NO ALARMS AND NO SURPRISES

Edito Ahead of the US NFPs figures release, the week was marked by a busy macroeconomic news flow. Relatively mixed indicators were below expectations in China, the euro zone and the United States. In April, the US ISM fell to 52.8 (from 55.3 in March), its lowest level since 2016, while the Chinese manufa cturing PMI fell to 50.1 (vs. 50.5 last month). As expected, the Fed did not change its monetary policy. It made clear it was difficult, under the current state of things, to predict the timing and direction of the next move. We continue to think the rate move will be on downside, and it could happen at the end of the year.