Here comes ISM manufacturing PMI ...

The Institute of Supply Management and Markit Economics will shortly release their reports on the manufacturing sector during April.

Economists forecast that ISM's purchasing manager's index slipped to 56.5 from 57.2, according to Bloomberg. Markit's PMI is estimated at 52.8, unchanged from the flash reading.

Here's Nomura's preview:

The ISM manufacturing index declined slightly to 57.2 in March from 57.7 in February, indicating some moderation in manufacturers' optimism. Both production and new orders indices declined, implying a slight moderation in the improvement of business activity. Incoming data imply a continued moderation in April. The Philly Fed and Empire State surveys indicate steady activity in April, but their headline indices declined from historically high levels. Therefore, we expect the headline ISM index to decline slightly to 56.0.

More to come ...