🇪🇺 Germany's factory orders beat is real. So is the construction collapse underneath it.
🇺🇸 Claims came in clean. The FOMC behind them did not.
Daily Macro Roundup: 2026-05-06
🇨🇳 Hong Kong's retail streak has reached 11 months, and both the volume data and PBoC's timing suggest the underlying demand is softer than it looks
🌍 The April EM PMI rebound has a front-loading problem
🇬🇧 UK services snapped back to 52.7 in April. The inflation underneath is the BoE's problem.
🇪🇺 The stagflation trap the ECB spent two years escaping is back
🇺🇸 ADP's April miss isn't the worry. The mid-market hiring squeeze is.
🇺🇸 ISM Services kept its expansion streak alive in April. The sub-index deterioration underneath is harder to dismiss.
🇺🇸 The services sector is telling the Fed exactly what it doesn't want to hear
