Summary of Key Points from the Conference Call Industry Overview - The report focuses on global economic indicators, particularly in the context of the services and manufacturing sectors, as well as retail sales trends. Core Insights and Arguments - **Global Services PMI**: The global services PMI in August was above its solid average from the past few years, indicating resilience in the services sector [1][4] - **Global Manufacturing PMI**: The global manufacturing PMI reached its highest level in over a year, suggesting a positive trend in manufacturing activities [1][4] - **Retail Sales**: Retail sales in the US have shown surprising strength, performing well globally despite challenges [1][4] - **Global Exports**: Although global exports have declined from recent peaks, they remain elevated compared to last year's figures, despite high US tariffs [1][4] - **Forward-Looking Trade Indicators**: New export orders are in contraction for most major economies, indicating potential future challenges due to "payback" from US frontloading of purchases and tariff-related issues [1][4] Additional Important Content - **Economic Resilience**: The overall resilience observed in Q3 is highlighted, with various indicators suggesting a mixed but generally positive outlook for the global economy [1][4] - **Potential Risks**: The report warns of potential strains in global trade, emphasizing the need for monitoring forward-looking indicators closely [1][4] - **Data Sources**: The insights are derived from Citi Research, S&P Global, and Haver Analytics, ensuring a robust analytical foundation [1][4]

Blockchain Integration - U S Department of Commerce is bringing key macroeconomic data onchain, powered by Chainlink [1] - The U S Commerce Department is publishing GDP data to a blockchain [1] Data Availability - Access to the largest suite of onchain government data, including Real GDP, PCE Price Index, and Real Final Sales [1] - All kinds of economic measures, scrubbed for anonymity, should be published [1]

June 30, 2025 04:03 AM GMT We thus expect real GDP to come down from 5%Y in 2Q to 4.5%Y in 3Q, given 1) fading exports front-loading to the US and cumulative tariff impact, and 2) muted stimulus in the late July politburo meeting given 2Q growth strength. We believe Beijing may introduce a modest Rmb0.5-1trn supplementary fiscal stimulus in late 3Q/early 4Q when it sees 2-3 months of weaker hard data. | M China Economics Asia Pacific Momentum | Morgan Stanley Asia Limited Harry Zhao Economist Jenny.L.Zheng@ ...