China Factory Outlook, Turkish Growth, Euro Inflation: Eco Day

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Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

  • A gauge of China’s manufacturing industry was little changed in May as soaring input prices weighed on smaller factories, suggesting the economy’s recovery momentum might have peaked for now
    • Bloomberg Economics’ Chang Shu writes the PMIs contained new seeds of concern about the outlook
  • Turkey’s economy likely outperformed all Group of 20 nations except for China in the first quarter after nearly stalling a year ago when the pandemic struck
  • Headline inflation for the euro area is likely to accelerate again in May, with the gains driven by fuel prices, writes Bloomberg Economics’ Maeva Cousin and David Powell. The ECB, however, will likely look through this temporary surge
  • Trade ministers from the world’s seven largest advanced economies want to bolster regulations on industrial subsidies and curb actions by state-owned companies that distort trade, and they see the WTO playing a pivotal role in addressing the problem
  • A proposal by the Swedish central bank intended to address liquidity shortages in the country’s corporate bond market has been met with disbelief by a number of asset managers
  • President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said Friday
  • Japan’s retail sales dropped at more than twice the pace expected by economists in April even as factory production kept climbing
  • Here is our wrap of what is coming up in the global economy this week

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