U.S. manufacturing ISM preview above 50.0 - Nomura

Analysts at Nomura offered a preview of U.S. ISM.

Key Quotes:

"We saw a step back in this sentiment index in April, as businesses appeared to be too optimistic about activity in March, probably due to the initial rally in equity prices and increases in commodity prices at that time."

"Results from major regional manufacturing surveys released so far in May have been tilted to the negative. As such, we forecast that the ISM manufacturing index likely declined by 0.4pt to 50.4 in May (Consensus: 50.3)."