New orders contracted at the fastest pace in two and a half years, pushing the index below 50 for the first time since late 2024. Australia’s services Purchasing Managers’ Index dropped to 48.7 in May from 50.7 in April, signaling contraction as new orders fell at the shar
The index fell below 50 for the second time in three months, signaling contraction amid weaker demand and rising costs. Australia’s services sector contracted in May as the PMI slid to 48.7 from 50.7 in April, marking the second decline in three months. New orders shrank a
The June 1 implementation of CEPA removes tariffs on 98% of Omani goods, offering India an alternative route as Iran tensions escalate. India’s Comprehensive Economic Partnership Agreement with Oman entered into force on June 1, providing an alternative trade corridor as I
US sanctions four Iranian crypto exchanges The US Treasury Department's Office of Foreign Assets Control designated four Iranian cryptocurrency exchanges for sanctions violations. The sanctioned platforms include Nobitex, Iran's largest digital asset exchange, as w
China’s daily crude imports fell to 6.36 million barrels in May as geopolitical tensions halved inflows from pre-war levels. China’s crude oil imports averaged 6.36 million barrels per day in May, down sharply from 11.40 million barrels in February, as the Iran conflict di
US sanctions Iranian crypto exchanges over terror links The US Treasury Department has blacklisted several Iranian crypto exchanges, including Nobitex, citing links to terror and other crimes. The move is part of the US campaign against the Iranian government.
Canadian trade minister confirms progress in US talks but warns of prolonged negotiations over auto, steel, and lumber tariffs. Canada’s trade minister Dominic LeBlanc said bilateral trade discussions with the US have resumed after a period of stagnation, describing recent
The strike on the Botswana-flagged M/T Lexie marks the latest escalation in the US naval blockade targeting Iranian oil shipments. US forces fired a Hellfire missile into the engine room of the Botswana-flagged tanker M/T Lexie on June 2, disabling the vessel as it headed
Recent agreements between Beijing and Moscow offer limited relief as Western sanctions tighten Russia’s energy revenue dependence on China. A summit between Chinese President Xi Jinping and Russian President Vladimir Putin concluded on 20 May with new economic and trade de
Middle East conflict reignites inflation and slows growth, reversing earlier resilience in advanced economies. Advanced economies, which showed resilience in 2025 despite a global trade tariff shock, now face renewed stagflation risks in early 2026. A fresh shock tied to t
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