MNI European Morning Briefing

     LONDON (MNI) - Friday is a busy data day, with the European manufacturing

PMI data and the US employment report set to dominate.

     The European calendar gets underway at 0715GMT, with the publication of the

Swiss retail sales numbers

     The euro area manufacturing PMI data kicks off at 0715GMT, with the release

of the Spanish final August Markit Manufacturing PMI data. The Italian numbers

will be released at 0745GMT, with French data at 0750GMT, German at 0755GMT and

the euro area manufacturing PMI at 0800GMT.

     Also due at 0800GMT is the final Italian Q2 GDP data.

     There is more Markit manufacturing PMI data expected at 0830GMT, when the

final UK August data will cross the wire.

     ECB Vice-President Vitor Constancio speaks at 43rd edition of "Intelligence

on the World, Europe and Italy" Forum, in Cernobbio, Italy, starting at 0915GMT.

     The US calendar kicks off at 1230GMT, with the bellwether US employment

report for August.

     Nonfarm payrolls are forecast to rise by 180,000 in August after

stronger-than-expected readings in the previous two months. It remains to be

seen if the impact from Amazon's attempt to hire 50,000 new workers will filter

through to the payrolls figures this month, but it casts some upside risk on the

data. The unemployment rate is expected to hold steady at 4.3%. Hourly earnings

are forecast to rise 0.2% after a 0.3% gain in the previous month. The average

workweek is expected to stay at 34.5 for another month.

     At 1345GMT, the final August US Markit Manufacturing Index will be

published.

     There is a rush of US data at 1400GMT, including the ISM Manufacturing

Index, construction spending and the Final Michigan Sentiment Index.

     Construction spending is expected to rise 0.5% in July. Housing starts fell

4.8% in the month, suggesting private residential building could continue its

string of declines.

     The ISM manufacturing index is expected to rebound modesty to a reading of

56.6 in August after a dip back to 56.3 in July. Regional conditions data have

suggested fairly strong growth.

     The Michigan Sentiment index is expected to be revised down slightly to a

reading of 97.5 in August from the 97.6 preliminary estimate, still above the

93.4 reading in July.

     At 1500GMT, the St. Louis Fed Real GDP Nowcast will be released, followed

by the NY Fed GDP Nowcast at 1515GMT.

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