A combination of slowing economic data and inflation took their toll on markets once again this week. On Monday, data released by China showed export growth had fallen to its lowest level in two years last month, whilst the latest US consumer price index remained stubbornly high, coming in at 8.3%, above forecasts of 8.1%. Whilst growth in the UK was up 0.8% for the first quarter, the data revealed a contraction in the economy for the months of February and March as the inflationary environment took its toll. Against this background, markets continued to reprice towards an environment of higher inflation, slowing growth and rising rates.
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