MNI European Morning Briefing

     LONDON (MNI) - The main data releases expected Friday will be the final

July inflation numbers, expected on both sides of the Atlantic.

     The calendar gets underway with the release of the German July final

inflation data and the German wholesale prices, both expected at 0600GMT.

     At 0645GMT, the French non-farm payrolls data will cross the wires, with

July inflation data and the June employment numbers expected at the same time.

     There is a raft of Spanish data expected at 0700GMT, including the final

July inflation numbers, the latest services survey, and the June industrial

orders.

     Italian final July inflation data will be published at 0800GMT.

     The main US data is expected to cross the wire at 0830GMT, when the July

CPI numbers are published.

     The CPI is expected to rise 0.2% in July following a flat reading in June.

Analysts expect energy prices to rebound modestly after another sharp decline in

June, as temperatures across the country picked up to lift electricity usage.

Food prices are expected to remain tame after a flat June reading. The core CPI

is also forecast to rise 0.2% following a third straight 0.1% increase in June,

but vehicle and apparel prices were again cited as drags on the core number that

prevent it from breaking out of its recent trend.

     Dallas Fed Pres Rob Kaplan is scheduled to speak at 1340GMT, with

Minneapolis Fed Pres Neel Kashkari hosting an audience Q&A from 1530GMT.

     Between the two Fed speakers, the St. Louis Fed Real GDP Nowcast will be

published at 1500GMT, with the NY Fed GDP Nowcast expected at 1530GMT.

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