Macro Briefing: 6 June 2023

* Global economic activity rises to 18-month high in May via PMI survey data
* US recession worries persist despite strong labor market
* Tech downturn on West Coast sending chill through region’s economies
* Apple unveils an ambitious virtual reality product
* US factory orders rise for second month in April on strong defense spending
* Services PMI posts “strongest upturn” in over a year in May, but…
* ISM Services Index eases in May, close to near-zero growth:

Is the bear market in US stocks over? Yes, by some accounts. The S&P 500 closed on Monday at nearly 20% above its low in 2022 (October). “We’re not in a horrible spot,” says James Masserio, co-head of equities for the Americas at Société Générale. “There are recession risks for sure, but we have to see how those materialize over several months and into next year. So technically this is a bull market.”