Eurozone HCOB Composite PMI above forecasts (47.5) in May: Actual (48.5)

TD Securities strategists Prashant Newnaha and Alex Loo note that Australian Q1 Gross Domestic Product (GDP) matched the Reserve Bank of Australia’s (RBA) 0.3% q/q implied forecast, but highlight that household and government spending are weak while data centre investment props up activity.