It’s far from a quiet day on the markets. Bond yields have fallen as Chinese industrial production and retail sales numbers came in lower than expected. Germany is also struggling with GDP for Q2 returning to negative territory. Phil Dobbie talks to NAB’s Alex Stanley about why the markets have reacted so sharply to this, particularly after the risk-on mood just 24 hours ago. He also asks whether we should be concerned about the 2yr 10yr Treasury inversion, the first time we’ve seen this since 2007.