MNI Global Morning Briefing

     LONDON (MNI) - Flat Friday

     Bucking the promising trend of recent data heavy Fridays, this week's

offering far more tepid. Starting in Germany at 0600GMT comes a triple release

of trade balance, industrial output and labour costs. Germany's prior trade

balance on a m/m basis was a surplus of EUR22 bn. Industrial production on a m/m

basis is expected by analysts to see a drop in growth from its prior of 1.0% to

0.2%. Labour costs on a q/q and y/y basis previously grew by 0.4% and 1.5%

respectively.

     Next up is France at 0645GMT with their industrial production data.

Month-on-month growth previously declined by 0.4% and is expected to recover

some of that loss with an anticipated m/m growth of 0.3%.

     Moving swiftly to the afternoon is Canada at 1215GMT with the CMHC

releasing the housing starts data. With a previous index reading of 215.3, an

increase is expected to 220.0. Shortly after at 1230GMT is the capacity

utilization and labour force survey in Canada. The Industrial Capacity Use Rate

was previously 86%, whereas the labour force survey previously had an

unemployment rate of 5.8%.

     The only data to report from the States is at 1400GMT with their wholesale

trade data. Wholesale inventories and sales previously grew 0.4%, however

wholesale inventories is expected to witness flat growth.

     China closes the dismal calendar out and will at some point today release

their trade balance data. The previous trade balance was a surplus of USD28.78

bn in April.

     On Saturday is China's CPI and PPI release for May. April's y/y CPI was

1.8%. China's PPI y/y for April was 3.4%. On either Monday, Tuesday or

Wednesday. China will also release their money supply, new loans and total

social financing data. The M2 ytd y/y growth was previously 8.3%, new loans

previously stood at CNY1.18 trn and total social financing was CNY1.56 trn

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