Plenty of data, not a lot of clarity. The U.S. is showing softer spending and manufacturing, but consumers aren’t panicking and inflation continues to ease. Europe’s numbers are more straightforward — sentiment is slipping, and output is following. China posted a decent beat on retail and industrial activity, but the housing drag is still there, and it’s not going away quietly. Nothing in the data shifts the big narratives, but the tone feels a touch more fragile across the board.
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