Main focus on Wednesday: April......>

US DATA PREVIEW: Main focus on Wednesday: April retail sales; May Empire

Manufacturing Index; April industrial production/capacity utilization; March

business inventories; May NAHB home builder index; TICS data.

- Morgan Stanley's retail sales tracker "points to a strong pace of consumer

spending at the start of 2Q19. We forecast a 0.5%M gain in core retail sales in

April on top of a 1.0%M jump in March. This compares to a projected 0.2% gain in

headline retail sales after sales soared 1.6% in March. Excluding the sharp drop

in autos, sales should rise by a much stronger 0.9%."

- RBS Natwest est retail sales "may have been flat (0.0%) in April. Unit light

vehicle sales fell by 5.8% last month, reversing most (but not all) of March's

6.5% gain, which likely dragged auto dealers' receipts last month."

- Credit Suisse: "after rising strongly by 1.6% MoM in March, we expect retail

sales to be flat in April. Headline sales should be weaker due to a decline in

auto spending. Industrial production should contract 0.5% MoM in April.

Manufacturing surveys have been sluggish and company production schedules

suggest continued weakness in the auto sector.