The Eurozone PMI hit 49.4, signaling a softer contraction. Output grew, costs declined, and business confidence reached a three-year high. BoJ Governor Ueda reaffirmed gradual policy tightening. He warned U.S. tariffs could hurt exports but remained optimistic about growth. Commerce Secretary Lutnick signaled a near-term deal, urging India to reduce tariffs and improve access. U.S. and Japan 10-year yields held steady despite weak data and trade uncertainty.

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