Manufacturing slowdown now global

Peter Boockvar:  The slowdown in manufacturing is not just being seen in the US as Europe and Asia also reported moderation.

• China’s two mfr’g indices fell to 9 and 10 month lows,
• Taiwan’s PMI fell to a 5 month low, 
• India to a 4 month low and 
• South Korea to a 6 month low
• In Europe, the final euro zone PMI was slightly below the initial report and now matches the lowest in 8 months.  
• UK mfr’g PMI fell to the lowest since Nov ’09
• The US ISM mfr’g today will sum up the weaker regional survey’s that we’ve seen.

Ahead of US May retail comps on Thursday, the ICSC lowered its projection to a 3% gain from a range of 3-3.5%.

Even as mortgage rates fell to a 6 month low, the MBA said refi’s fell 5.7% and purchases were flat.