Via Robert Sinche at Amherst Pierpont Securities:
CHINA: The government’s Manufacturing and Non-Manufactruign PMIs for May will be released, with the BBerg consensus expecting the Manufacturing PMI to inch up to 50.3 from 50.1 in April; the consensus expects the final HSBC/Markit Manufacturing PMI to be revised slightly higher to 49.2 (preliminary 49.1).
AUSTRALIA: The AiG Performance of Manufacturing Index for May will be released; this PMI-type index has been below 50 for the last 5 months (48.0 in April) and 8 of the last 9 months.
S. KOREA: After Jan/Feb readings above 50, the HSBC Manufacturing PMI slipped below 50 in both March and April, another sign of weakness in the region and competitive pressures from the weak JPY; a May rebound appears unlikely.
INDIA: The Manufacturing PMI has been above 50 for each of the last 18 months, although sluggish growth throughout Asia may limit further gains.
JAPAN: The final May Markit Manufacturing PMI is unlikely to vary from the 50.9 preliminary reading, a rebound from 49.9 in April. Company Sales and Profits data for 1Q is likely to maintain the trends of soft sales growth (2.4% YOY in 4Q) and more rapid profit growth (11.6% YOY in 4Q) as the weak JPY aids foreign profits but domestic sales remain weak.
RUSSIA: The BBerg consensus expects the Russian Manufacturing PMI to dip to 48.5 from 48.9 in April, which would be the 6th straight month of readings <50.
EURO ZONE: The BBerg consensus expects the final Markit Manufacturing PMI to match the preliminary at 52.3, the strongest reading since April 2014.
GERMANY: The BBerg consensus expects the final Markit Manufacturing PMI to match the preliminary at 51.4, the weakest in 3 months, as German Manufacturing lags the rest of the EZ. The BBerg consensus expects the EU Harmonized CPI to jump to +0.6% YOY from 0.3% in April, which would be the most rapid YOY CPI gain since October.
FRANCE: The BBerg consensus expects the final Markit Manufacturing PMI to match the preliminary at 49.3, still below 50 but the strongest since May 2014.
ITALY: The BBerg consensus expects the Manufacturing PMI to slip to 53.6 from the 12-month high of 53.8 in April.
SPAIN: The BBerg consensus expects the Manufacturing PMI to rise to 54.5 from 54.2, just below the recovery high of 54.7 reached in January.
UK: The BBerg consensus expects the Manufacturing PMI to rebound to 52.5 from 51.9 in April; the index has been above 50 consistently since April 2013 and has averaged 53.7 over the last 12 months.