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.

🇺🇸 US home prices post their softest annual gain since 2023, with Zoom towns slipping into outright nominal decline

The Case-Shiller 20-City Composite rose 0.83% year-over-year in March, its softest annual gain in nearly three years, against a forecast of 0.90%. Denver fell 2.2% and Tampa 2.1%, while Chicago led with 5.0%: the Zoom-town correction is no longer a rounding error.

🇺🇸 US home prices post their softest annual gain since 2023, with Zoom towns slipping into outright nominal decline
The Case-Shiller 20-City Composite rose 0.83% year-over-year in March, its softest annual gain in nearly three years, against a forecast of 0.90%. Denver fell 2.2% and Tampa 2.1%, while Chicago led with 5.0%: the Zoom-town correction is no longer a rounding error.
Macro Soup

🇪🇺 Spain's PPI doubled in April. Core goods fell. The ECB's June 5 problem just got messier.

Spain's producer prices rose 8.3% year-on-year in April, more than doubling from 3.4% in March. All of it was energy. Core goods fell 0.1%. The ECB meets June 5 with its own adverse scenario already breached on the energy side.

🇪🇺 Spain's PPI doubled in April. Core goods fell. The ECB's June 5 problem just got messier.
Spain's producer prices rose 8.3% year-on-year in April, more than doubling from 3.4% in March. All of it was energy. Core goods fell 0.1%. The ECB meets June 5 with its own adverse scenario already breached on the energy side.
Macro Soup

🇬🇧 Non-food prices have turned positive in the UK, and the Budget is why

BRC-NIQ shop prices rose 1.2% year-on-year in May 2026, beating consensus, as non-food turned positive for the first time since late 2024. Three weeks from the June MPC meeting, the BoE's rate-cut case just got harder to make.

🇬🇧 Non-food prices have turned positive in the UK, and the Budget is why
BRC-NIQ shop prices rose 1.2% year-on-year in May 2026, beating consensus, as non-food turned positive for the first time since late 2024. Three weeks from the June MPC meeting, the BoE's rate-cut case just got harder to make.
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🌏 South Africa's leading index is at 123.0 and rising. The SARB may hike despite the recovery its own data is signaling.

South Africa's leading index rose to 123.0 in March, a third straight monthly gain. The SARB now faces pressure to hike to defend the rand, which would cut short the very recovery its own data is forecasting.

🌏 South Africa's leading index is at 123.0 and rising. The SARB may hike despite the recovery its own data is signaling.
South Africa's leading index rose to 123.0 in March, a third straight monthly gain. The SARB now faces pressure to hike to defend the rand, which would cut short the very recovery its own data is forecasting.
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🇨🇳 China's 41-month factory deflation just ended. The global disinflation subsidy went with it.

China's PPI rose 2.8% year-on-year in April, ending 41 months of factory-gate deflation and withdrawing a key global disinflation subsidy. Headline CPI came in at 1.2% against a 0.9% forecast; the PBOC held Loan Prime Rates for a 12th consecutive meeting.

🇨🇳 China's 41-month factory deflation just ended. The global disinflation subsidy went with it.
China's PPI rose 2.8% year-on-year in April, ending 41 months of factory-gate deflation and withdrawing a key global disinflation subsidy. Headline CPI came in at 1.2% against a 0.9% forecast; the PBOC held Loan Prime Rates for a 12th consecutive meeting.
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.