Financials markets were offered a glimmer of relief -yesterday as the latest growth figures from China contained no nasty surprises and the International Monetary Fund predicted higher global growth this year.

Stock markets around the world posted modest gains. Brent crude briefly nudged above $30 a barrel in volatile European trading while copper — highly sensitive to China’s economic health — was up more than 1 per cent in London.

The IMF said the dismal start to the year on equity markets was an overreaction, warning of “broader contagion effects” if it continued. The fund trimmed its forecasts slightly but said global economic activity remained on an upward trend. It said global growth was likely to pick up from 3.1 per cent in 2015 to 3.4 per cent this year and 3.6 per cent in 2017.