AP

Good morning. Here's what you need to know.

• Markets in Asia were mostly lower in overnight trading. The Japanese Nikkei fell 0.4%. European markets are mostly closed due to May Day, although London is up modestly. In the United States, futures point to a slightly positive open.

• China's official manufacturing PMI fell to 50.6 in April from 50.9 in March, below economists' expectations fro a drop to 50.7. Any PMI reading above 50 signals expansion, so the 50.6 reading indicates that Chinese manufacturing is still expanding, but the pace of growth is slowing.

• South Korean exports seemed to confirm the theme, posting only 0.4% year-over-year growth in April versus economists' consensus prediction for a 2.0% advance. South Korean exports are referred to as the "economic canary in the coal mine" due to the country's close trade relationship with China.

• In the U.K., manufacturing PMI unexpectedly rose to 49.8 in April from 48.6 in March, beating estimates for a tick down to 48.5. The 49.8 reading is below 50, which means the U.K. manufacturing sector still contracted in April, but much less than it did in March.

• This morning, we got a weaker than expected employment report from ADP. The firm estimates that only 119,000 new private payrolls were created in April, below the 150,000 predicted by market economists. Last month's ADP results were revised down to 131,000 from 158,000.

• Markit's final reading of U.S. manufacturing PMI for the month of April came in at 52.1, slightly above expectations and the flash estimate of 52.0, but down from last month's 54.6 reading, indicating that growth in American manufacturing decelerated last month.

• The ISM Manufacturing index follows at 10 AM. Economists predict the index will moderate to 50.6 from last month's 51.3 reading, showing further evidence of slowing growth in American manufacturing. Click here for the latest on the U.S. PMI release >

• Also out at 10 AM are data on construction spending for the month of March. The consensus expectation is that growth in construction spending slowed to 0.6% in March after expanding 1.2% in February.

• At 2 PM ET, the Federal Reserve announces its latest FOMC monetary policy decision. Observers will be watching closely for any change in the language to acknowledge the recent slowdown in economic indicators, especially those dealing with inflation, which has trended down in recent months. This likely provides impetus for continued quantitative easing.

• Throughout the day, global automakers will be reporting April sales figures. Analysts predict total vehicle sales were 15.22 million units at a seasonally adjusted annualized rate in April, unchanged from March. Follow all of the data LIVE on Business Insider >

• BONUS: Runway model Kendra Spears is set to marry Prince Rahim Aga Khan, son of the Imam of the global community of the Shia Ismaili Muslims.