Strong China GDP Keeps the Market Rally Going

For the moment at least, equity markets continue to shrug off war related risks, focusing instead on the potential that peace talks could be revived and that at least so far, the impact of war on the global economy has been less than feared.

Earlier today, China reported is Q1 GDP, which includes 1 month of the war, was better than expected (5.0% vs Street 4.8% and previous 4.5%). March retail sales, however, were soft (1.7% vs Street 2.3% and previous 2.8%). Meanwhile, earnings from some US regional banks, plus Pepsico ($1.61 vs Street $1.54) are continuing a positive first week of earnings season. 

Building on yesterday’s rally which saw the S&P 500 gain 0.8% and close above 7,000 for the first time ever, US index futures are up 0.1% to 0.2%. Overseas, the Nikkei gained 2.4% to close at its highest level in decades, while the Hang Seng rallied 1.7% on the China news. In Europe this morning, the Dax and FTSE are both up 0.6%.

Crude Oil contracts are steady in the $90.00/bbl to $95.00/bbl range with gains of 0.6% to 0.9% this morning. Metals are quiet with Gold up 0.3% and Copper steady just above $6.00/lb. Currency action is mixed with the Euro down 0.1%, the Loonie up 0.1% and the Yen steady, while Bitcoin is down 0.6%. 

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