The Day Ahead China – June Trade Balance
Exports rose 5.8% year-on-year, beating expectations, as exporters rushed to ship goods before new U.S. tariffs.
Imports increased 1.1% year-on-year, recovering slightly from a previous drop.
Trade surplus expanded to $114.7 billion from $103.2 billion in May.
Takeaway: Export strength is driven by temporary factors. Weak imports still point to fragile domestic demand.
Japan – May Core Machinery Orders & Capacity Utilisation
Core machinery orders (a key CapEx gauge) fell 0.6% month-on-month — a softer decline than expected.
Orders were still up 4.4% year-on-year.
Broader machinery orders (including volatile sectors) rose 3.8% month-on-month.
Takeaway: Capital spending is holding up, but investment is uneven. Manufacturing remains cautious amid external uncertainties.
ECB – Vujčić & Cipollone Speeches
Vujčić: Inflation is near target; further rate cuts may not be needed unless data changes. He supports a patient approach.
Cipollone: Focused on the digital euro, stressing the need for secure and inclusive payment systems.
Takeaway: The ECB is moving into a “wait-and-see” mode. The digital euro remains a strategic priority.
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