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China’s manufacturing sector had its worst slump since September 2022, with the Caixin PMI falling to 48.3 last month from 50.4 in April. Higher US tariffs are taking a toll on smaller exporters.

US-China trade tensions continued as China accused the US of violating their recent trade deal, rejecting Trump’s claim last Friday that Beijing breached the consensus first.

Yesterday’s risk rally was short-lived, as most investors digested that the US Trade Court’s tariff ruling does not resolve the broader uncertainty around trade. The US administration has not backed down and intends to either maintain the levies or pursue alternative measures.