China
The S&P Global services PMI fell to 50.6 in June from 51.1 in May to be down slightly on the April level of 50.7 following the “liberation day” tariff shock. This left the composite PMI at 51.3, up from 49.6, reflecting the June recovery in the already released manufacturing PMI. Along with the NBS PMIs, the S&P Global measures point to the narrow breadth of the expansion in the Chinese economy.
Consumer confidence rose a modest 0.2% in May to 88, only slightly above the “zero COVID” lockdown lows of 85.5 in November 2022. Chinese consumers remain deeply scarred by that experience and government stimulus efforts are gaining only modest traction over consumer sentiment.
Japan
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