On tap for Tuesday: Q1 ECI;.........>

US DATA PREVIEW: On tap for Tuesday: Q1 ECI; Redbook retail sales m/m;

ISM-Milwaukee Mfg Index; Case-Shiller Home Price Index; MNI Chicago PMI; NAR

pending home sales index; Conference Board confidence; Dallas Fed services

index; FOMC policy meeting kicks off.

- On April PMI, Nomura strategists estimate a bounce back to 60.0 "after falling

sharply by 6pp to 58.7 in March. A slight rebound in this measure would bring it

closer to its previous trend which, looking through monthly volatility, suggests

gradually easing momentum, similar to other business surveys this year."

- Barclays economists expect the Conference Board's index of consumer confidence

"to have increased to 125.0 in April, following a sharp drop in March. At this

level, the index would be consistent with a healthy level of confidence, albeit

lower than last year's average level. Consumers have remained broadly upbeat

about their income prospects given tight labor markets, and we see this as

continuing to support confidence in the coming months."