🇬🇧 Non-food prices have turned positive in the UK, and the Budget is why
🇪🇺 Spain's PPI doubled in April. Core goods fell. The ECB's June 5 problem just got messier.
🇺🇸 US home prices post their softest annual gain since 2023, with Zoom towns slipping into outright nominal decline
🌏 India WPI at 8.30% is a 42-month high, and Hormuz has turned a Gulf supply shock into a central bank problem across EM
🇬🇧 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
