On tap for Friday: Markit...........>

US DATA PREVIEW: On tap for Friday: Markit Manufacturing and Service Index for

March; February existing home sales; BLS state payrolls; wholesale inventories

and sales; Atlanta Fed President Bostic at econ-outlook, mon/pol conference in

San Francisco. 

- After three consecutive weaker reads, Morgan Stanley economists "look for

existing home sales to rise 1.9% to a sales pace of 5.03 million. Further out,

purchases of existing home will likely resume their decline as inventory

shortages continue to restrain activity in the market."

- Danske Bank economists "still think Markit manufacturing PMI will stabilize,

so we expect the manufacturing index to come in at 54, up from 53."

- Nomura economists on existing home sales are "likely increased 1.2% m-o-m to

an annualized pace of 5.00mn in February after falling for a third consecutive

month in January to 4.94mn...Lower mortgage rates and some improvement in

inventory should help existing home sales in the short run despite longer-term

structural issues. However, the lagged impact of worsening of home affordability

may continue to inhibit improvement in existing home sales."