MNI Global Morning Briefing

     LONDON (MNI) - Its a heavy data day across Europe Wednesday, with German

inflation data set to dominate.

     At 0600GMT, the German import/export prices data will be released, along

with the German retail sales and ILO employment report.

     At 0645GMT, French consumer spending data and Q1 GDP data will cross the

wire. At 0700GMT, Spanish retail sales and inflation data will cross the wires,

with the Swiss KOF Economic Barometer due at the same time.

     There is further German unemployment data expected at 0755GMT, when the

Federal unemployment numbers are released.

     At 0900GMT, the eurozone Economic Sentiment Indicator is set for release,

along with the Business Climate Indicator, the Consumer Confidence and the

Industrial Sentiment indicator.

     Across the Atlantic, the US MBA weekly applications index will be published

at 1100GMT.

     Back in Europe and perhaps the most important data release of the day comes

at 1200GMT, with the publication of the flash German inflation data.

     The US calendar continues at 1215GMT, with the release of the ADP

Employment Report. US Q2 revised GDP data will be published at 1230GMT, along

with the advance trade, advance business inventories.

     First quarter GDP is expected to be unrevised at a 2.3% annual rate, while

the chain price index is expected to be unrevised at a 2.0% rate, suggesting

analysts see little excitement in the data and are focused on the second

quarter.

     Canadian data due for release at the same time includes the current account

numbers and Industrial Product.

     At 1400GMT, the latest Bank of Canada policy decision is expected. No

change is the market focus, with eyes on comments from one of the Deputy

Governor's on Thursday.

     The US help-wanted online index is also due for release at 1400GMT, with

the Dallas Fed Services Survey expected at 1430GMT,

     SNB Board member Thomas Jordan speaks on "Innovation and entrepreneurship:

factors of success in a changing economic world", in Solothurn, Switzerland,

from 1415GMT.

     At 1800GMT, the Federal Reserve publishes the Beige Book for the upcoming

FOMC meeting in Washington. Fed Governors will hold an open meeting to discuss

issuing a proposed rule for public comment on modifying the "Volcker rule".

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