China only started publishing GDP figures in 1992 but the fall to 6.1% is the lowest in those 17 years. Although each and every developed country’s leader would probably give up their first born for such a figure the market needs more. The slowdown feeds through to countless industries and niches and the Chinese overhang may need more stimulus so as not to leave the world economy with a hangover.

Although an 18.4% fall in industrial production is a shocking figure this was not the most damaging piece of news flow concerning the European single currency. As we spoke of yesterday Axel Weber, a member of the ECB governing council, floated the idea of asset purchases akin to the US and UK’s recent QE plans however fissures are developing. Some members want the rate lower than 1% ASAP and some believe it’s gone far enough. All of this only strengthens our case that while Britain was once the ’sick man of Europe’ Europe is now the sick man of the world.

With all this data thrown into the pot and sprinkled with some great earnings figures from JP Morgan the day’s trade was indeed a volatile one. While sterling was weaker it managed to hold its nose up in comparison to EUR which was hammered by JPY and USD. With risk aversion high commodity currencies also were weak although the South African rand made good ground.

Data today will be focused on earnings reports from GE and Citigroup. So far financial earnings have surprised to the upside and hopes are today’s will alleviate some pressure on risky assets.

Have a great weekend.

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