• In new research this week, we look at the prospects for the US peak shipping season. The good news is that the seasonality of shipping is back to the 2016–19 level. The bad news is that consumer goods volumes are still weak. Elsewhere, there is evidence of slow activity in UK retail and concerns about cotton supply chains.
• Activity in the semiconductor sector is still in decline, albeit at a slowing rate, according to the latest data. A new phone in mainland China reportedly has a homegrown processor and South Korean memory chip.
• In the industrial sector, manufacturi...