The main events by the morning: May 2

• In the draft budget for next year, Donald Trump will propose cutting spending by $163 billion. $557 billion will be allocated for discretionary purposes, which is 22.6% less than in the budget for 2025. The cuts will affect the programs of the Ministries of Energy, Education, Health, and the Environmental protection Agency. At the same time, the cost of border protection will increase.

• China has expressed its willingness to hold trade talks with the United States. The Chinese Ministry of Commerce drew attention to repeated public statements by senior representatives of the American administration about their intention to discuss tariff-related issues with Beijing. In this regard, the Chinese side stressed the importance of Washington's «sincerity» in the framework of the dialogue.

• The US president announced plans to introduce a 100% tax deduction for companies that direct their investments into the American economy. Also among the proposals is the abolition of taxes on tips, overtime payments and income of pensioners participating in the social security system.

• Since the beginning of the year, the ruble has strengthened by 39% against the dollar, becoming the leader by a wide margin. The Swedish and Czech crowns took the 2nd and 3rd places with an increase of 15% and 11%, respectively. While many world currencies have strengthened their positions, the Turkish lira and the Argentine peso continue to weaken due to high inflation, which undermines their economic stability.

• In April, the eurozone manufacturing sector showed the fastest growth in the last three years. However, the total volume of industrial production continues to decline. The final PMI for the manufacturing industry rose to 49.0 in April from 48.6 in March, indicating a weakening of negative dynamics and potential stabilization.