Washington targets global trade with new tariffs while China’s services sector expands at its fastest pace in three months.
The US proposed 10% tariffs on imports from 60 countries and launched a forced-labour probe under Section 301. The move escalates trade tensions amid ongoing geopolitical conflicts in the Middle East and Asia-Pacific regions.
China’s May 2026 Services PMI rose to 54.4, exceeding expectations of 52.3 and marking the fastest expansion in three months. Australia’s Q1 2026 GDP growth slowed to 0.3% quarter-on-quarter, dragged by data centre imports. The PBOC set the USD/CNY midpoint at 6.8184, weaker than the estimated 6.7673.
SpaceX announced plans for a $75bn IPO at $135 per share as its Nasdaq roadshow approaches. Meanwhile, Japan approved a $19bn supplementary budget to offset costs from regional conflicts, while USD/JPY hit 160, prompting intervention warnings from Japanese authorities.