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MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - With Europe off enjoying May Day today, the calendar gets
underway a little later on, meaning a lie in is in order with the calendar
starting at 0830GMT. 
     The morning sees the UK's money and credit release at 0830 as well as the
manufacturing PMI release. Mortgage approvals is expected to continue its
downward trend from January after it declined in February to 63,910 and analysts
have pencilled in a further downfall to 63,000. Net consumer credit however is
expected to remain relatively strong at stg1.6 billion. The M4 money supply grew
in February by 4.1% year on year basis. 
     After the UK data, have a relaxing break as the calendar won't get started
again until 1230GMT when Canada releases their lates GDP figures by industry.
Previously, m/m growth contracted by 0.1%. 
     The US Markit manufacturing reading rose slightly to 56.5 in its flash
reading for April from 55.6 in March. The final reading comes at 1345GMT. 
     The ISM manufacturing index (1400GMT) is expected to decline further to a
reading of 58.3 in April after a dip to 59.3 in March. Regional conditions data
have suggested continued strong growth, with the exception of the Richmond Fed. 
     Construction spending month on month (1400GMT) is expected to rise by 0.5%
in March. Housing starts rose solidly in the month, suggesting private
residential building ticked up further after a 0.1% gain in the previous month.
     Domestic-made vehicle sales, also at 1400GMT, are expected to rise modestly
in April after accelerating in March. Seasonal adjustment factors will add
slightly to unadjusted April sales after subtracting from them in March. This
will be the first month where GM sales are not included due to their decision to
switch to quarterly reporting.
     BOC Governor Stephen Poloz is next with his speech at the Yellowknife
Chamber of Commerce, Yellowknife, NT at 1830GMT. 
     Australia at 2245GMT release their quarterly labour market statistics with
analysts expecting the unemployment rate to remain unchanged at 4.5%. 
     The UK follow this up shortly at 2301GMT with the BRC Monthly Shop Price
Index. The index deflated further in the month of March with the y/y figure
previously at -1% after a year on year figure for February at -0.8%. On a m/m
basis, March declined by 0.1%. 
     Closing out the calendar at 0145GMT is the Caixin Manufcaturing PMI in
China. The previous result had a strong PMI reading at 51.0 
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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