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MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - Its a slow start Wednesday, with the UK first up at 0830GMT,
with the CPI data. From a previous y/y figure of 2.4% for the month of May, a
rise in utilities and fuel prices is expected to drive June's CPI figure to
2.7%. Also at the same time is the ONS House Price Index and Producer Prices.
The house price index for April rose 3.9% on a y/y basis which was a fall from
4.2% in March. PPI input y/y is expected by analysts to rise from 9.2% in May to
10.0% in June. PPI output y/y is expected to rise from 2.9% in May to 3.2% in
June.
     Next up is the Euro Area 'final' HICP figures at 0900GMT. A flash y/y rate
of 2.0% is expected to remain unchanged. Construction output in the Euro Area is
also at 0900GMT. Previously, the y/y growth rate was 1.8%.
     Moving to the US, the seasonally adjusted pace of housing starts (1230GMT)
is expected to slow modestly to a 1.320 million annual rate in June after rising
in May. The NAHB index fell to 68 in June from 70 in May. As inventories remain
tight, builders will likely find it advantageous to boost output. The pace of
building permits is expected to rise to a 1.340 million rate from the unrevised
1.301 million rate in May.
     At 1400GMT, Federal Reserve Chair Jerome Powell will continue to deliver
his semi-annual monetary policy testimony before the House Financial Services
Committee in Washington.
     Another release from the Federal Reserve is at 1800GMT when they release
the Beige Book for the upcoming FOMC meeting.
     At 2350GMT, Japan publishes their latest trade balance data. A prior trade
deficit of JPY580 bn is expected by analysts to turn to a surplus of JPY538 bn.
     Finishing the calendar at 0130GMT is Australia with the monthly labour
force survey and NAB Quarterly Business survey. The unemployment rate in
Australia is expected to remain unchanged at 5.4%. The NAB business confidence
had a previous index value of +7 and the current business condition had an index
value of +17.
--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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