🇬🇧 UK's Q1 GDP beat was broad and real. The trade deficit is the asterisk.
🇪🇺 Spain's national CPI eased in April. The ECB's target measure did not.
🇺🇸 The April retail sales beat doesn't survive contact with the import price data
🇬🇧 UK gilt vigilantes are back: 30-year yields at a 28-year high as bond markets price Labour's leadership crisis
🇪🇺 German inflation hits 2.9%, Nagel calls for ECB rate hikes, and the bank has no clean path forward
🇺🇸 Tariff costs are moving into the selling chain, and the CPI print at 3.8% is probably a floor
🇨🇳 Trump's tariff escalation authority was stripped before Beijing. The CEO delegation is the substitute.
🌏 EM's synchronized easing cycle is coming apart faster than markets priced
🇬🇧 UK 10-year gilt yields break 5.00% for the first time since 2008. Back then, debt-to-GDP was 40%.
🇪🇺 Eurozone sentiment bounced hard in May, but German inflation at 2.9% has the ECB eyeing hikes into an economy where the current-conditions gauge sits near recessionary lows
