摩根士丹利：中国通胀将趋缓

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies covered [19]. Core Insights - China's inflation is expected to soften, with May CPI reported at -0.2% due to weaker food prices and intensified price competition ahead of the shopping festival [8][10]. - Australia’s business sentiment has likely softened in May, reflecting broader economic challenges, particularly in profitability and new orders [8]. - India's CPI is projected to slow year-over-year but rise sequentially due to higher food prices [3]. - Japan's GDP growth has been revised to -0.8% QoQ SAAR, indicating economic contraction [4]. Summary by Relevant Sections Australia - Business confidence declined in May, with a reported score of -1, indicating broad-based weakness in the business environment [10]. - Consumer sentiment improved slightly in June, attributed to a second rate cut, while views on future conditions remain a focus [8]. China - CPI for May decreased to -0.2%, while PPI fell to -3.3%, reflecting weaker industrial demand amid tariff shocks [8][10]. - Exports are expected to slow to 4% YoY, with imports remaining soft at 0% YoY due to sluggish domestic demand [8]. India - CPI for May is reported at 3.0%, indicating a slight decrease from the previous month [10]. Japan - The second preliminary GDP report shows a slight downward revision in real capital expenditure, while public investment has been revised upward [4].