Investors retreated from stocks and snapped up top-tier government bonds yesterday after poor eurozone data increased pressure on the European Central Bank to take aggressive action to bolster the region.
The European bloc’s economy expanded by just 0.2 per cent in the first quarter, missing consensus forecasts of a 0.4 per cent rise. Germany led the way with growth of 0.8 per cent while France was stagnant, Italy contracted slightly and the Netherlands shrank by 1.4 per cent.
Mario Draghi, ECB president, and other policy makers including Bundesbank president Jens Weidmann, have dropped hints in recent weeks that they are ready to act against inflation, which at 0.7 per cent is less than half its near-2 per cent target.
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