Chinese New Yuan Loans (Apr) -10.0B vs. Exp. 300B (Prev. 2990B)
The sharp decline in new yuan loans for April, posting a -10 billion instead of the expected 300 billion, signals potential weakness in China's credit expansion and overall economic activity.
US Pentagon has not signed new contracts to replenish its munitions supplies, NBC reports
US President Trump's proposals are reportedly facing opposition in Congress, Semafor reports; these include a gas tax holiday and federal funding for a new ballroom in the White House
Chinese New Yuan Loans (Apr) -10.0B vs. Exp. 300B (Prev. 2990B)
BofA Institute Total Card Spending (w/e May 2) +7.1% (vs +2.7% Y/Y, +4.8% Y/Y during April); Ex-gas spending +5.8% Y/Y; BofA suggests Mothers' Day could've impacted spending
US Senate Banking Committee holds markup of crypto bill today, Fox's Pergram reports
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This miss underscores concerns regarding the country's growth trajectory and might lead markets to reassess their outlook on monetary policy and credit conditions moving forward, with implications for both growth and inflation metrics in the region.
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