President Trump expressed challenges in negotiating trade with China’s President Xi, while EU–US trade talks progressed positively in Japan. Scheduled discussions in Washington are set for June 5th to 8th, amid new 50% US tariffs on steel and aluminium and China’s potential Airbus jet order.
In economic data, eurozone services PMIs improved, with mixed results across Spain, Italy, France, and Germany, while UK services PMIs rose—signalling recovery from tariff-related weakness.
Australia’s Q1 GDP grew weaker than expected at 0.2%, reinforcing expectations for an RBA rate cut in July, though the Aussie dollar remained stable.
In the US, focus shifts to the ADP private payroll report, services ISM, and the Fed’s Beige Book. The Bank of Canada’s upcoming decision is seen as a close call, with one major bank suggesting a dovish tone and a possible July cut—despite strong Q1 GDP driven by tariff-related frontloading.
Criticism of President Trump’s tax bill is growing, with Elon Musk and Republican Senator Mike Lee calling for revisions and highlighting fiscal concerns.
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