Today we have PMI releases for May in the UK, Norway, Sweden, Spain and Italy, and US ISM manufacturing.
In the US, we will also get the ADP job report where the market consensus is for 180,000 new jobs being created in May, up from 177,000 in April. The US ISM index is expected to decline slightly to 54.6 in May from 54.8 in April, according to market consensus.
For the UK PMI release, as the PMI manufacturing index for the euro area increased slightly in May, there may be upside risk to our expectation of a slight fall in the UK index.
This morning we published our bi-annual global outlook called Big Picture. We lower our forecast for global growth due to downward revisions in the US and China. We no longer look for a fiscal boost in the US in 2018 and policy tightening in China has exceeded our expectations. Our forecast for the euro area is broadly unchanged. For more details see The Big Picture: Less tailwind for the global economy .
To read the entire report Please click on the pdf File Below