UBS citing the weaker data that came through for May.
“Q2 growth momentum is tracking much weaker than we expected earlier”
UBS are seeing early data for June as weak also, saying its not obvious that there is any improvement.
Policy moves out of China are expected, the recent monetary policy rate cuts may be a signal that additional policy support measures are incoming, including property policy-easing, infrastructure investment boost, further cuts to policy rates and other boosts to credit supply, and some forms of local-government financing-vehicle debt restructuring or swap.
Earlier: