🌍 EM manufacturing is fracturing into three blocs — and a Hormuz incident threatens the leaders
🇬🇧 The BoE held rates. One member wanted to hike. That disagreement is the story.
🇪🇺 Euro area manufacturing is back above 50 for a second month — the ECB plans to hike into it anyway
🇺🇸 Q1 GDP came in at 2.0%. The PCE surge to 3.5% is the actual problem.
Daily Macro Roundup: 2026-05-01
[CN] China's April PMI holds at 50.3, but front-loading and services contraction tell a different story
[EM] India's Rate Cuts Hit a Deposit Wall as Credit Growth Slips to 15.0%
[UK] Housing, Manufacturing, and Credit All Beat as BoE Gets Boxed In from Both Sides
[EU] Eurozone Stalls at 0.1% as ECB Hawk Müller Calls for Rate Hikes
[US] Tariff Pass-Through Confirmed: Core PCE Goods Hit 2.8% as Q1 Deflator Surges to 4.3% Annualized
