Global markets traded steadily overnight after China reported its weakest quarter of GDP growth since data began in 1992. The lower growth was clearly flagged and widely expected, and was offset by stronger than forecast industrial production and retail sales data. An overnight rally in both bonds and stocks suggests an anticipated interest rate cut by the US Federal Reserve on July 31 is the current driver of market action.

The Euro slid slightly, pushing the US dollar index up 0.1%. West Texas intermediate dropped after breaking through the $60 support level. Bitcoin staged a modest recovery after a 30%+ beating over the preceding three sessions.

The US company reporting season is under way. Analysts will look to stocks like Apple, Intel, Ford and Boeing for evidence of the impact of the trade dispute between the US and China.  Citigroup is up more than 1% in aftermarket trading after reporting higher earnings per share than expected. A consensus forecast fall in profits for the companies comprising the S&P500 index means sentiment is defensive despite all-time highs for US stocks. Goldman Sachs and JP Morgan report tonight.

Futures markets are pointing to a mixed start to Asia Pacific trading. Hong Kong and mainland China markets are modestly higher, and Australian and Japanese indicators are light red. Investors are facing a rash of market moving events, with interest rate decisions due in Indonesia, South Korea and South Africa, US retail sales, Australian jobs numbers and Fed speeches all due in the coming days.