The US labour market continues to tighten but the Fed is concerned that a cycle of perpetually low inflation expectations could reduce monetary policy flexibility.
Sentiment in Europe continues to deteriorate, with inflation softening in April and the manufacturing sector in contraction.
Despite zero growth in the CPI for the March quarter, the RBA opted to hold the cash rate at 1.50%, possibly preferring to remain on the sidelines during the election campaign.
The UK has negotiated a Brexit reprieve, moving the deadline back to 31 October, meaning it will participate in European Parliament elections on 23 May.
China’s March quarter GDP growth exceeded expectations, while investment spending has stabilised after falling through 2018.
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