It was an action packed day in the markets yesterday as the Draghi led press conference gained an unwanted visitor, China’s economy faltered again and leader of the Lib-Dems, Nick Clegg, warned voters about a possible coalition. Ultimately, Clegg stated that it will be a choice between himself, Alex Salmond (SNP) and Nigel Farage (UKIP) as no party will win an outright election victory.
Yesterday’s data showed that China’s economy expanded at the weakest pace since 2009 last quarter, with output, investment and retail data pointing to a deepening slowdown. GDP rose 7% yesterday, meeting economists’ consensus and the leadership’s full year expansion target, however, growth posted is still at a six year low.
Mario Draghi’s European Central Bank press conference was interrupted yesterday afternoon by a protestor who leapt on top of his desk, spraying confetti on him and shouting about an “ECB dictatorship”. The woman was quickly removed and a calm Draghi resumed his speech shortly after the delay.
Today’s docket is relatively light, with market focus being on day 1 of the G20 meetings. This afternoon, the weekly jobless claims will be released from the US along with the Philly Fed manufacturing index and US building permits.