Not much reaction to the..............>

US DATA REACT: Not much reaction to the better-than-expected flash PMI data;

slight miss for manufacturing but a solid beat on the services side.

- Sub-categories were grim. IHS Markit reports that firms' client demand remains

weak, with foreign demand "especially muted". The rate of job losses eased from

April but still second-fastest in the 11-year data series. 

- Regarding the future outlook, "although some [respondents] became more

confident of a pick-up in the later stages of the year, helping lift the

survey's future expectations index from April's all-time low, others noted it

would take a long time for conditions to normalise."

- The punchline is that IHS Markit expects GDP to decline at a 37% annualized

rate in Q2.