<p>Chinese manufacturing unexpectedly contracted in May for the first time in seven months. On Thursday, HSBC Corp. said the preliminary version of its monthly purchasing managers index fell to a seven-month low of 49.6 from April's 50.4. Numbers below 50 show a contraction. </p><p>U.S. manufacturing grew at its slowest pace since October. The Markit "flash" U.S. Manufacturing Purchasing Managers Index fell to a seven-month low of 51.9 in May from 52.1 in April. Markit's flash Eurozone Composite Output index rose to a three-month high at 47.7 in May, compared to 46.9 in April. </p><p>Separate data on Thursday showed rising home prices in the U.S., and new home sales rose 2.3 percent in April. </p><p>The median price of a new home hit $271,600 in April, while the average new-home price reached $330,800, both record highs, the Commerce Department reported Thursday.</p><p>Durable goods orders for April are released Friday after the data unexpectedly fell 5.7 percent in March as demand for Aircraft fell. </p><p> </p><p> </p>
