Asian markets are marginally higher this morning but slightly off session highs. A slightly worse than expected GDP number from China of 7.6% (vs 7.7%) has led to speculation of further stimulus measures after the government said that they would adopt new measures to boost consumption. Elsewhere in the region Singapore released a worse than expected decline of 1.1% for quarterly GDP.
In Europe, Moodys have downgraded Italy's credit rating to Baa2 on contagion and funding risks. European equity futures are indicating around 60bps, with the downgrade very much factored into markets.
Posted by Philip Ball | Sales and Trading