Macro Briefing: 8 June 2023

* US trade deficit widened by the most in eight years in April
* Eurozone economy contracts slightly for second straight quarter in Q1
* Japan GDP growth revised sharply higher for Q1
* Yields rise around world as traders lean toward Fed hike by July
* US approaching “late, big-cycle debt crisis,” says Bridewater’s Ray Dalio
* Freight railroad alert issued as shippers fear more West Coast port tensions
* Nearly half of Gen X population unprepared for retirement, survey finds
* US economic growth still expected to pick up in Q2 via GDPNow model:

China share of US imports in April fell to the lowest level since 2006, extending a recent downward trend. “The US is seeking to diversify trade channels,” says Lawrence Werther, chief US economist at Daiwa Capital Markets America. “The relationship [with China] has turned more adversarial in the last few years.”