Euro weakens against the dollar. Graph: Bloomberg 08.07 The euro has fallen against the dollar after the disappointingly weak Chinese growth data and continued investor jitters over the festering eurozone debt crisis. 08.05 The FTSE 100 has opened down 7 points - or 0.1pc - at 5704.58. 07.45 The European Central Bank will restart its government bond purchases - something that angered Germany's Bundesbank - rather than open the floodgates for more cheap loans, according to a Bloomberg poll of 22 economists. Ken Wattret, one of the economists polled, said: Market stresses will eventually forces the ECB to restart the bond programme, but it's not imminent. Trying to get consensus on the council for it will be difficult. 07.35 The FTSE 100 is seen opening down around 0.1pc, according to financial bookmakers, halting a two-day rally as investors digest a mixed reading of China's overnight GDP. The index is weighted towards commodities and slowing growth in China, the world's biggest metals consumer, is expected to dent sentiment among investors in mining stocks. Other data expected to affect shares are UK industrial and construction output figures - January's figures revealed a shock fall - and core UK producer prices for March, which is forecast for a rise of 0.2pc from 0.5pc. Later we get US inflation data for March. Growth of 8pc is widely regarded as the threshold at which China struggles to create enough jobs for new entrants to its 800 million-strong workforce, raising the risk of social instability and increasing the likelihood of stimulus measures. 07.22 China's economy grew at its slowest in nearly three years in the first quarter of 2012. Reuters reports that the weaker-than-expected reading raised concerns that a five-quarter long slide has not bottomed and that more policy action would be needed to halt it. The annual rate of GDP growth in the three months of the year slowed to 8.1pc from 8.9pc in the previous three months, the National Bureau of Statistics said on Friday, below the 8.3pc consensus forecast of economists polled by Reuters. Yao Wei, China economist at Societe Generale in Hong Kong, said: What's clear is that the economy is still decelerating and the property sector clearly is deflating ... Looking at the property data, it seems that property investment has finally started to correct. I think this trend will continue and will drag growth even lower in coming months so we don't think this is the bottom yet. It means more monetary easing will be needed to prevent a sharper deceleration. Asian markets were buoyed by North Korea's failed rocket launch. 07.20 Markets rallied after William Dudley, head of the New York Fed, indicated that another round of QE could be on the cards. The Dow Jones closed up 1.4pc to 12,986.58, while the FTSE 100 ended the day up 1.3pc at 5,710.46. In Asia, markets mostly rose after the strong rally on Wall Street, but gains were limited as data showed China's economy grew at its slowest pace it almost three years in the first quarter - 8.1pc. The mood was lifted slightly by news that a North Korean rocket launch, which had raised regional security tensions, had failed. Tokyo's Nikkei rose 1.2pc, Hong Kong's Hang Seng added 1.8pc, Sydney's ASX 200 gained 1pc, and Seoul's Kospi climbed 1pc. 07.15 The Telegraph's Jeremy Warner believes now is a good time to "put the doomed euro out of its misery": To correct the problem, either the Giips - Greece, Ireland, Italy, Portugal and Spain - must suffer years of nominal wage cuts, deflation and depression-style unemployment, or Germany must accept much higher inflation. 07.10 Christine Lagarde, the head of the IMF, said isn't entirely sure the crisis is over. She said yesterday: 07.07 Spain is still trying to fend off concerns that it will need a Greek-style bail-out. The country's prime minister, Mariano Rajoy, admitted on Thursday that the eurozone is not equipped to bail out Spain: To talk about a bail-out for Spain at the moment makes no sense. Spain is not going to be rescued; it's not possible to rescue Spain, there's no intention to, it's not necessary and therefore it's not going to be rescued. 07.05 A quick look at this morning's newspaper front pages: 07.00 Good morning and welcome back to our live coverage of the European debt crisis.