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Analysts at Nomura expect the US ISM manufacturing index to rise to 58.0 in May (Consensus: 58.2), from 57.3 in April.

Key Quotes

“The Empire State and Philly Fed surveys indicate solid activity in May, while concerns over US trade policies likely weighed on forward-looking measures. Overall, the strength was broad-based across measures of current business activity and demand, which suggests a strong May ISM manufacturing report.”

Construction spending: Construction spending fell 1.7% m-o-m in March, partly driven by a sharp 8.0% decline in private residential improvement spending. However, private residential construction spending overall was weak as both single- and multi-family construction spending declined. Construction spending in April could rebound given idiosyncratic declines in home improvement spending.”