MNI Global Morning Briefing

By Jai Lakhani

     LONDON (MNI) - For those looking for a jam packed data calendar, turn your

attention to the West with the US providing the bulk of the data for Wednesday's

calendar. 

     At 0830GMT, the Markit/CIPS Construction PMI in the UK will be released.

Whilst, the previous February figure of 51.4 showed signs of optimism off the

back of a January fall, analysts are pencilling in a drop back in the PMI Index

with a median forecast of 51.0. 

     The Euro Area data only consists of two releases at 0900GMT. The m/m

unemployment rate is expected to show a slight improvement from a prior figure

of 8.6% to an analysts' estimate of 8.5%. 

     The flash inflation estimate is expected to show an up-tick in the HICP y/y

measure, up from 1.1% to 1.4% , and the core measure, up a percentage point to

1.1%.

     The US session starts with the MBA Weekly Applications Index at 1100GMT,

where we will see if mortgage approvals build on the 4.8% increase notched in

the previous month. 

     Shortly after at 1215GMT, the ADP National Employment Report will be

published. Last month's released placed private payrolls at 235000 units. 

     The Markit Services Index with a prior of 54.1, comes out at 1345GMT. 

     Factory orders (1400GMT) are expected to rise by 1.6% in February. Durable

goods orders jumped by 3.1% in the month on a surge in aircraft orders, but

nondurables orders are expected to be negatively impacted by soft energy prices.

Factory orders are forecast to rise 1.3% excluding the transportation component.

Durable orders excluding transportation rose by 1.2%. 

     Also at 1400GMT, the ISM nonmanufacturing index which is expected to

decline further in March to 59.0 from 59.5 in February, supported by the modest

falls in the Philadelphia non-manufacturing index, down to 30.1, and the flash

Markit Services index, which itself slipped to 54.1. 

     The AI Group Services index will be released at 2230GMT, it stood at 54.0

previously. 

     Shortly after at 0130GMT is Australia's monthly trade balance which has

analysts pencilling in a reduction in the surplus balance from AUD1.055 billion

to AUD1.000 billion. 

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