China and euro-zone data provide some cheer (for now)

In the event, the FOMC minutes simply reinforced expectations that the US central bank will start to taper its asset purchases as soon as next month. Instead, industrial metals prices have been buoyed this morning by the flash PMIs for China and the eurozone, which rose to multi-month highs. However, the economic data are still not particularly strong. And while China has avoided an imminent hard landing, this also reduces the chances of further policy stimulus from the Chinese authorities.