Daily Update: PMIs Mostly Weaker and Geopolitics Webinar

Global PMIs generally missed expectations in May, and Australia saw a major employment miss alongside proposed housing tax reforms. Markets remain focused on inflationary pressures from AI and geopolitical energy shifts.

Key Takeaways

• 1.Global PMIs showed mixed to weak signals, with US manufacturing beating expectations (55.3) while services missed, and significant misses in Eurozone manufacturing and services.
• 2.Australia reported a significant employment miss with a loss of 18.6k jobs in April, lifting the unemployment rate to 4.5%.
• 3.Major Australian tax reform involving the abolition of negative gearing is expected to reduce housing investor finance commitments by approximately 15%.

Table of Contents

• PMIs mostly weaker; webinar replay on geopolitics
• Dinner notes from George Saravelos
• Australian tax reform and property investors
• The day ahead
• Week Ahead Diary
• Data Calendar
• Appendix 1
• Additional Information

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