On tap for Friday: May Michigan.....>

US DATA PREVIEW: On tap for Friday: May Michigan sentiment index; Q1 e-commerce

retail sales; Q1 Advance NSA Service Revenue; Apr BLS state payrolls; Apr

leading indicators. 

- Credit Suisse expects consumer sentiment to "decline to 96.5 from 97.2. The

sell-off in the stock market and sharp decline in vehicle sales suggest

sentiment may be falling slightly. If the US/China trade negotiations break down

and the US stock market falls sharply, we'd expect to see a larger decline in

consumer sentiment."

- Nomura said the "final April survey from the University of Michigan ticked

down slightly from March levels but remained elevated. With a decline in the

unemployment rate to 3.6% in April, we expect positive sentiment to carry over

into May. Long-term inflation expectations remained at their lowest level

recorded in the survey, at 2.3%, and have generally trended lower over the past

six months."