MNI Global Morning Briefing

     LONDON (MNI) - A PMI dominated morning dictates the calendar for Friday

with the big four in Europe and the UK all releasing manufacturing PMIs for May.

Before this gets underway, France's car registration data is at 0700GMT.

Previously, y/y growth was strong at 9.0%.

     The manufacturing PMIs start with Spain at 0715GMT. May's flash estimate

was at 54.4. Italy at 0745GMT, had a May flash reading of 53.5. As MNI analysis

has pointed to, France has tended to be the bright spot recently out of the big

four. May's flash estimate of 55.5 was a three month high and up from 54.8 in

April. The release is five minutes after Italy's at 0750GMT. Next up at 0755GMT

is Germany's manufacturing PMI. The flash May reading of 56.8 was a fifteen

month low.

     Putting these together, we get the Euro Area manufacturing PMI at 0800GMT.

Based on the flash figures above, the final figure is unexpected to change from

its May flash estimate of 55.5.

     Also at 0800GMT and given the recent political turmoil of great interest,

is GDP in Italy. The y/y and q/q figure previously stood at 1.4% and 0.3%

respectively.

     Next up at 0830GMT is manufacturing PMI in the UK. April's showing of 53.9

was below analyst estimates and despite it being above 50, it was the weakest

reading in seventeen months and only half a standard deviations above its

long-term average.

     Moving away from the PMIs, at 1000GMT Riksbank Governor Stefan Ingves

speaks at a lunch seminar in Sweden.

     Moving stateside, nonfarm payrolls (1230GMT) are forecast to rise by

190,000 in May after a weaker-than-expected 164,000 rise in April. The

unemployment rate is expected to hold steady at the 18-year low of 3.9%. Hourly

earnings are forecast to rise 0.2% after a 0.1% gain, while the average workweek

is expected to hold steady at 34.5 hours for another month.

     At 1255GMT is Minneapolis Federal Reserve Bank President Neel Kashkari

speaking in Minneapolis.

     The ISM manufacturing index (1400GMT) is expected to rebound modestly to a

reading of 58.3 in May after declining further to 57.3 in April. Regional

conditions data have pointed overwhelmingly to improved conditions.

     Domestic-made vehicle sales (1400GMT) are expected to hold roughly steady

in May after slowing in April, though there is some downside risk as seasonal

adjustment factors will subtract significantly from unadjusted May sales after

adding modestly to April sales.

     All-day on Saturday in Canada, ECB Governing Council member Jens Wiedmann

and BBK Board member Claudia Buch participate in the G7 Finance Ministers and

Central Bank Governors' meeting.

     Finishing off the calendar early Monday morning is Australia with their

monthly retail trade and quarterly business indicators at 0130GMT. Previous m/m

growth in retail trade was flat. Quarterly business indicators showed company

operating profits and inventories growing 2.2% and 0.2% q/q respectively.

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