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MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - Luckily the calendar obliges with the World Cup fixtures
that resume Friday, with little data allowing for viewing of the quarter finals.
     Starting at 0600GMT, German Industrial Orders cross the wires. The m/m
production previously declined 1% and is forecast to decline further by 0.2%. 
     France is next at 0645GMT with their current account and foreign trade
data. Previously, the current account exhibited a deficit of EUR1.1 bn. 
     Next up is the UK at 0730GMT with the Halifax House Price Index for June.
The three months to May y/y figure increased 1.9% which followed a 2.2% gain in
the three months to April. Recent data from the Nationwide suggested gains
running around 2% annually. 
     Italy's retail sales at 0800GMT. Previously, y/y sales declined by 4.6%. 
     Swiftly on to the afternoon, and at 1230GMT is the highlight of the trading
day, as eyes will again be on the US with their nonfarm payrolls data. 
     Nonfarm payrolls are forecast to rise by 195,000 in June after a
stronger-than-expected 223,000 rise in May. The unemployment rate is expected to
hold at 3.8% after falling further to the decades-low level in the previous
month. Hourly earnings are forecast to rise by 0.3% for the second month in a
row, after the upside surprise last month, while the average workweek is
expected to stay at 34.5 hours for the fifth consecutive month.
     Canada's International Merchandise Trade and Labour Force survey will be
released at the same time. The previous trade deficit of CAD1.9 bn in April is
anticipated to widen to CAD2.2 bn for the month of May. The unemployment rate in
Canada is expected to remain unchanged from the previous month at 5.8%. 
     Also in Canada, at 1400GMT, is the Ivey PMI. Previously, the seasonally
adjusted reading stood at 62.5. 
     China's FX Reserves on Saturday finishes the calendar. The year to date FX
reserves previously was USD3.11 trillion. 
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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