Even as violence came to the streets of the City of London yesterday, the casually dressed traders inside the dealing rooms seemed uncharacteristically positive. Despite another depressing download of global economic data for March, they found reasons to big stocks up.
Ironically, given the rhetorical fissures that were opening ahead of the G20 summit, the data suggested that the world's greatest hope lies in the US. Meanwhile, the main hope for Germany, whatever its leaders think, appears to be demand from elsewhere.
Supply managers' surveys (where figures above 50 show expansion and below it show contraction) showed Germany stuck at 32.4, while the US rose slightly to 36.3. Japan and China disappointed.
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