A private gauge of China’s manufacturing activity tumbled in May, touching the lowest level since September 2022 as tariffs continue to weigh, despite the U.S. trade truce. The Caixin manufacturing purchasing managers index signaled a contraction for the first time in eight months.

Two Japanese men were killed in Dalian, a city in northeastern China, and a suspect has been detained, Kyodo News reported on Tuesday, citing the Japanese embassy in China.

Official manufacturing PMI edged up to 49.5 in May on improved new orders and production. Real activity and export growth likely remained resilient on 2Y CAGR basis, indicating stable momentum. Deflationary pressure may have intensified; monetary easing likely lifted money and credit growth, Standard Chartered's economists report.