Australia and New Zealand Banking Group (ANZ) Research analysts have revised down their 2025 GDP growth forecast for China to 4.2% from 4.8%, citing increased headwinds from a faster decline in exports.

Spot gold -1% intraday [gold has topped, rotation into crypto has started]

🚨Barclays: China's manufacturing sector is beginning to show significant signs of distress due to the prohibitive tariff war.

PBOC: Conducted 1.2 trillion yuan ($164.4bn) outright reverse repo operations in April

UOB economist Ho Woei Chen: China's economy is likely to experience a significant slowdown as trade tensions persist.

🚨Hearing rumors about a US-China trade deal -sources

Shein considering restructuring its US operations in response to potential continued tariffs under the Trump administration -sources

US Treasury to sell $58 billion 3-year notes, $42 billion 10-year notes, $25 billion 30-year bonds next week.

Treasury Borrowing Advisory Committee presentation shows the debt limit has not successfully promoted fiscal responsibility but has hurt the US credit rating and could affect reserve asset status –TBAC minutes

🚨US Q1 REAL GDP CONTRACTED AT AN ANNUALIZED RATE OF -0.3%, MARKING THE LOWEST READING SINCE Q2 2022 [BTFD]

The US economy contracted in the first quarter for the first time since 2022, reflecting the early impact of President Donald Trump’s trade policies. A sharp increase in imports ahead of anticipated tariffs and weakening consumer demand contributed to the downturn.

🚨KALSHI NOW SHOWS A 74% CHANCE OF A U.S. RECESSION THIS YEAR, SPIKING AFTER THIS MORNING’S SURPRISE GDP PRINT

Jobs Down. GDP Down. Consumption Down. Inflation Up.

Trump: This is Biden's stock market not Trump's

NVIDIA CEO Huang: I'm certain we can manufacture chips onshore with the resources of our country

Huang: China is 'right behind' US in AI development

FT: Bessent told Ukraine to be ready to sign all agreements

Navarro: trade talks are moving swiftly, with behind-the-scenes negotiations, especially with China, kept quiet for effectiveness.

Trump: Don't want China's product unless they're fair.

Trump: Major new spending bill in development could surpass tariffs in economic impact. Calls it a "big beautiful bill."