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The day in view

Every day, something moves markets. Usually the Fed; sometimes a GDP print; occasionally something no one saw coming except apparently everyone did. The macro headlines that actually matter, with the context to make sense of them.

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The day in view
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🇺🇸 Behind the 53.6 services headline: a 7-point new orders drop and prices paid still at 70.7

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🇪🇺 The ECB has two inflation problems. Only one of them responds to rate hikes.

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Daily Macro Roundup: 2026-05-05

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🇨🇳 China's Q1 GDP printed 5.9% — the record beat is real, the front-loading question is realer

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🌍 Brazil disinflates, India's PMI holds above 57, and Korea's April CPI narrows the EM easing queue

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🇬🇧 BoE's QE loss estimate reaches £125bn as gilt yields keep the fiscal pressure on

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🇪🇺 Eurozone PMI holds at 52.2 for a fourth straight month as ECB hawks and doves split on June

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🇺🇸 Treasury dropped core inflation from its scorecard. The timing is convenient.

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Daily Macro Roundup: 2026-05-04

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🇨🇳 China's PMIs split in April: manufacturing held, services contracted, and stimulus still hasn't closed the demand gap

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