Risk associated with next week's....>

US DATA PREVIEW: Risk associated with next week's retail sales, industrial

production, and housing starts should prove be relatively muted. On Tue's retail

sales (0.3% est; ex. motor vehicle, 0.5% est), Credit Suisse economists "expect

nominal retail sales to increase 0.3% MoM and real retail sales to rise

0.7%...housing starts to rise 1.6% MoM in April..." while "industrial production

is likely to remain solid in April after two months of above trend growth. We

expect headline growth of 0.4% MoM, driven by a pickup in manufacturing and

continued outperformance for mining output." Morgan Stanley economists "look for

another strong gain in April, where our Retail Sales Tracking points to 0.4%

month-over-month growth. Combined with our forecasts for a 0.6% jump in gas

station sales, a 0.5% decline for autos and a 1.0% rebound in home improvement

stores, we see headline retail sales rising 0.3%. We expect ex-autos retail

sales to rise 0.5%."