INT
Finance and tech could lead the services slowdown
The manufacturing and services PMIs are diverging, with finance, tech, media and tourism leading the services strength
InternationalDemand growth and OPEC+ policy will drive oil prices
OPEC+ announced extra cuts to oil supply for July to shore up prices, and extended April’s cuts to end-2024
InternationalEU seeks global leadership with voluntary AI pacts
The EU is pushing multiple efforts to ensure the safety of generative artificial intelligence
InternationalProspects for the global economy in H2 2023
Global economic activity will worsen as services slow, with the the downturn relatively mild but potentially prolonged
InternationalTech majors could revitalise interest in metaverse
Both Meta and Apple are expected to release their new augmented/virtual reality headsets this year
InternationalThe LNG market will face further volatility
Temporary factors have normalised gas prices; prices in Europe and for spot LNG remain historically high, curbing demand
InternationalWorker underutilisation hits lower-income states hard
The ILO sees world unemployment falling below pre-pandemic rates in 2023 but also sees high workforce underutilisation
InternationalECB likely to continue with more 25-bp rate rises
Inflation eased to 6.1% in May and food and services prices stabilised, while manufacturing woes deepened
EU
