MNI Global Morning Briefing

     LONDON (MNI) - The calendar, as it did last week, runs out of steam on

Friday with very little to report on.

     After a weak showing on Thursday with its manufacturing and services PMI,

Germany release their construction orders figures at 0700GMT with a prior m/m

figure of 16.8%. This is followed up with Spain at 0800GMT releasing their

Producer Price Index figures with prior m/m and y/y figures of 0.2% and 0.1%

respectively.

     After negative retail sales including and excluding automobiles previously

of 0.8% and 1.8% respectively, Canada's retail sales are expected by analysts to

recover with MNI forecasts suggesting retail sales to grow by 1% and when

excluding automobiles, to grow by 0.9%. Headline CPI on a m/m basis is expected

to fall slightly by analysts from 0.7% to 0.5%. On a y/y basis, headline CPI is

expected to rise from 1.7% to 2.0%.

     Durable goods orders (1230GMT) are expected to rise by 1.7% in February

after a 3.6% decline in January. Boeing orders were roughly unchanged, rising to

only 30 from 28 in January, suggesting nondefense aircraft orders could level

off after a January plunge. Orders excluding transportation are expected to post

a 0.5% increase after a 0.3% decline in January.

     New home sales are expected to rebound to a 620,000 annual rate in February

following a further decline in January. Unadjusted sales were down 2.2% from a

year earlier. Home supply was modestly rose further in January, so the months

supply rose to 6.1 months from 5.5 months in December. This will be released at

1400GMT.

     US building permit revisions and BLS State Employment is also expected at

1400GMT with previous BLS State Payrolls previously at 172 units.

     The calendar rounds off with the St. Louis Fed Real GDP Nowcast at 1500GMT

followed by the NY Fed GDP Nowcast at 1515GMT with the previous nowcasts at

3.78% and 2.7% respectively.

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