Economic Calendar: China PMIs, US ADP, GDP, PCE and Fed Speakers in Focus

The clustering of ADP, GDP and PCE in a single US session means markets get growth, inflation and labour signals almost simultaneously, which tends to amplify rate-expectation repricing rather than produce a clean read on any one input. The China PMIs matter separately: they are the first hard gauge of whether manufacturing momentum is holding. With four Fed speakers also scheduled, the open question is whether official commentary reinforces or pushes back against whatever the data imply.