With US Macro Surprise data in freefall throughout May, expectations were for Manufacturing sentiment surveys to slide (ISM extending its weakness and PMI confirming its flash dip).

S&P Global US Manufacturing missed, falling from 59.2 in April to 57.5 in preliminary May to 57.0 final for May - the lowest since January 2022

US ISM Manufacturing beat, bouncing from 55.4 in April to 56.1 in May, better than the expected drop to 54.5.

Bear in mind that the ISM results stand in contrast to several regional Federal Reserve bank surveys that showed a clear pullback in factory activity.

Gauges of manufacturing in New York state and Texas, along with the Richmond and Philadelphia Fed regions, all declined in May from the prior month.