US equity markets opened lower, with the S&P 500 -0.5% as China’s 50.1 PMI figure for May added to evidence that growth remains subdued after the economy expanded at the slowest pace in more than two decades. Manufacturing gauges for the UK pointed to mediocre expansion, while US figures are due out in half an hour. The Stoxx Europe 600 is headed for its biggest drop in a month, while copper fell by the most in three weeks. The yen is strengthening after Abe pushed back a proposed sales-tax hike to 2019 as expected, and the Dollar Index is weaker by 0.4% on the day. Crude couldn’t hold on to the $50 level, slipping -2.25% on the day to $48 ahead of tomorrow‘s OPEC meeting. On the fixed-income front, sovereign debt spreads to the bund are widening, while the yield on US 10yr Ts fell -3.7bps to 1.809%. Today in the US, the ISM numbers are still due, along with the Fed’s beige book. Tomorrow, the ECB’s Draghi is set to release their latest monetary policy decision; the ECB eased in March and is expected to hold steady at this meeting. On Friday, the Fed will be looking for continued improvement in the labor mkt when the monthly employment report is released.