Unfortunately, there's little respite on that front given disappointing economic activity and persistently elevated inflation data out of Asia. China's official PMIs indicated a faster-than-expected contraction in manufacturing activity and slower growth in services in May. That followed consistently weak economic releases for April, suggesting the post-COVID reopening bounce has run out of steam. China economyAsian stock markets fell and even U.S. equity futures turned negative despite the debt ceiling reprieve, while China's yuan promptly skidded to fresh six-month lows, giving the U.S. dollar a broad boost. But much of the focus will, of course, be on the House debate over the debt ceiling bill.

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Persons: Sonali Desai, Philip Lowe's, Italy's, Ignazio Visco's, Catherine Mann, Muralikumar Organizations: Sonali, Reserve Bank of Australia, U.S, CPI, Central Bank's, Bank of Italy, Bank of England MPC, Nordstrom, Thomson Locations: Asia, China, Korean, Ukraine, France, Germany, Italy, U.S, Italian