The global expansion momentum wanes

<p>Kia ora,</p><p>Welcome to Monday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the international edition from Interest.co.nz.</p><p>And today we lead with news the realities of the post-pandemic bounce are showing it isn't being sustained on a global basis.</p><p>This week won't be as busy on the economic data front as last week. It will be mainly Fed-watching in the US, plus PMIs and some key housing sector data there.</p><p>China will review its monetary policy positions tomorrow and that will come with eyes keenly watching for more economic stimulus measures. It is seen trimming its 1-year and 5-year loan rates by -10 bps to align with last week's surprise cuts for shorter-term rates that were trimmed to support their property development sector.</p><p>But it is more than their property development sector that needs shoring up. China was expected to recover and give the global economy a boost after it abandoned its tough zero-Covid policies and reopened its borders late last year. Yet, domestic consumer spending has tanked and trade has fallen. This weekend's retail event has always been an important retail shopping day, "618" and there are <a href="https://asia.nikkei.com/Business/Business-Spotlight/China-s-e-commerce-extravaganza-loses-its-shine-as-consumption-sags" target="_blank"><strong>signs</strong></a> that is will also really drag this year. Not only are consumers tiring over the endless 'big' promotions, households are back prioritising savings.</p><p>Other country central banks will also be reviewing their positions this coming week, including Norway, Turkey and the UK. In our region Indonesia and the Philippines will do so too. May Inflation data will be released in Japan, Malaysia and South Africa. PMI survey results will also come in Australia, Japan, the UK, and the EU. The Japanese one might reveal a rising expansion, but it is unlikely any of the others will.</p><p>Despite getting a new Governor who was t