China GDP grew 0.1% below forecast at 7.4% annual pace, which, despite missing the government projections, was higher than what more pessimistic economists had predicted. However, this result marked the slowest pace of growth for the country within the last 24 years. Although the data could have been perceived negatively, overall investor confidence was boosted thanks to positive data regarding December industrial production and retail sales numbers which beat forecasts.
Concurrently today, Brent futures dipped again below $50/bbl after the IMF cut global growth forecasts by 0.3% for 2015 and 2016 due to increasing worries of global deflation and lower demand.
US markets are set to re-open after yesterday’s holiday. In absence of any major economic release, traders could likely continue to evaluate the repercussions of the SNB decision and focus their strategies for Thursday’s ECB meeting in order to minimize the risk of any surprise.