MNI Global Morning Briefing

     LONDON (MNI) - Friday throws up a full data schedule on both sides of the

Atlantic, with the euro area inflation data set to be the highlight of the

morning session.

     The European calendar kicks off at0600GMT, with the release of the German

wholesale prices at 0600GMT. The EU car registrations data from ACEA will be

released at the same time.

     At 0700gmt, Spanish labour costs data will be published, followed by the

Italian industrial orders at 0800GMT.

     ECB Gov. Council member Ewald Nowotny participates at a press conference

outlining the macroeconomic forecasts of the OeNB, in Vienna at 0800GMT.

Executive Board member Benoit Coeure speaks in Paris at 0845GMT.

     EMU data set for publication at 0900GMT includes the trade balance and

labour costs data.

     But the main release is the final EMU May inflation data, set for

publication at 0900GMT, with analysts expecting a confirmation of the 1.9% y/y

reading seen in the flash report.

     Final Italian May HICP will be published at the same time.

     Across the Atlantic, the US Empire State Manufacturing Survey will be

released at 1230GMT. The Empire State index is expected to soften to a reading

of 19.1 in June after rising to 20.1 in May.

     Canadian data expected at the same time includes the CREA house sales data

and the Monthly Survey of Manufacturing.

     Back in the US, at 1315GMT, May Industrial Production data is expected,

with the preliminary University of Michigan Sentiment Index at 1400GMT.

     Industrial production is expected to grow 0.2% in May after gains in the

previous three months. Factory payrolls rose by 18,000 in May, while auto

production jobs fell by 4,000 and the factory workweek fell to 40.8 hours from

41.0 hours in April. The ISM production index rose to 61.5 in the current month

from 57.2 in the previous month, suggesting manufacturing production did not

suffer from the slightly shorter workweek. Utilities production is expected to

slow in the month after a weather-related gain in the previous month, but mining

production could post another gain. Capacity utilization is forecast to stay at

78.0%, unchanged from April.

     The Michigan Sentiment index is expected to rise modestly to 98.6 in

early-June after falling slightly to 98.0 in May.

     The US BLS State Employment data is also due at 1400GMT.

     At 1500GMT, the St. Louis Fed Real GDP Nowcast will be published, followed

by the NY Fed GDP Nowcast at 1515GMT.

     Dallas Federal Reserve Bank President Rob Kaplan participates in a

moderated Q&A at the Fort Worth Chamber of Commerce Leaders in Business in Fort

Worth, Texas, with audience and media Q&A, from 1700GMT.

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