Spreadex Market Update
Chinese GDP dampens markets but industrial production and fixed asset investment surpass expectations
Growing by 6.7% for the first quarter (though as with every release from the country the number can probably be treated with some healthy scepticism) China revealed its worst GDP since the aftermath of the financial crisis. Yet it wasn’t all bad news. Industrial production surged past expectations, coming in at 6.8% compared to the 5.9% forecast, leaving the figure at its highest point since last July. Similarly fixed asset investments leapt to 10.7% from 10.2% last month, the best showing from the metric since September. Those kernels of good news helped ease the impact the GDP figure, leaving the Asian markets down but not out.
With the mixed morning for Chinese data leaving little real cause for concern or indeed celebration the FTSE failed to do much as the start of the session, opening flat at 6360. There isn’t really much for the UK index to work with this Friday (an oft-repeated refrain at the moment), meaning it will have to find inspiration from elsewhere (the oil price perhaps?) if it to build on its recent highs.
Starting the day in the red, both the DAX and CAC are nevertheless are still operating at 3 month highs. The former still has a way to go until it bests its 2016 peak (it started the year at around 10500) however, so will be looking for a helping hand from the morning’s Eurozone trade balance figure, the surplus expected to widen to €21.9 billion from €21.2 billion last month.
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