External broker reports(aggregated public sources), ABN AMRO

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Following an acceleration in growth momentum in March helped by frontloading and stimulus, April data showed the impact of the escalating US-China trade war last month, before the Geneva truce agreed mid-May. </li><li>Weaker PMIs, with a sharp drop of the export sub-indices, provided the first clear macro signals (see here). </li><li>‘Hard’ activity data brought more evidence of the initial tariff shock (see here). Industrial production, retail sales and investment slowed in April compared to March. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following an acceleration in growth momentum in March helped by frontloading and stimulus, April data showed the impact of the escalating US-China trade war last month, before the Geneva truce agreed mid-May. Weaker PMIs, with a sharp drop of the export sub-indices, provided the first clear macro signals (see here). ‘Hard’ activity data brought more evidence of the initial tariff shock (see here). Industrial production, retail sales and investment slowed in April compared to March. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China - Geneva truce softens export shock, but uncertainty remains