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A report submitted by the German Ministry of Finance to the Budget Committee on Monday shows that the €500 billion Infrastructure and Climate Fund has already supported economic growth, but the pace of spending needs to accelerate. In 2025, the fund plans to allocate €37.2 billion, but actual expenditure is only €24 billion.Of the 107 "milestones" planned for 2026, only 26 had been completed as of the end of May. According to the fund's "progress and impact indicators," the average completion rate for the entire fund is 54%. About two-thirds of budget projects for 2025 will still be in the planning stage by year-end, with only one-third entering the implementation or operational phase.Expenditure falling short of the plan is partly because funding from the federal states has not yet been allocated, and relevant administrative requirements will not be finalized until the end of 2025. Delays are mainly concentrated in broadband, railway upgrades, and state-level appropriations.As of April 30, 2026, about €11.2 billion had been disbursed from the annual €39.7 billion budget of the infrastructure fund's federal pillar, accounting for 28% of the planned funds. The Ministry of Finance expects clear progress on investment milestones across ministries within the year.

(1) Japanese government bonds weakened on Monday as the market focused on Tuesday's 10-year bond auction and Bank of Japan Governor Kazuo Ueda's speech the following day. The selling pressure was most pronounced in the 5- to 15-year maturities; despite US Treasuries rising on Friday, Japanese government bonds still opened lower. (2) The 10-year benchmark yield rose 2 basis points to 2.675% in early trading. The yield on the 5-year bond climbed faster than the 10-year at one point; by 10:45 a.m., both yields were up 3.5 basis points from Friday, at 1.92% and 2.69% respectively, while futures touched a daily low of 128.60. (3) According to some traders, the weakness in the 5- to 15-year maturities was mainly due to dealers trying to lighten positions ahead of the 10-year auction. Some market participants believe that the 10-year yield needs to reach 2.7% for the auction to proceed smoothly; however, if that level is touched, new bonds will be issued rather than an additional offering. (4) The market is watching for Governor Ueda's speech to possibly hint at a rate hike at the June 15-16 policy meeting, and investors remain cautious about buying Japanese government bonds at this time. The 30-year maturity performed robustly throughout the day.

⑴ The Stanbic IBTC Bank Nigeria PMI rose to 54.1 in May 2026, up from 52.4 in April, marking the strongest improvement in private sector business conditions since August 2025. ⑵ Output and new orders grew more robustly, and increased demand prompted companies to boost purchasing activities and inventories. Supplier delivery times shortened due to prompt payments, better supplier coordination, and improved road conditions. ⑶ Employment continued to grow; however, despite consistent job creation over the past year, the pace of hiring remained moderate. Fuel cost increases related to the Middle East conflict continued to drive up input and selling prices, but inflation rates for both eased to multi-month lows. ⑷ Companies maintained positive expectations based on expansion and product launch plans, but ongoing cost pressures and economic uncertainty pushed business confidence down to a one-year low.