The release of Chinese GDP data looks like it might have been a circuit breaker in what was becoming an ugly morning’s trade across Australian and Asian markets.
Earlier today markets in Asia were trading lower in fear of a weak Q4 GDP release which even though it has slowed to its weakest since 1999 was still pretty healthy at 7.7% for 2013 – stronger than the 7.6% the market expected.
The Aussie dollar bounced initially trading back above US88c but it has drifted back a little and sits at 0.8788 with the bears it seems firmly in control.
But it’s Asian stock markets which are doing best with the SPI 200 Futures contract up more than 20 points from this morning’s low before the data at 5235. The Nikkei in Tokyo is also off its lows having recovered from a low of 15,574 to sits at 15,645 presently.