MNI Global Morning Briefing

     LONDON (MNI) - Germany and Spain lead the way with data on a busier Friday

than usual. At 0600GMT is Germany's construction orders. Previous m/m growth was

strong at 9.9%. Sandwiched in between this and the IFO sentiment data is Spain

with their producer price index data. The y/y and m/m growth previously was 1.3%

and -0.9% respectively. The Deutsche IFO at 0800GMT is expected to see a small

drop in the Business Climate Index from 102.1 to 102.0. 

     Moving to the UK, the British Banker's Association sees its new home loan

approvals released at 0830GMT. Previous now home loan approvals for March stood

at 37567. 

     More importantly in the UK is the second estimate of GDP at 0830GMT and the

UK Index of Services. MNI median suggests strongly the second estimate is

unlikely to be modified from the weak first estimate, with Q1 GDP growth

anticipated at 0.1% q/q and y/y growth at 1.2%, both down from a Q4 which had

0.4% q/q growth and 1.4% y/y growth. The index of services saw fairly weak

growth in February with m/m decreasing by 0.2% and 3m/3m up only by 0.4%. 

     Durable goods orders (1230GMT) are expected to fall 1.2% in April after a

2.6% gain in March. Boeing reported 78 orders in April, down sharply from 197

orders reported in March, so aircraft orders are likely to pull back after solid

gains in the previous two months. Orders excluding transportation are expected

to rise 0.6%. Annual revisions released on May 17 will be included with the

data.

     In Sweden, the Riksbank celebrates its 350th anniversary in Stockholm with

ECB Executive Board member Benoit Coeure participating at 1315GMT. This is

followed up shortly 1320GMT with Federal Reserve Chair Jerome Powell speaking on

financial stability and central bank transparency at the event. 

     The Michigan Sentiment index (1400GMT) is expected to be revised up

slightly to 99.0 in May, putting it slightly ahead of the 98.8 level in April.

     At 1545GMT is Chicago Federal Reserve Bank President Charles Evans, Atlanta

Federal Reserve Bank President Raphael Bostic and Dallas Federal Reserve Bank

President Rob Kaplan speaking in Dallas, Texas. 

     Moving back to the celebrations in Stockholm, 1920GMT sees ECB Gov. Council

member Jens Weidmann speaking. 

     After the bank holiday on Monday, the US conclude the calendar early

morning on Tuesday at 0440GMT with St. Louis Federal Reserve Bank President

James Bullard speaking in Tokyo, Japan. Bullard will speak later in the week in

Tokyo at an MNI event (https://mninews.marketnews.com/).

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