smattering of economic events throughout the Asia-Pacific region that market watchers will be keeping an eye on Wednesday. Analysts are calling for South Korea's unemployment rate to tick up to 3.7 percent in June. Japan's tertiary industry index is estimated to have suffered a monthly drop of 0.5 percent in May following a 1.2 percent increase in April, with flagging activity potentially adding to Prime Minister Shinzo Abe's woesMeanwhile, Singapore's retail sales for May, due out at 2 p.m., are forecast to have risen 0.4 percent month-on-month on the heels of a 1.6 percent advance in their prior reading.

Futures Down

Nikkei 225 futures and S&P/ASX 200 futures are modestly in the red ahead of the open. Technology shares paced Asian markets for the second session Tuesday as traders looked ahead to Yellen's testimony, with the MSCI Asia Pacific Index gaining 0.7 percent.

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