TD Securities economists expect Canadian Manufacturing Sales to rise 3.2% month-on-month in March, slightly below market consensus. They highlight higher gasoline prices and a 20% jump at the pump as key drivers, alongside stronger transportation products.

India Trade Deficit Government rose from previous $20.9B to $28.38B in April

ING’s Frantisek Taborsky flags that a new interview with the Czech National Bank governor underlines a dovish tilt despite talk of possible hikes.

DBS Group Research’s Philip Wee notes that the first day of the Trump-Xi Summit in China favoured USD Bulls as President Trump stressed economic cooperation and trade rollbacks.

Commerzbank’s Tatha Ghose notes that the National Bank of Hungary (MNB) cut the implied rate on EUR liquidity swaps, effectively a 50 bp easing signal that widens the gap to the base rate.

BNY’s Bob Savage argues U.S. equities are being propelled by an unusually strong, AI-led earnings boom that is outpacing the broader economy and sustaining index gains despite macro headwinds.

Turkey Budget Balance fell from previous -229.9B to -338.7B in April

Italy Consumer Price Index (YoY) below forecasts (2.8%) in April: Actual (2.7%)

Italy Consumer Price Index (MoM) below forecasts (1.2%) in April: Actual (1.1%)

Italy Consumer Price Index (EU Norm) (YoY) below forecasts (2.9%) in April: Actual (2.8%)

Italy Consumer Price Index (EU Norm) (MoM) came in at 1.6%, below expectations (1.7%) in April

DBS Group Research economist Radhika Rao highlights that India’s authorities are rolling out measures to address macro volatility and support the Indian Rupee (INR).

Deutsche Bank analysts note that global equities rallied as positive Trump-Xi signals, solid US data and easing inflation concerns lifted risk appetite.

MUFG’s Michael Wan highlights that India has unveiled several austerity-linked policy steps as Strait of Hormuz tensions pressure capital flows and the balance of payments.

Most Asian stocks fell on Friday, shrugging off the overnight rally on Wall Street led by hopes for improving relations between the US and China – the world’s two biggest economies.

A Reuters poll showed on Friday that median forecasts see the Bank of Japan (BoJ) to hike the interest rates to 1.25% in the fourth quarter (Q4) and 1.50% in Q3 of 2027, unchanged from the April poll.

US President Donald Trump said that he had struck “fantastic trade deals” with Chinese President Xi Jinping as he wrapped up his Beijing visit on Friday, Reuters reported.

According to a spokesperson from the Chinese foreign ministry, Beijing wants the Strait of Hormuz to reopen as early as possible.

US President Donald Trump said on Thursday that China’s leader Xi Jinping likely has power to sway Iran, adding that he’s not going to be much more patient on the Iran, Reuters reported on Friday.

Japan’s Finance Minister Satsuki Katayama said that she will attend the G7 meeting in France from May 17, Reuters reported on Friday.

West Texas Intermediate (WTI) oil price remains in the negative territory after posting modest gains in the previous day, trading around $97.60 per barrel during the Asian hours on Friday.

United States Trade Representative (USTR), Jamieson Greer, said that managing and controlling economic relationship with China are the key to meeting US domestic objectives, Reuters reported on Friday. Greer added that keeping the Strait of Hormuz open is crucial for China. 

Japan Producer Price Index (YoY) above forecasts (3%) in April: Actual (4.9%)

Japan Producer Price Index (MoM) came in at 2.3%, above expectations (0.7%) in April

US President Donald Trump said that he hoped the relationship between the US and China would be "stronger and better than ever before" ahead of a second day of talks with Chinese President Xi Jinping in Beijing, the Wall Street Journal reported on Thursday.

Federal Reserve (Fed) Governor Michael Barr said that lowering liquidity rules to get the central bank’s balance sheet smaller is a bad idea and could undermine the safety of the financial ‌system, Reuters reported on Thursday.

New Zealand Business NZ PMI declined to 50.5 in April from previous 53.2

John Williams, President of the Federal Reserve (Fed) of New York, spoke on Thursday and said that the job market has stabilized, acknowledging that he is not surprised to see near-term inflation expectations rise.

Standard Chartered economists Christopher Graham and Carol Liao discuss the EU’s widening trade deficit with China, highlighting the autos sector as a key example of the imbalance.

South Korea Import Price Growth (YoY) climbed from previous 18.4% to 20.2% in April