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.

🇺🇸 Core PCE hits a 3-year high the day after the Fed's biggest legal win

Core PCE hit 3.4% year-on-year in May, the highest since October 2023. The same week, the Supreme Court ruled the Fed's governors retain removal protections. The institution is legally secure. The rate path is not.

🇺🇸 Core PCE hits a 3-year high the day after the Fed's biggest legal win
Core PCE hit 3.4% year-on-year in May, the highest since October 2023. The same week, the Supreme Court ruled the Fed's governors retain removal protections. The institution is legally secure. The rate path is not.
Macro Soup

🇪🇺 France slips below ECB target while Italy holds at 3%, reopening the eurozone's hardest policy divide

France's June CPI came in at 1.8% year-on-year, below the ECB's 2% target, while Italy's held at 3.0%. The 120 basis-point spread is the sharpest test of the ECB's one-size-fits-all mandate as the Sintra forum opens.

🇪🇺 France slips below ECB target while Italy holds at 3%, reopening the eurozone's hardest policy divide
France's June CPI came in at 1.8% year-on-year, below the ECB's 2% target, while Italy's held at 3.0%. The 120 basis-point spread is the sharpest test of the ECB's one-size-fits-all mandate as the Sintra forum opens.
Macro Soup

🇬🇧 UK grows at its fastest quarterly pace since 2024, leaving the BoE with no easy case for cuts

UK GDP grew +0.6% quarter-on-quarter in Q1 2026, the strongest quarterly print since Q1 2024, with nominal wage growth running above 6% year-on-year. The Bank of England held the Bank Rate at 3.75% in June; market pricing for two more cuts this year looks increasingly stretched.

🇬🇧 UK grows at its fastest quarterly pace since 2024, leaving the BoE with no easy case for cuts
UK GDP grew +0.6% quarter-on-quarter in Q1 2026, the strongest quarterly print since Q1 2024, with nominal wage growth running above 6% year-on-year. The Bank of England held the Bank Rate at 3.75% in June; market pricing for two more cuts this year looks increasingly stretched.
Macro Soup

🌏 Korea's May industrial output drops 3.0%, piercing the semiconductor mirage

Korea's May industrial production fell 3.0% month on month, sharply missing the −0.7% consensus, even as semiconductor exports hit a record $37.16bn. The data gives the Bank of Korea little reason to hold.

🌏 Korea's May industrial output drops 3.0%, piercing the semiconductor mirage
Korea's May industrial production fell 3.0% month on month, sharply missing the −0.7% consensus, even as semiconductor exports hit a record $37.16bn. The data gives the Bank of Korea little reason to hold.
Macro Soup

🇨🇳 China's June PMI beat, but the labor market isn't buying it

Manufacturing PMI hit 50.3 in June, clearing the 50.1 consensus as AI hardware exports pulled new export orders back into expansion. The employment sub-index fell further to 48.4. Output is rising; hiring is not.

🇨🇳 China's June PMI beat, but the labor market isn't buying it
Manufacturing PMI hit 50.3 in June, clearing the 50.1 consensus as AI hardware exports pulled new export orders back into expansion. The employment sub-index fell further to 48.4. Output is rising; hiring is not.
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.