MNI Global Morning Briefing

     LONDON (MNI) - Wednesday's calendar is busy in the morning, but rather

tapers off as the day goes on.

     Starting at 0600GMT, German construction orders hit the wires. Previously,

the m/m growth in construction orders was 2.6%.

     Next up, at 0645GMT is PPI data in France. Previously, the m/m and y/y

figures were 0.6% and 2.9% respectively. Shortly after, at 0700GMT, is producer

price index data in Spain. The previous m/m and y/y figures were 1.1% and 2.9%

respectively.

     An hour later (0800GMT) and a piece of data undoubtedly of interest to

markets is the German IFO. A previous reading of the Business Climate Index of

101.8 is forecasted to drop to 101.5.

     The Euro Area M3 data, also at 0800GMT, is expected to remain unchanged

from a y/y rate of 4.0%.

     One of two pieces of data in the UK today is CBI distributive trades.

June's impressive retail sales figure of 32 units was 21 points higher than May

and also the highest since September. The expectation for July is a drop to 18

units.

     New home sales (1400GMT) are expected to accelerate to a 669,000 annual

rate in June following a rebound in May. Unadjusted sales were up 14.0% from a

year earlier in May. Meanwhile, home supply was up 1.0% month/month and 10.3%

year/year, so the supply is rising and should be adequate to meet demand in most

months

     The final piece of UK data is at 2301GMT with the XpertHR pay data. The

previous month showed the going rate for pay settlements was 2.5% for a fifth

consecutive month.

     Concluding the calendar is international trade price indexes in Australia.

Previous q/q export price index was 4.9% and is forecasted to drop to -1.0%.

Import price index q/q was previously 2.1% and is expected to drop a touch to

2.0%.

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