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Macro Soup's editorial desk. Daily and weekly briefings on global markets for self-directed investors. Global coverage, 5 to 7 minutes, written by a peer who has seen enough cycles to take the data seriously and the noise less so.
🌍 The April EM PMI rebound has a front-loading problem
🇬🇧 UK services snapped back to 52.7 in April. The inflation underneath is the BoE's problem.
🇪🇺 The stagflation trap the ECB spent two years escaping is back
🇺🇸 ADP's April miss isn't the worry. The mid-market hiring squeeze is.
🇺🇸 ISM Services kept its expansion streak alive in April. The sub-index deterioration underneath is harder to dismiss.
🇺🇸 The services sector is telling the Fed exactly what it doesn't want to hear
🇺🇸 Behind the 53.6 services headline: a 7-point new orders drop and prices paid still at 70.7
🇪🇺 The ECB has two inflation problems. Only one of them responds to rate hikes.
🌍 The oil market ran on two unspoken guarantees for 50 years. Both just broke.
Daily Macro Roundup: 2026-05-05
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