In one line: Golden Week boosts May's services activity in China, but overall non-manufacturing weighed down by weak resi-construction
Kelvin Lam (Senior China+ Economist)China+
In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve
Kelvin Lam (Senior China+ Economist)China+
In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact
Kelvin Lam (Senior China+ Economist)China+
In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s April profit growth masks uneven recovery beneath; Trade uncertainty clouds outlook
Kelvin Lam (Senior China+ Economist)China+
In one line: A rough start to Q2; little sign of tariff front running supporting industry.
Melanie Debono (Senior Eurozone Economist)Eurozone
- In one line: A bounce of sorts, but manufacturing is still shaky.
Miguel Chanco (Chief EM Asia Economist)Global
A bounce of sorts, but ASEAN manufacturing is still shaky
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
In one line: Korea's exports set back less severe than expected, as tariff reprieve offers breathing space
Kelvin Lam (Senior China+ Economist)Global
In one line: Korea's exports set back less severe than expected, as tariff reprieve offers breathing space
Kelvin Lam (Senior China+ Economist)China+
Plunge in Caixin manufacturing gauge won't trigger a knee-jerk policy response
Duncan WrigleyGlobal
In one line: All set for doves to take charge of ECB policy over the summer.
Claus Vistesen (Chief Eurozone Economist)Global
In one line: All set for doves to take charge of ECB policy over the summer.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Construction spending has dropped significantly in recent months, a trend we expect to continue…
- …Falling spending points to small but sustained declines in construction payrolls ahead.
- Auto sales plunged by 9.4% in May, signalling the broader wave of pre-tariff purchases is now fading.
Oliver Allen (Senior US Economist)US
- Brazilian Real — Stable, but risks loom ahead
- Mexican Peso — Rallying on trade relief
- Colombian Peso — Top-performing LatAm FX in May
Andrés Abadía (Chief LatAm Economist)Latin America
- ASEAN’s manufacturing PMI bounced post-“Liberation Day ” but was still below 50 in May, at 49.2…
- …The region’s outperformers—Singapore and the Philippines—lost steam, giving a smaller cushion.
- Forward-looking indicators continue to sour, but at least inflation pressures are receding still.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- EZ sovereigns have been largely spared in the global bond-market rout, but French bonds remain fragile.
- Foreigners own more than half of government bonds in France, with Japanese savings a key swing factor.
- We think Japan owns around €165B-worth of French government bonds, or 5% of French GDP.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- The May PMI shows UK growth still weak, but recovering as April’s tariff panic fades.
- GDP growth usually far exceeds the PMI steer when uncertainty is high; we look for 0.3% q/q growth in Q2.
- Services firms squeezing margins holds out the hope of inflation easing, but we think it’s just a blip.
Rob Wood (Chief UK Economist)UK
In one line: Below zero; brace for a 50bp cut from the SNB.
Melanie Debono (Senior Eurozone Economist)Global
In one line: Below zero; brace for a 50bp cut from the SNB.
Melanie Debono (Senior Eurozone Economist)Eurozone
