EUR: EUR/USD - Consolidates 1.1380-1.1440, Favour Fading A Rally

Below is a selection of key recent onshore media highlights for CHINA  ICYMI :

Factory Activity (China Daily): Moderating PMI reinforces calls to shore up demand

https://www.chinadaily.com.cn/a/202605/31/WS6a1c4ba1a310d6866eb4ba80.html

Service Exports (China Daily): Tokens are China's next goldmine

https://www.chinadaily.com.cn/a/202606/01/WS6a1cc2c4a310d6866eb4baae.html

AI Boom (Xinhua): AI-driven innovation opens new possibilities for smart living in China

https://english.news.cn/20260531/ed36a73eda4d46a086ea6f2b723130f7/c.html

PMIs (Xinhua): China's non-manufacturing PMI up to 50.1 in May

https://english.news.cn/20260531/6f71731ff1be479cb907fe486d5c900f/c.html

AI Boom (Xinhua): Economic Watch: From smart factories to embodied robots, int'l visitors experience China's AI boom

https://english.news.cn/20260531/3d957f77485d4d17a444e641f904ea3b/c.html

Manufacturing PMI (China Securities Journal): Overall economic output maintained a positive trend of expansion and new growth drivers

https://www.cs.com.cn/xwzx/01/2026/06/01/detail_2026060110015183.html

Outward Investment (China Securities Journal): The State Council's Regulations on Outward Investment

https://jnzstatic.cs.com.cn/zzb/htmlInfo/57128d02cb28ec4ce5c8033c5b2f574c.html

Trade (China Securities Journal): Pathways for High-Quality Development of Trade

https://www.cs.com.cn/xwzx/01/2026/06/01/detail_2026060110015187.html

Chip Sector (SCMP): US takes step to halt Nvidia AI chip shipments to Chinese overseas subsidiaries

https://www.scmp.com/news/world/united-states-canada/article/3355492/us-takes-step-halt-nvidia-ai-chip-shipments-chinese-firms-outside-china?module=top_story&pgtype=section

FInance Sector (SCMP): Another Chinese brokerage giant adds fuel to country’s overseas expansion push

https://www.scmp.com/economy/china-economy/article/3355494/another-chinese-brokerage-giant-adds-fuel-countrys-overseas-expansion-push?module=top_story&pgtype=subsection

Property Sector (SCMP): With mortgage payments cheaper than rents, small flats become hot property in China

https://www.scmp.com/economy/china-economy/article/3355253/mortgage-payments-cheaper-rents-small-flats-become-hot-property-china?module=top_story&pgtype=subsection

MNI China Press Digest Jun 1: Sino-U.S., PMI, SOE Reform

https://www.mnimarkets.com/articles/mni-china-press-digest-jun-1-sino-us-pmi-soe-reform-1780282245467

The focus of the week in NZ is likely to be on Q1 sector data ahead of GDP released on 18 June. Also, RBNZ Chief Economist Conway speaks on Wednesday at a webinar on the economic insights from last week’s monetary policy statement. The RBNZ website says that no notes will be published and nothing said outside the MPS.

• Q1 terms of trade data, including export and import volumes, print on Wednesday. Bloomberg consensus expects a TOT deterioration of 1% q/q.
• The volume of Q1 building is released Thursday and projected to show a 1.5% q/q rise after Q4’s 3.1% contraction. Monthly data are signalling that the sector is struggling again in Q2. April building permits out on Wednesday are another piece of information to gauge how it is tracking.
• Cotality home values for May are also published Wednesday. They remain soft but have stabilised recently although may be impacted in H2 by rising mortgage rates.
• The government’s financial statements in the financial year to April are published Thursday. The FY27 budget brought the expected surplus forward a year to FY29.
• Thursday also sees May ANZ commodity prices.
• NZ is closed Monday for a holiday.

The manufacturing sector will maintain steady growth, supported by the seasonal infrastructure boom and overseas demand for Chinese equipment, Securities Daily reported after the official PMI fell by 0.3 percentage points in May from April, mainly driven by a moderate decline in external demand, as slower exports from the consumer goods sector dragged down the business climate for small and medium-sized enterprises. June is the peak season for kicking off major projects, while the rapid AI development continues to drive the high-tech manufacturing sector, said Wen Tao, analyst at China Logistics Information Center.