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Early indications suggest China’s economy performed well in May. China’s manufacturing PMI held at 51.2 in May while its non-manufacturing PMI jumped to 54.5, data released on Wednesday by China’s National Bureau of Statistics showed. Both numbers remained in expansion as they held above 50.0.

A new poll predicts a hung parliament in the UK. The Times reports a YouGov poll released on Wednesday predicts Theresa May’s Conservative Party could lose 20 seats in the June 8 general election while Jeremy Corbyn’s Labour party gains 30, giving no party a majority. The British pound is down 0.1% at 1.2846 against the dollar.

Eurozone CPI slows down. Consumer prices in the eurozone rose at a 1.4% year-over-year clip in May, down from April’s 1.9% YoY print, according to a flash estimate provided by Eurostat.

Oil producers are mostly living up to their production cut promises. While individual countries may not be complying with their end of the bargain, oil producers as a whole are at a 98% compliance rate, data from Commonwealth Bank shows.

No US tax cuts are a black swan risk for the global economy. “As China tightens policy, what happens next in the US has become critical, we look for modest US tax cuts but believe that, Trumpflation insufficient to offset fading Xiflation,” Societe Generale wrote. “Without tax cuts, the US economy could well slow more substantially as early as 2H18.”

Airbnb is watching Spotify. Airbnb is paying close attention to Spotify’s direct listing on the New York Stock Exchange, the Wall Street Journal says. That route would allow employees, founders, and other shareholders to start trading their shares without the company having to raise cash.

The Fed fines Deutsche Bank. The German bank was fined $41 million for failing to ensure its systems would detect money laundering regulations, Reuters says.

Stock markets around the world are mixed. Hong Kong’s Hang Seng (-0.2%) lagged in Asia and Britain’s FTSE (+0.2%) leads in Europe. The S&P 500 is set to open little changed near 2,410.

Earnings reports trickle out. Hewlett Packard Enterprise reports after markets close.

US economic data is light. Chicago PMI will be released at 9:45 a.m. ET and the Fed’s Beige Book will cross the wires at 2 p.m. ET. The US 10-year yield is up 1 basis point at 2.22%.

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