Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Treasury dropped core inflation from its scorecard. The timing is convenient.

Building permits fell to 1.363M in March, missing the 1.372M forecast. The bigger story: TBAC quietly stripped core CPI and core PCE from its inflation table, leaving only headline figures that move with energy.

🇺🇸 Treasury dropped core inflation from its scorecard. The timing is convenient.
Building permits fell to 1.363M in March, missing the 1.372M forecast. The bigger story: TBAC quietly stripped core CPI and core PCE from its inflation table, leaving only headline figures that move with energy.
Macro Soup

🇪🇺 Eurozone PMI holds at 52.2 for a fourth straight month as ECB hawks and doves split on June

The eurozone manufacturing PMI held at 52.2 for a fourth straight month, but the headline isn't the story. The ECB Governing Council is fracturing ahead of June, with Nagel signaling hike risk and de Guindos pushing back.

🇪🇺 Eurozone PMI holds at 52.2 for a fourth straight month as ECB hawks and doves split on June
The eurozone manufacturing PMI held at 52.2 for a fourth straight month, but the headline isn't the story. The ECB Governing Council is fracturing ahead of June, with Nagel signaling hike risk and de Guindos pushing back.
Macro Soup

🇬🇧 BoE's QE loss estimate reaches £125bn as gilt yields keep the fiscal pressure on

The BoE's APF lifetime loss estimate rose to £125bn in Q1, up £10bn in a single quarter, as persistent gilt yields compound QE-era losses. April car registrations printed +24.0% year-on-year, the strongest since 2021.

🇬🇧 BoE's QE loss estimate reaches £125bn as gilt yields keep the fiscal pressure on
The BoE's APF lifetime loss estimate rose to £125bn in Q1, up £10bn in a single quarter, as persistent gilt yields compound QE-era losses. April car registrations printed +24.0% year-on-year, the strongest since 2021.
Macro Soup

🌍 Brazil disinflates, India's PMI holds above 57, and Korea's April CPI narrows the EM easing queue

Brazil's IPC-Fipe cooled to 0.40% MoM in April from 0.59% in March. HSBC forecasts India's manufacturing PMI at 58.3. Korea's April CPI is seen at 2.6% YoY. The prints will determine who's first in the EM easing queue.

🌍 Brazil disinflates, India's PMI holds above 57, and Korea's April CPI narrows the EM easing queue
Brazil's IPC-Fipe cooled to 0.40% MoM in April from 0.59% in March. HSBC forecasts India's manufacturing PMI at 58.3. Korea's April CPI is seen at 2.6% YoY. The prints will determine who's first in the EM easing queue.
Macro Soup

🇨🇳 China's Q1 GDP printed 5.9% — the record beat is real, the front-loading question is realer

China's Q1 2026 GDP came in at 5.9% year-on-year, 240bps above the 3.5% consensus. The front-loading question hangs over the beat; Caixin and NBS PMIs after Labor Day are the next real test.

🇨🇳 China's Q1 GDP printed 5.9% — the record beat is real, the front-loading question is realer
China's Q1 2026 GDP came in at 5.9% year-on-year, 240bps above the 3.5% consensus. The front-loading question hangs over the beat; Caixin and NBS PMIs after Labor Day are the next real test.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.