In this holiday-shortened week in the U.S., trade concerns remain squarely in focus both with respect to China and the United States-Mexico-Canada Agreement (USMCA).
The Financial Times reports “U.S. vice-president Mike Pence will travel to Ottawa to meet Canada’s prime minister Justin Trudeau about accelerating the ratification of the new {USMCA} trade agreement.” Investors will also be paying close attention to the latest data on Chinese manufacturing PMI, Japanese unemployment, retail sales, and industrial production, along with German inflation and unemployment figures. In the United States, updated releases are due out on international trade, 1Q real GDP, pending home sales, personal income & spending, inflation, and consumer sentiment. The consensus forecasts are for a slight downward revision in first quarter GDP growth (3.1%) and slower personal spending in April (0.2%), but elevated consumer sentiment at 101.5 in May. Enjoy the rest of your week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights!
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