May GDP/short-term indicators preview.......>

UK DATA: May GDP/short-term indicators preview (expected 0700BST)

--UK May GDP median +5.0% m/m, -17.5% 3m/3m, -21.0% y/y (Apr -20.4% m/m)

--UK May index of services median +4.7% m/m, -19.3% y/y (Apr -19% m/m)

--UK May manufacturing median +8.0% m/m, -24% y/y (Apr -24.3%)

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UK June GDP is expected to recoup some of the damage done in late-March and

April, with analysts expecting a m/m gain of around 5%. That would be by far the

biggest monthly gain on record, but needs to be seen in the light of a 5.8%

decline in March and a 20.4% fall in April. The previous record m/m gain was a

1.9% pick-up in July 2012, boosted by the start of the Olympics and a weak

prior. Recoveries are seen across the sectors this month, with services set for

a 5% bounce after falling 19% in April. Construction is set for a 15% bounce

after falling 40% in April. Manufacturing is also set for a bounce, seen up 8%

after a 24.3% decline in April.