Macro Briefing: 2 May 2023

* US government could run out of cash by early June, advise Yellen and CBO
* IMF lifts growth outlook for Asia, citing China recovery
* Eurozone manufacturing activity falls in April–first decline since January
* Eurozone annual inflation in April ticks up for first time in six months
* Actively-run ETFs are a small niche but growing rapidly
* US construction spending rose in March, first gain in four months
* US ISM Mfg Index edges higher, which suggests sector recession is easing:

Regional bank stocks are relatively stable, trading near low end of recent range after takeover of First Republic Bank, but some analysts see more turbulence ahead. “Contrary to cheery Wall Street and Washington predictions made over the weekend, this is not the end of the March banking crisis — it is still the beginning,” says Robert Hockett, a law professor and expert on public finance at Cornell University.