This week, the focus shifts from central banks to growth and trade. Wednesday brings UK flash PMIs, with services expected at 52.0 and manufacturing at 51.5. Both remain above the 50 level that separates expansion from contraction, but forecasts point to slightly softer activity than the previous month. Thursday, attention turns to the Trump–Xi summit in Washington, with trade, AI, rare earths and the extension of the current tariff truce among the issues expected to feature in discussions. Friday brings US durable goods orders, forecast to fall 0.4% MoM after a 1.1% increase previously. With last week’s Fed decision behind us, the bigger question for markets is whether incoming growth data and US–China developments reinforce or challenge the current rates and risk-asset setup.