All the latest economic and financial news, including the European Central Bank’s monetary policy meeting and press conference this afternoonThe Agenda: Draghi’s press conferenceGreek bond yields on the rise 8.44am BST The FTSE 100 has just nudged a new record high of 7102 points.High street chain Next is leading the way, up 2.3% after JP Morgan raised its price target.New record highs for #FTSE100 approaching the 7,100 level led by $NXT, $FRES $AAL and $BRBYThe big point of interest is the swathe of economic data we saw released from Beijing overnight – headline GDP was as expected at 7%, but a number of other readings fell short of expectations. However, rather than this initiating another rally for local markets, there’s growing concern that Chinese stocks are in bubble territory and as a result many traders have remained sidelined. 8.34am BST Here’s your regular reminder of Greece’s looming debt repayments, via Mike Bird of Business Insider.Barclays has released its latest edition of 'pin the default on the payment timeline' http://t.co/xXiMBFNGzL pic.twitter.com/lRagb2gq6J 8.28am BST I was going to knock up a list of key points to watch out for from the ECB today.... but Bloomberg’s Alessandro Speciale has already nailed it. Here’s his list of five key points:Five Questions for Mario Draghi http://t.co/Yr21rEmMm0 via @business 8.12am BST European stock markets are inching higher in early trading, as we await the ECB’s press conference this afternoon.Activity indicators, which are regarded as a more accurate picture of the economy, were all weaker in March than expected. Factory output climbed 5.6% in March from a year ago, below forecasts for a 6.9% gain.Most tellingly, China’s power usage declined 3.7% compared with the previous year, the biggest drop since late 2008, when China’s economy was hit by the global financial crisis. Related: China's economic growth at six-year low, making further stimulus more likely 8.04am BST There’s an early selloff in Greek bonds this morning, despite the government claiming it will reach a deal with creditors next week.Traders have driven the yield (or interest rate) on 10-year Greek bonds over 12%, from 11.9% last night. #Greece 10-year bond yield jumps to 12.23%, a 2-year high. #euroThe Greek government’s refusal to proceed with any privatizations, and its pledges to reverse labor-market reform, pension reform and budget savings can’t be accepted by the country’s creditors, the official said, asking not to be named as talks between the two sides are not public. 7.52am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.The press conference deserves some attention given Mario Draghi could make some positive commentary around signs of improvement in the economy.“I am absolutely confident an agreement will be reached on 24 April. Deals are always done five or three or one minute before midnight, it’s not unusual that they should go right to the brink.” Related: Greece confident of reaching agreement in make-or-break 24 April deadline Continue reading...
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