Early consensus is expecting the PMIs to pick....>

UK: Early consensus is expecting the PMIs to pick up a bit from their April

levels, but it is important to note these are indices that largely ask whether

conditions have deteriorated or improved / positive or negative. May will be

compared to April, when the lockdown was already underway, and things are

generally looking more positive now than they were a month ago with the first

steps towards reversing the lockdown in sight. Retail sales for April will be

interesting and will give the best indication yet on the hit to consumer

spending in the lockdown. The March release covered the period March 1 - April 4

so around 2/3 of the survey was pre-lockdown whereas the entire April survey

period will be during lockdown. March may have also been boosted by purchases to

enable home working at the very beginning of the lockdown and these may also

have slowed in April. (2/2)

- For more see the MNI Gilt Week Ahead email (released May 18, 6:30BST)