Friday Morning Recap: Seeing a Lift Ahead of the Bell Following Positive Economic Data – Morning Notes

– Global markets are mixed
– In China, CPI number came in at +5.4%, which is right in line with the leaked number from yesterday
– China GDP came in better than expectations, +9.7%
– Since numbers were leaked yesterday, limited reaction following the data releases in China
– Nikkei closed down 70bps, with weakness attributed to stronger yen
– In Europe, Ireland was downgraded two notches by Moody’s, causing yields on European peripheries to widen vs. German bunds- Portugal widened to a record +560bps
– Note that Fitch had raised its outlook on Ireland yesterday
– Reports out (quoting head of IMF and one ECB board member) that Greece may not need to restructure
– Eurozone CPI came in higher than expectations, +1.4% m/m, highest level in 2 years

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