Scoreboard: Cool on China

Aside from an Australian dollar spike, international and commodity markets were largely unmoved by China's better-than-expected GDP figures.

Given it was Martin Luther King Jr. Day in the US, it was a very quiet session overnight. US markets were closed. In Europe, moves were very small and little different from zero. The Dax, for instance, closed down 0.3 per cent, the CaC was off 0.1 per cent and the FTSE100 rose 0.1 per cent. The key news for European markets was company-specific and wasn’t great. Deutsche Bank decided to release its results one week early and reported a €1billion loss in the fourth quarter, partly driven by loan loss provisions which may be in preparation for the ECB’s asset quality review. That stock dropped over 5 per cent as a result and hit sentiment more broadly.

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