MNI Global Morning Briefing

     LONDON (MNI) - An exciting morning packed with data runs out of steam early

on Tuesday, with data coming from Canada and late in the night, Japan and

Australia closing the calendar.

     Starting at 0645GMT, French Industrial Production data will be released.

After previous m/m and y/y growth of -0.5% and 2.1% respectively, the m/m growth

of industrial growth is forecasted by analysts to grow 0.5%.

     At 0800GMT, it's Italy's turn for Industrial Production data. Previous m/m

growth of -1.2% is expected to move back in the right direction with analysts

pencilling in m/m growth of 0.9%.

     The UK takes centre stage at 0830GMT in the backdrop of a controversial

political situation. Releasing the new monthly GDP format, analysts expecting

strong GDP growth for May with the m/m median estimate pencilling in 0.3%

growth, and the rolling three month on three month rate at 0.2%. The trade

balance is expected to narrow in May after April's widening to stg5.3 bn. The

median of analysts estimates point to a narrowing of the deficit to stg2.3 bn.

     After strong retail sales and services PMI in May, the m/m median May

figure for Index of Services is at 0.3%, unchanged from its April reading. The

3m/3m figure is pencilled in by analysts at 0.4%, up from 0.2% in April.

     Also on a positive note is construction which is expected to continue its

recent rebound. May's forecast stands at 0.8% on a m/m basis, up from 0.5% in

April. The y/y figure is also anticipated to rise to -2.7% from a -3.3%

previously. Last but not least out of the 0830GMT release is manufacturing and

industrial production. April's manufacturing fall of 1.4% on a m/m basis was

enough to drag down industrial production by 0.8%. A rebound is expected in May

with manufacturing up to 1% on a m/m basis and industrial production expected to

rise to 0.5% on a m/m basis.

     In Germany, at 0900GMT is the ZEW Current Conditions and Current

Expectations Index. The current conditions index previously had an index reading

of 80.6. The current expectation index is anticipated to decline further from a

previous reading of -16.1 to -19.0.

     At 1215GMT is the Housing Starts data in Canada. From a previous number of

195.6, the index reading is anticipated to rise to 210.0. Building permits is at

1230GMT which previously declined 4.6%.

     At 1700GMT is ECB Executive Board member Sabine Lautenschlaeger speaking in

Frankfurt.

     Late night at 2350GMT is the corporate goods price index in Japan and

machinery orders. The corporate goods price index is expected to rise further on

a y/y basis from 2.7% previously to 2.8%. Machinery orders on a m/m basis is

anticipated to do the opposite with a prior m/m increase of 10.1% expected to in

part be reversed with a decline of 5.5%.

     In Australia at 0030GMT is the Westpac-MI consumer sentiment index.

Previously, the index value was 102.1. Monthly housing finance on a m/m basis is

expected to fall further from a m/m prior fall of 1.4% to a m/m fall of 1.8%.

This is the last piece of data in the calendar at 0130GMT.

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