MNI Global Morning Briefing

     LONDON (MNI) - Thursday throws up a full data session, with a plethora of

releases on both sides of the Atlantic.

     The European calendar gets underway at 0645GMT, with the release of the

French business climate index and the manufacturing and services sentiment data.

     At 0700GMT, Spanish industrial orders and services survey will be released.

     Bundesbank Board member Joachim Wuermeling speaks at the conference of the

Ministry of Economics Affairs for Baden-Wuerttemberg, in Stuttgart, from

0715GMT.

     The first of the day's central bank policy decisions comes at 0730GMT, when

the Swiss National Bank announce, swiftly followed by the Norges Bank at

0800GMT.

     The UK public sector finance data will be released at 0830GMT.

     At 0945GMT, ECB Gov. Council member Jens Weidmann speaks at the conference

held by the Banque de France and Bundesbank, in Paris.

     Back in the UK, AT 1100gmt, the Bank Of England's latest policy decision is

expected. The MPC is seen on hold, awaiting the August meeting and the Inflation

Report to decide whether the next 25bps hike in rates in yet justified.

     Across the Atlantic, the US calendar gets underway at 1230GMT, with the

release of the Jobless Claims and the Philadelphia Fed Manufacturing Index.

     The level of initial jobless claims is expected to rise by only 2,000 to

220,000 in the June 16 employment survey week after falling by 4,000 to 218,000

in the previous week, keeping the level in its tight range. Initial claims were

at a level of 223,000 in the May 12 employment survey week. The four-week moving

average would fall by 3,500 in the coming week as the 234,000 level in the May

19 week drops out of the calculation, assuming the MNI forecast is correct and

there are no revisions.

     The Philadelphia Fed index is expected to fall back to a reading of 29.5 in

June after a further rise to 34.4 in May, still showing continued acceleration.

The Empire State index released June 15 rose further in the month.

     Canadian wholesale trade data is expected at the same time.

     At 1300GMT, the FHFA Home Price Index will cross the wires. At the same

time, Minneapolis Federal Reserve Bank President Neel Kashkari is scheduled to

speak.

     The US May leading indicator is expected at 1400GMT. The LI is forecast to

rise by 0.3% in May. Positive contributions are expected from higher consumer

expectations, ISM new orders, and stock prices.

     The European Commission consumer confidence indicator will be released at

the same time.

     At 2000GMT, BOE Governor Mark Carney will deliver a keynote speech at the

Mansion House in London.

     Late data sees the release of the Fed Weekly M2 Money Supply Data at

2030GMT.

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