MNI European Morning Briefing

     LONDON (MNI) - Its a busy end to the week, with the US employment report

likely to be the stand out event.

     The European calendar gets going at 0600GMT, with the publication of the

German manufacturing orders.

     Spanish industrial production data will be released at 0700GMT, to be

followed by the Italian June retail sales data at 0800GMT.

     The US calendar gets underway at 1230GMT, with the release of the latest

trade data and, more importantly, the July jobs data.

     Nonfarm payrolls are forecast to rise by 181,000 in July after a

stronger-than-expected 222,000 gain in June. The unemployment rate is expected

to fall back to 4.3% after rebounding to 4.4% in June. Hourly earnings are

forecast to rise 0.3% after a 0.2% gain in the previous month. Due to a large

0.4% rise in hourly earnings in July 2016, the year/year gain for July 2017 is

likely to be trimmed. The average workweek is expected to hold steady at 34.5.

     The international trade gap is expected to narrow to $44.1 billion in June.

The advance estimate of the Census goods trade gap narrowed to $63.9 billion in

June, with exports up 1.4% and imports down 0.4%.

     At the same time, north of the border, the Canadian International

Merchandise Trade and Labour Force Survey data will be published.

     Then, at 1400GMT, the Canadian Ivey PMI numbers will cross the wires.

     The St. Louis Fed Real GDP Nowcast is expected at 1500GMT, with the NY Fed

GDP Nowcast expected at 1515GMT.

     Late data sees the release of the latest US Treasury STRIPS at 1900GMT.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com