Economic Events and Data Summary - The National Office will hold a press conference regarding technology finance policies at 15:00 [1] - France's preliminary manufacturing PMI for May will be released at 15:15 [1] - Germany's preliminary manufacturing PMI for May will be available at 15:30 [1] - The Eurozone's preliminary manufacturing PMI for May will be published at 16:00 [1] - The UK's preliminary manufacturing PMI and services PMI for May will be announced at 16:30 [1] - Germany's IFO Business Climate Index for May will be released at 16:00 [1] - The European Central Bank will publish the minutes of the April monetary policy meeting at 19:30 [1] - Initial jobless claims in the U.S. for the week ending May 17 will be reported at 20:30 [1] - The preliminary manufacturing PMI for May from S&P Global in the U.S. will be available at 21:45 [1] - The annualized total of existing home sales in the U.S. for April will be released at 22:00 [1] - The EIA natural gas inventory for the week ending May 16 will be published at 22:30 [1]

Report Summary Core Views - In April, both sides of foreign exchange settlement and sales volume increased, with the scale of settlement and sales rising simultaneously, and the overall deficit slightly expanding. The significant growth of forward net settlement reflects the improvement of enterprises' settlement expectations and more proactive hedging behavior [3]. - The US dollar index fluctuated weakly, and the Federal Reserve maintained a wait - and - see stance. After the withdrawal of the counter - cyclical factor, the fluctuation range of the RMB exchange rate increased [3]. Data Core Highlights Foreign Exchange Market Supply - Demand Structure - In April 2025, the bank foreign exchange settlement and sales deficit was $4.257 billion, slightly expanding from the previous value of - $1.967 billion. The scale of both settlement and sales increased, indicating higher activity in enterprises' foreign exchange transactions. The surplus of bank customer - related foreign exchange settlement and sales expanded from $96 million to $589.3 million, while the deficit of banks' own foreign exchange settlement and sales expanded from - $2.063 billion to - $10.15 billion [4]. - The spot exchange rate of the US dollar against the RMB rose 0.34% month - on - month, and the market trading activity declined slightly, with the average spot inquiry trading volume falling to $42.234 billion [4]. Forward Transaction Structure - In April, the forward market continued to recover. The forward settlement signing amount increased by $4.358 billion month - on - month, and the forward sales signing amount decreased by $2.193 billion, driving the cumulative outstanding forward net settlement amount to expand from $903 million to $5.231 billion. The forward purchase performance amount increased by $7.519 billion, much higher than the increase in settlement performance [5]. - The forward settlement hedging ratio rose to 8.59%, the highest point this year, while the forward purchase hedging ratio dropped to 4.3% [5]. Securities Investment - In April, the foreign - related receipts and payments under securities investment changed from a surplus of $7.37 billion to a deficit of $12.493 billion. The trading volumes of both the Shanghai - Hong Kong Stock Connect and the Shenzhen - Hong Kong Stock Connect decreased, and the two - way difference narrowed. However, the bond custody volume of overseas investors in RMB bonds rose to 29,781.5 billion yuan [6]. Goods Trade - In April, the goods trade surplus narrowed, dragging down the foreign exchange settlement and sales surplus. The global manufacturing PMI fell from 52 in March to 50.8 in April, and China's manufacturing PMI dropped to 49, returning to the contraction range. The US manufacturing PMI remained at 51.2, while Japan and the Eurozone were still in the contraction range [6]. Exchange Rate Views - The US inflation shows an initial slowdown trend, but the Fed maintains a cautious policy stance. The US core CPI in April fell to 2.8% year - on - year, and the PPI also declined month - on - month. However, the Fed did not adjust its policy, and the US dollar index fell to around 100 [8]. - The easing of tariffs boosted expectations, and the exchange rate fluctuated more after the withdrawal of the counter - cyclical factor. In May, the RMB exchange rate fluctuated around 7.20. After the withdrawal of the counter - cyclical factor, the exchange rate was more driven by market supply and demand, and the short - term fluctuation range increased. The 1 - year USDCNY swap point dropped to - 2160, and the RMB exchange rate may show a two - way shock pattern in the short term [8].

