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Eurozone GDP expanded by 0.4% qoq in Q1, doubling market expectations of 0.2% and signaling a stronger-than-anticipated start to the year. Across the broader EU, GDP rose by 0.3% qoq. On a year-on-year basis, seasonally adjusted GDP grew 1.2% in the Eurozone and 1.4% in the EU, matching growth rates from the previous quarter. Ireland […]

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Chinese online retailers have cut back their spending on Facebook and Instagram ads in reaction to President Donald Trump’s tough trade policy with the country.

If rising costs do push businesses to boost efficiency, Microsoft, with its Copilot artificial intelligence assistant, could be helpful, CEO Satya Nadella said.

Investors and consumers are growing skeptical that Trump can execute a series of bilateral trade agreements in time to avoid crippling U.S. imports and exports.

China is out for a 5-day holiday, beginning today, Thursday, May 1, 2025.

Markets are closed.

There will be no PBOC CNY reference rate setting for the trading sessions ahead.

Chinese markets reopen on Tuesday, May 6.

This article was written by Eamonn Sheridan at www.forexlive.com.

Japanese media had the reports earlier, in brief:

• Bank of Japan is likely to revise down GDP forecasts
• May lower both Fiscal Year 25 and FY26 GDP forecasts to below 1%

Nikkei (gated) has more.

The Bank of Japan statement is due today. There is no specific time that the Bank announce. Its reasonable to expect it sometime in the 0230 – 0330 GMT window. The Bank is expected to keep the policy interest rate at 0.5%, analysts mainly citing the unpredictable US trade policy fuelling economic uncertainty domestically and in Japan, and more globally.

Indeed, the US is already looking like its in recession:

• US Q1 advance GDP -0.3% vs +0.3% expected

This article was written by Eamonn Sheridan at www.forexlive.com.

Japan Jibun Bank PMI Manufacturing April 2025 Final

• prior 48.4, preliminary 48.5

From the report:

Commenting on the latest survey results, Annabel Fiddes,
Economics Associate Director at S&P Global Market
Intelligence, said:

• “Business conditions continued to weaken across Japan’s
  manufacturing industry in April, with firms noting steeper
  falls in both overall new orders and new export sales.
• “This prompted firms to cut back on their purchasing
  activity and readjust their inventories, while worries over
  the demand outlook weighed on expectations around the
  year-ahead. Business confidence regarding future output
  hit its lowest level since mid-2020, during the initial wave
  of the COVID-19 pandemic, with firms commenting that
  heightened uncertainty around global trade conditions
  and demand had made them more cautious.
• “Firms are likely to struggle to see a recovery in conditions
  unless there is a noticeable improvement in demand
  both at home and overseas, which requires an improved
  global outlook and greater certainty around future trade
  relationships.”

Bolding is mine. Quite a lot of negatives in there.

The Bank of Japan statement is due today, the Bank is expected to be on hold:

• Headlines crossing saying the BoJ is likely to slash its GDP forecasts – from 4 days ago

Bank of Japan Governor Ueda’s press conference follows at 0630 GMT

This article was written by Eamonn Sheridan at www.forexlive.com.

Sales, daily active users, earnings per share and operating margins all exceeded estimates.