US Federal Reserve (Fed) signaled that it would not raise its interest rates soon. The second estimate of the Q1 2014 Gross Domestic Product (GDP) growth showed that it shrunk 1% (annual) compared with 0.1% growth in the advance estimate and 2.6% growth in Q4 2013.

Eurozone GDP grew only 0.2% in Q1 2014 while growth for Q4 2013 was revised down to 0.2% from 0.3%. Meanwhile, the UK confirmed (in its second estimate) 0.8% growth in Q1 compared with 0.7% in the previous quarter. In its inflation report, the Bank of England said that the UK economy continues to strengthen, but more slack needs to be absorbed before a rate increase is implemented.

The Japanese economy signaled growth traction after its GDP expanded 5.9% on year in Q1 2014, following the downwardly revised 0.3% gain in Q4 2013. In China, most economic indicators released during the month pointed at sluggishness in the economy. (Data Source: Reuters)