Morgan Stanley Research previews the US ISM manufacturing index on Friday.

"We are tracking April manufacturing ISM at 52.9, with firm demand and continued output expansion signaling resilience. However, uncertainty around supply and prices keeps near-term risks tilted to the downside," MS notes.

"Regional surveys and the S&P flash PMI show solid output and new orders, alongside rising input costs from higher oil prices. S&P details also indicate worsening supplier delivery times, pointing to ongoing supply constraints amid Middle East geopolitical uncertainty," MS adds.