Rio Times Global Economy Briefing
The Big Three
Philly Fed collapses to −0.4 (consensus 17.6) while US manufacturing PMI beats at 55.3. The starkest divergence in US factory surveys since the war began — new orders fell to −1.7 from 33.0 even as the S&P Global flash showed the strongest expansion in months.
European and UK services PMIs crash below 50 across the board. French services plunged to 42.9 (consensus 46.6), UK services fell to 47.9 (consensus 51.7), and the eurozone composite dropped to 47.5 — the broadest services recession since 2023.
Dow closes at a record 50,285.66 as oil drops 2% on Iran deal hopes. WTI settled at $96.35 and Brent at $102.58, the lowest closes since March, while the S&P 500 edged up 0.17% to 7,445.72 and GDPNow rose to 4.3%.
