Unsurprisingly, the Markit Flash......>

US DATA REACT: Unsurprisingly, the Markit Flash April PMI report was grim, but

actually came in mixed vs expectations, with the manufacturing reading above

consensus (36.9 vs 35.0 exp), and services below (27.0 vs 30.0 exp).

- However, the manufacturing number was boosted for yet another month by

deterioration in suppliers' delivery times, which contributes positively to the

headline number when it declines.

- The outlook remains weak. For manufacturers, "confidence regarding the outlook

for output over the coming year dropped to a fresh low, and was pessimistic for

the first time since the series began in July 2012"; likewise for services, "the

outlook for business activity slumped to a fresh series low, as firms grappled

with uncertainty over how long lockdowns and social distancing measures will

last."