Morning Bid: PMI-fest kicks off new month, spotlight on China
Asia kicks off the new trading month for global markets on Monday, with manufacturing PMI data from the continent's biggest economies setting the local tone and investors still banking on U.S. and other interest rates coming down soon.
That would be welcome relief following the disappointing official PMI figures on Friday that showed factory activity contracting again, reviving doubts about the strength of China's economic recovery. Global economic signals may be beginning to deteriorate too. Regional U.S. business activity data on Friday were much weaker than expected, bolstering the view that the Federal Reserve will cut rates soon, and the Atlanta Fed's Q2 GDP Nowcaster growth tracker fell to 2.7% from 3.5%.
Elsewhere on the Asian data front, Indonesia's annual inflation rate is expected to have cooled slightly in May to 2.9% from 3.0% in April, slipping further into the central bank's target range of 1.5% to 3.5%. On the political front, Indian markets will give their initial verdict on Prime Minister Narendra Modi's likely victory in the country's election.
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