Scoreboard: Finer China

Today's Chinese GDP should soothe any growth concerns, while CPI data is on the horizon.

Judging from the action on Friday night, it’s going to be a quiet one for our market today. About the most exciting thing of note is that the Australian dollar is trading around 0.8717, or 40 pips lower than Friday afternoon. Global stocks otherwise didn’t do much - the S&P500 fell 0.4 per cent, the Dow rose 0.3 per cent and the Nasdaq was off 0.5 per cent.  And that’s with some more data showing growth at multi-year highs. US industrial output this time, and it’s around a 3½ year high.  Admittedly other data out was less supportive. Housing starts for instance fell almost 10 per cent in December, although that follows a 23 per cent surge the month prior. Similarly the University of Michigan estimates that consumer confidence slipped in January - two points to 80.4. European equities were up around 0.2 per cent-0.3 per cent and our SPI was pretty much flat (off 2 points). 

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