🌏 Brazil's external accounts are self-financing while Singapore's semiconductor output rolls over
🇪🇺 Italy's BTP spread is near post-Lehman lows even as the ECB hikes. The conventional playbook doesn't hold.
🇬🇧 UK retail hits an 18-month low, and the BoE's hawks still want to hike
🇺🇸 US manufacturing hits a four-year high while shedding jobs at the fastest pace since COVID
📰 Daily Macro Roundup: 2026-06-25
🌏 At 7.8%, South Africa's PPI puts a number on the EM commodity divide
🇨🇳 PBOC holds for a record 13th month. Bank margins, not caution, are the constraint.
🇬🇧 UK retail is printing at lockdown-era levels and two Bank of England members still want to hike
🇪🇺 Spanish GDP holds at 2.7% while the ECB tightens into a consumer that never recovered
🇺🇸 Three months at 3.4%: core PCE won't budge, and the economy won't help
