Core Viewpoint - The article highlights the mixed signals in economic data from the US, Eurozone, and Japan, indicating a resilient service sector in the US, while manufacturing shows signs of weakness. Employment data is also showing marginal deterioration, suggesting potential risks in the economic outlook [2][5][6]. Economic Data Review - US service sector remains strong with the S&P Services PMI at 51, exceeding expectations of 49.7, while ISM Manufacturing PMI is at 50.3, below the expected 50.5 [5][14]. - Eurozone manufacturing, inflation, and employment data exceeded expectations, with the manufacturing PMI at 47.6, CPI at 2.4%, and unemployment rate at 6.2% [6][15]. - Japan's unemployment rate rose to 2.5%, higher than expected, but the service sector PMI remains robust at 53.7 [6][15]. High-Frequency Data - US economic activity index declined to 2.24, while Germany's index increased to around 0.41 [7][17]. - US retail sales growth rebounded to 6.6% year-on-year [8][18]. - Mortgage rates in the US decreased to 6.63%, with mortgage applications rebounding by 14.1% [9][19]. - Initial jobless claims in the US increased to 221,000, while continuing claims rose to 1.897 million [10][21]. Financial Conditions - Financial conditions in the US and Eurozone are tightening, with the Bloomberg Financial Conditions Index for the US at 0.27 [11][23]. - The US high-yield corporate bond spread widened to 2.91 basis points [25]. - The US-Euro bond yield spread narrowed significantly by approximately 44.9 basis points to 134.5 basis points [12][27].