If the PMI data on Thursday from Japan, Australia, India, South Korea and others are as gloomy as China's official PMI figures were on Wednesday, markets are in for a torrid start to the new month.
The Caixin manufacturing PMI report on Thursday is also expected to show manufacturing activity shrank in May, but at the same pace as April.
Barring a huge upside surprise, China's economy appears to be sputtering and the pressure on local assets is growing.
Dovish remarks from Fed Governor Philip Jefferson and Philadelphia Fed President Patrick Harker on Wednesday helped lower U.S. bond yields and implied rate expectations.
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Persons:
Jamie McGeever, Elon Musk, Brent, Philip Jefferson, Patrick Harker
Organizations:
PMI, Twitter, Philadelphia Fed, Thomson, Reuters
Locations:
Asia, Pacific, Japan, Australia, India, South Korea, China, Shanghai, prelim