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Christophe Barraud, chief economist and strategist at Market Securities, highlights that the U.S. S&P Global Flash PMI for May 2026 shows subdued growth as firms face a surge in costs.
According to Barraud, input costs have risen at the fastest pace since the energy price shock of 2022, and companies are now passing these higher costs on to customers through sharply increased selling prices.
Barraud has recently flagged signs of market exuberance, noting that a quant model shows the U.S. stock rally is approaching manic levels. He has also tracked global trade shifts, reporting that China's high-tech exports made up more than a quarter of its total shipments in April. Both developments add context to recent concerns over rising costs and pricing pressures.