MNI Global Morning Briefing

By Jai Lakhani

     LONDON (MNI) - Tuesday, whilst including more than Monday, still has little

data to report on despite a fast start in Europe.

     Starting in Germany, import/export price indices are to be released at

0700GMT. Prior export indices on a m/m and y/y basis were 0.3% and 0.7%

respectively. This is contrasted with prior import figures on a m/m and y/y

basis of 0.5% and 0.7% respectively.

     Spain follows up with its HICP figures at 0800GMT. Prior m/m and y/y

figures were at 0.1% and 1.2% respectively.

     The ECB release its M3 growth figures at 0900GMT with analysts expecting

the y/y figure to remain unchanged from its prior figure of 4.6%. This is in

line with Draghi's speech where the main conclusion was monetary policy was to

remain in line with the rhetoric.

     In the backdrop of Lega and 5SM potentially forming a coalition, Italy

simultaneously release their ISTAT business and consumer confidence figures with

priors of 108.7 and 115.6 respectively at 0900GMT.

     At 1000GMT, the Eurozone Business and Consumer Survey, Business Climate

Indicator and Economic Sentiment Indicator see out the morning.

     The Economic Sentiment Indicator is expected to drop by analysts from 114.1

to 113.4 which is in line with the disappointing Composite PMI figures released

last Thursday. The Business Climate Indicator was previously at 1.48 whereas the

Business and Consumer Survey Index was at 0.2 for consumer confidence at 8.0 for

industrial settlement.

     The Redbook Retail Sales Index starts the US data off at 1355GMT with

previous declining sales growth of 0.1%. Very shortly after this, the

Case-Shiller Home Price Index is released at 1400GMT with a previous index

figure of 0.6.

     The index of consumer confidence (1500GMT), is expected to rise further to

a reading of 132.0 in March after a surge in February to 130.8, with the 313,000

gain in February payrolls likely to be seen in the jobs plentiful measure. It

appears that the recently-passed tax cuts have lifted the spirits of consumers.

The Michigan Sentiment Index rose to 102.0 in early-March from 99.7 in February.

     The Richmond Fed Survey and Dallas Fed Survey are released at 1530GMT with

index figures previously of 28.0 and 17.5 respectively.

     Atlanta Federal Reserve Bank President Raphael Bostic will participate in a

"Conversation with John Hope Bryant" at the "HOP Flobal Forums, 2018 Annual

Meeting" in Atlanta to close the US calendar at 1600GMT.

     At 0100GMT the ANZ Kiwi Monthly Business Survey will be released. Prior

figures suggest a pick up this month with activity outlook at a positive 20.4

units. However, business confidence was at -19.0 units.

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