UK S&P Global Services PMI Flash (May) 47.9 vs. Exp. 51.7 (Prev. 52.7, Low. 50.3, High. 53)

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Manus is considering raising USD 1bln to unwind the Meta (META) takeover, Bloomberg reports

Pakistan's Army Chief is seeking the official announcement of a MOU, Al Hadath reports

UK S&P Global Services PMI Flash (May) 47.9 vs. Exp. 51.7 (Prev. 52.7, Low. 50.3, High. 53)

Iran is in the process of responding to the text sent by the US, ISNA reports; "The sent text has reduced the gaps to some extent", but requires guarantees

"Pakistan’s mediation efforts between US and Iran are at a crucial stage where efforts are underway to secure an agreement or a framework for comprehensive talks which can eventually lead to a ‘deal’", via journalist Mallick

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  • "The May PMI data indicate that the economy contracted at a 0.2% quarterly rate, representing a marked contrast to the robust growth seen earlier in the year"
  • "Things could well get worse in the coming months"
  • "Just as the economy shows signs of sinking into decline, prices are surging higher to herald a marked upturn in inflation in the months ahead as these costs pass through to consumers."
  • "This combination of a faltering economy and spiking price pressures leaves the Bank of England in a major quandary, facing the growing need to hike rates to help contain inflation but thereby adding to recession risks.” 

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