MNI European Morning Briefing

     LONDON (MNI) - A quiet start to the calendar on Wednesday gives way to key

events in the US later in the day.

     The first European release is UK Markit/CIPS Manufacturing PMI at 0930GMT.

     Across the Atlantic proceedings kick off with the US MBA Weekly

Applications Index at 1100GMT.

     At 1200GMT UK Prime Minister Theresa May will face the latest round of

weekly PMQ's.

     The US ADP Employment Report will be published at 1215GMT, the figure is

pre-cursor to the more widely watched NFP Report on Friday.

     At 1345GMT the final October US Markit Manufacturing Index will be

released.

     Several US releases come at 1400GMT: ISM Manufacturing Index, Construction

Spending and the Help-Wanted Online Index.

     The ISM manufacturing index is expected to fall to a reading of 59.5 in

October after rising to a recent peak of 60.8 in September despite the

hurricanes that month. Regional conditions have suggested stronger growth

     Construction spending is expected to hold steady in September, though the

hurricanes present a short-term downside risk. Housing starts fell 4.7% in the

month, suggesting private residential building could be weak.

     At 1430GMT the DoE Weekly Crude Stocks data are on the docket.

     Swiss National Banks Governing Board Member Fritz Zurbruegg will give a

speech on "Loans, Debt and Growth", in Berne, Switzerland.

     The main event of the day is up at 1800GMT, the FOMC policy announcement,

in Washington. Consumed with speculation over who will be the next leader of the

Federal Reserve, markets are giving relatively little attention to the November

Federal Open Market Committee meeting, in which the Fed is widely expected to

stand pat on interest rates.

     Officials are likely to continue their vigorous debate over whether another

rate increase is needed this year even as inflation remains short of their 2%

goal. But with the economy evolving broadly as expected and labour markets

tightening further in the past six weeks, there is little reason why the 12 FOMC

members who in September said they were prepared to move forward with another

hike this year would change their minds.

     With markets already betting heavily on a Dec. 13 rate hike, there is no

need for the FOMC to drop any overt hint about a move at the next meeting. Aside

from small updates to its review of the economy, expect the statement to stand

little changed from September.

     At 2015GMT Bank of Canada Governor Stephen Poloz and Senior Deputy Governor

Carolyn Wilkins appearance before Senate Standing Committee on Banking, Trade

and Commerce.

--MNI London Bureau; +44 203 865 3809; email: kieran.williams@marketnews.com