MNI European Morning Briefing

     LONDON (MNI) - The economic calendar kicks off in Europe on Monday with

German Retail Sales at 0700GMT.

     A dual release from Spain at 0800GMT, preliminary Q3 GDP figures and

October HICP will be published.

     Also at 0800GMT is the Swiss KOF Economic Barometer.

     The first UK release of the day at 0930GMT is the BoE Consumer Credit

print, also released is Net Lending to Individuals and Money Supply data. The

Bank of England's measure of mortgage approvals fell in August after a notable

recovery in July, further downside is expected in September.

     Approvals fell to 66,580 in August from 68,452 in July, though at this

level they are still consistent with the previous six-month average of 66,367.

     The UK Finance survey, previously known as the BBA survey, slipped slightly

in September to 41,584 and unwound the increase seen in August.

     Other data in the sector has been soft, the most recent RICS survey saw new

buyer enquiries balance drop to a 14-month low in September. The headline price

index in September was at +6, in line with the August reading, but the increase

is attributed to lack of supply rather than increased demand.

     At 1000GMT the Eurozone Economic Sentiment Indicator is on the docket

alongside Consumer and Manufacturing Confidence data.

     Across the Atlantic the first US release of the day, Personal Income and

Consumption, comes at 1230GMT. US releases are an hour earlier this week due to

UK and continental Europe will move off daylight saving time, while the US roll

back clocks one week later on November 5.

     Personal income is expected to rise by 0.4% in September, as payrolls fell

by 33,000, but average weekly hours held steady at 34.4 hours and hourly

earnings surged by 0.5%. 

Current dollar PCE is forecast to jump 0.9%, as retail sales surged 1.6% in the

month and were still up 1.0% excluding a 3.6% spike in motor vehicle sales. 

Core retail sales (also ex. gas) were up 0.5% in the month, while sales

excluding autos, gas, building materials and food services up 0.4%, indicating

underlying strength. 

The core PCE price index is expected to post a 0.1% gain in September,

reflecting steady core CPI data. The year/year gain should remain below 2%.

     At 1300GMT Germany release preliminary CPI and HICP figures for October.

     The Dallas Fed Manufacturing Survey is scheduled for 1430GMT.

     Rounding off the day at 1900GMT are US Farm Prices.

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