Macro Briefing: 6 June 2024

* Financial distress in commercial real estate continues to rise
* New solar generation capacity installations in US rose to record high in Q1
* Nvidia overtakes Apple to become 2nd largest public firm in US
* US firms trim hiring in May to slowest rise since January, ADP reports
* US ISM Services Index rebounds sharply in May to 9-month high:

The global economy’s growth rate accelerated in May to the fastest pace in a year, according to PMI survey data. The “gains in the new orders, employment and future activity indices bode well for sustaining the recovery in the coming months, as does a broadening of the base of the upturn,” says Bennett Parrish, Global Economist at JPMorgan, which publishes the data. “All six sub-sectors covered by the survey saw output rise and improvement was seen in key regions such as the US, Eurozone, China and Japan”.