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MNI European Morning Briefing

MNI (London)
     LONDON (MNI) - There is a busy European data calendar Wednesday, with the
euro area flash PMI data set to be the highlight of the day.
     Although much attention is focused on his comments expected later in the
week, ECB President Mario Draghi will give a keynote speech at the opening
ceremony of 6th Lindau Meeting on Economic Sciences in Lindau, Germany, expected
at 0700GMT.
     The data calendar gets underway at 0700GMT, with the publication of the
French manufacturing and services PMI, with the German data expected at 0730GMT.
     At 0800GMT, the Eurozone amalgamated PMI data will be published, including
the flash August composite PMI.
     The US calendar kicks off at 1100GMT, with the publication of the MBA
weekly applications index.
     At 1345GMT, the flash services and manufacturing PMI data will be published
by Markit.
     The July US new home sales data will be released at 1400GMT.
     New home sales are expected to increase to a 613,000 annual rate in July
following a modest 0.8% gain in June. Unadjusted sales were up 10.0% from a year
earlier before seasonal adjustment. Home supply rose by 1.1% in June, lifting
the months supply to 5.4 months. Housing starts fell 4.8% in July after a 7.4%
gain in June, while permits declined 4.1%. As a result, supply is likely to
remain relatively soft in the coming months.
     At the same time, back in Europe, the EC August consumer confidence
indicator will be released.
     The US DOE weekly crude oil stocks are set for publication at 1430GMT.
     Late in the day, Dallas Federal Reserve Bank President Rob Kaplan will
participate in a moderated Q&A session at the Permian Basin Petroleum
Association Membership Luncheon in Midland, Texas, with audience and media Q&A,
starting at 1705GMT.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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