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Cheers. Welcome to the Real Vision Daily Briefing. I'm Nick Curria. It's Thursday, April 30th, 2020.

We have Real Vision's Ed Harrison and Roger Hurst

standing by to give their macro analysis, but before we go to them, let's go over

today's biggest stories in markets. Starting out, China's PMIs today were

very interesting and tell us a lot, not just about the Chinese

economy, but about dislocations in global supply chains as well.

While manufacturing PMI was down, both in manufacturing and non-manufacturing PMI were just above 50,

indicating a technical, if marginal expansion.

Whereas the new export PMI plummeted to 33.5, only a few points higher than the first initial shock in February.

The divergence between new export orders and the other PMIs underscores just how weak international demand is.

It's a sign that economies around the globe are reopening at different paces

and that bottlenecks are piling up in the supply chain.

And that's not the only indicator that should give Bulls pause.

Today the Bureau of Economic Analysis released data showing that personal spending in the

U.S. was down 7.5 percent for March compared to last month.

...