日本4月服务业PMI终值 52.4，前值52.2。 ...

金十数据5月6日讯，标普全球市场情报公司经济总监Tim Moore表示，英国服务业产出在一年半以来首 次出现萎缩，商业不确定性加剧拖累了4月份的订单。出口状况尤其疲弱，来自海外的新业务降幅达到 2021年2月以来的最大程度。受访者经常提到美国宣布关税后全球金融市场动荡的影响。科技和金融服 务行业的企业注意到，客户的风险厌恶情绪上升，并推迟了支出决定，尤其是在重大投资计划方面。与 此同时，消费者服务提供商表示，国内经济状况低迷，以及转嫁不断上涨的工资成本面临挑战，尤其是 在酒店和休闲行业。投入价格以自2023年夏季以来的最快速度上涨，因为4月份全国生活工资和国民保 险缴款增加了工资成本。扣除通胀因素的价格也是近两年来最高的，因为尽管需求脆弱，服务提供商仍 试图将额外成本转嫁给客户。 分析师评英国4月服务业PMI终值 ...

智通财经5月6日电，英国4月服务业PMI终值为49，预期48.9；4月综合PMI终值为48.5，预期48.2。 ...

英国4月服务业PMI终值 49，预期48.9，前值48.9。 ...

英国4月服务业PMI终值将于十分钟后公布。 ...

美国供应管理协会（ISM）最新公布的服务业PMI（采购经理指数）出乎意料上升，从3月时的九个月 低位50.8点，上升至4月份的51.6点，远超市场预期的50.6点。该指数读数在50点以上，反映经济活动扩 张，反之则意味着经济活动收缩。 4月份的服务业PMI达到51.6点的水平，着实让市场喜出望外，美股三大指数原本低开低走，在公布服 务业PMI后反弹，但是回味过后，投资者的忧虑并没有消散，美股收盘前续跌。以反映科技股表现的纳 斯达克指数（IXIC.US）为例，低开后持续上下波动，午后公布服务业PMI后一度走高，但是尾盘急速 走低，收盘跌133.49点，或0.74%，报17,844.24点。 这项数据有何问题？ 本周中后期美联储议息，市场普遍预期将维持利率不变，这或也是关税阴霾下，市场对于美联储最后一 次把握比较大的预测，即便如此，利率仍走高，反映资金需要更高的风险收益补偿。 美元指数再跌破100 从服务业PMI的细分领域来看，新订单和存货指数均表现良好，分别达到52.3点和53.4点，显示出增长 加快的信号，同时商业活动仍处于扩张区间，为53.7点。但值得注意的是，服务业就业继续处于收缩水 平，报49点，而价格 ...

智通财经5月6日电，欧元区4月服务业PMI终值为50.1，预期49.7；4月综合PMI终值为50.4，预期50.1。 ...

Core Viewpoint - The German services sector has entered a contraction phase in April after four months of growth, primarily due to concerns over tariffs leading to a decline in business activity [1] Group 1: PMI and Economic Activity - The final PMI for the services sector in April dropped to 49.0 from 50.9 in March, falling below the growth threshold of 50 [1] - The decline in activity was the fastest since February 2024, attributed to weak demand and reduced customer spending [1] Group 2: New Work and Business Confidence - New work received by German service companies has decreased for the eighth consecutive month, although the rate of decline was slower than in March [1] - Business confidence has significantly weakened, with only 25% of companies expressing optimism about future prospects, compared to 22% who are pessimistic [1] Group 3: Employment Trends - Despite the economic downturn, employment in the services sector is growing at the fastest rate in nearly a year, indicating a divergence between current conditions and labor force expansion [1]