Two contrasting economic snapshots dropped today that paint an interesting picture for global risk appetite.

India just posted a monster 8.2% quarterly GDP jump—way above what analysts expected. Their manufacturing sector is absolutely cooking right now, and domestic demand shows no signs of cooling off. This kind of explosive growth in one of the world's biggest economies usually signals strong emerging market momentum.

Meanwhile, Germany's inflation reading touched a 9-month peak, which complicates the European Central Bank's policy decisions going forward. The divergence between these two major economies could shift capital flows in unexpected ways over the coming months.