On tap for Thursday: Weekly.........>

US DATA PREVIEW: On tap for Thursday: Weekly claims; April building permits

revision; May Markit Mfg and Services Indexes; April new home sales; May Kansas

City Fed Mfg Index; May Fed weekly securities holdings.

- Barclays economists forecast new home sales "to decline by 2.5% m/m in April

reaching 675k. Sales have been increasing at a brisk pace since January and we

expect a modest correction in April as the lack of inventory likely starts to

bite. Nevertheless, at this level sales would be consistent with solid activity

and a continued, if modest, late cycle expansion of the housing market."

- After a strong March read, Morgan Stanley new home sales "to decline by 9.3%

to a rate of 625,000 units. Given the soft prints throughout last year, our new

forecast would also bring sales down by about 1.3% on a year-over-year basis."