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Analysts at Nomura expect the US ISM non-manufacturing index to fall 0.6pp to 58.0 in June as domestic demand appears to have remained strong in recent months but escalating trade tensions may have dampened business sentiment in the nonmanufacturing sector.

Key Quotes

“Many industries such as mining, agriculture, and construction reported input price uncertainty and supply disruptions partly due to escalation in trade tensions in the May ISM non-manufacturing survey. Continued uncertainty from trade related issues will likely weigh on business sentiment in the near term.”