growth engine China too has reported slowest growth rate in 3 years

 Chinese Q1 GDP grows 8.1% Y/Y vs. expectations for 8.3% and 8.9% growth in 2011 Q4. Industrial production: +11.9% Y/Y vs. estimates of 11.4%, and retail sales +15.2% vs. 15.1%. The weaker-than-expected measure could prompt the Chinese central bank to ease policy action further, possibly by lowering bank reserve requirements