MNI European Morning Briefing

     LONDON (MNI) - The calendar picks up the pace again Wednesday, although the

schedule is heavily weighted to the US session.

     The European calendar gets underway at 0745GMT, when the French foreign

trade and current account data are published.

     At 0800GMT, Bundesbank Board member Andreas Dombret speaks at the Bank

Symposium of the German Bundesbank, in Frankfurt.

     The is limited data expected in the UK, but the Halifax February House

Price Index will be released at 0830GMT.

     The main European release comes at 1000GMT, with the publication of the

final EMU Q4 2017 GDP data.

     Across the Atlantic, the calendar gets underway at 1200GMT, with the

release of the MBA weekly applications index. At the same time, UK PM Theresa

May will take questions at the weekly PMQs session.

     At 1300GMT, Atlanta Federal Reserve Bank President Raphael Bostic speaks

during a Fireside Chat to the Broward Workshop in Fort Lauderdale, FL, with

audience and media Q&A.

     The ADP Employment Report will be published at 1330GMT, with the Non-Farm

Productivity and trade balance data expected at 1330GMT.

     The international trade gap is expected to widen to $55.1 billion in

January from a $53.1 billion gap in December. The advance estimate of the Census

goods trade gap widened further to $74.4 billion, with exports down 2.2% and

imports down only 0.5%.

     Nonfarm productivity is expected to be unrevised at a 0.1% decline, as the

output component was virtually unrevised, but the gain in hours worked should be

revised lower. Unit labor costs are expected to be revised up to a 2.1% pace of

growth.

     At the same time, Canadian Labour Productivity and Costs and trade data

will be released.

     The Bank of Canada will announce their latest policy decision at 1500GMT,

with expectations policy will be left unchanged.

     The DOE weekly crude oil stocks will be released at 1530GMT.

     At 1900GMT, the Federal Reserve publishes the Beige Book for upcoming FOMC

meeting.

     Late US data will see Consumer Credit and Treasury Allotments released at

200GMT.

     Consumer credit is expected to rise by $17.8 billion in January after an

$18.4 billion increase in December. Retail sales fell by 0.3% and were flat

excluding motor vehicles, even weaker than the soft revised December figures.

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