Both the Chinese manufacturing and non-manufacturing PMIs disappointed in April. The former contracted as its index stood at 49.00, the latter showed a mild expansion at 50.4 but was below forecasts. The euro zone economy grew by a forecast-beating 0.4% in 1Q 2025 distorted by a 3.2% expansion in Ireland. US trade deficit reached an all-time high in March due to front-loading ahead of tariffs. US 1Q GDP is out this afternoon with possible contraction. Equities are subdued, but the dollar is trying to recover as gold suffers from profit-taking.