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MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - Despite an early start, Wednesday's busy morning runs out of
steam quickly. The data starts at 0600GMT in the UK, with the publication of the
Nationwide House Price Index. The y/y growth rate in annual house prices in the
UK softened in June to 2.0% from 2.4% in May.
     Up next at 0645GMT are car registrations in France. The previous y/y car
registrations, published in early July, grew 9.2%.
     The main events of the morning is the manufacturing PMIs across Spain,
Italy, France, Germany, the Euro Area and finally the UK. Starting with Spain at
0715GMT, previous manufacturing PMI was 53.4. In Italy, the previous reading was
slightly lower at 53.3 and July's release will be at 0745GMT. Five minutes later
at 0750GMT is France whose manufacturing PMI was 53.1. At 0755GMT is Germany
whose previous index reading of 57.3 is expected to remain unchanged for the
month of July.
     Putting this together at 0800GMT is the Euro Area manufacturing PMI, which
is expected to remain unchanged in July from June's reading of 55.1.
     The UK manufacturing PMI is at 0830GMT. The previous June reading of 54.4
is expected to drop a touch to 54.2.
     The US has three releases at 1400GMT, consisting of construction spending,
the ISM manufacturing index and domestic-made vehicle sales.
     Construction spending is expected to rise by 0.3% in June after a 0.4% May
increase. Housing starts fell sharply in the month, suggesting private
residential building dipped after a May gain.
     The ISM manufacturing index is expected to decline to a reading of 58.5 in
July after rising to 60.2 in June. Regional conditions data have suggested
modest deceleration, while the Markit flash estimate rose modestly to 55.5 from
55.4 in June.
     Domestic-made vehicle sales are expected to slow modest in July after
accelerating in June. Seasonal adjustment factors for the coming year will be
released at some point before August 1, but usually subtract less from
unadjusted sales than they do in June.
     Whilst important data releases, the eyes of the World will be peeled on the
FOMC policy announcement at 1800GMT. The policy announcement from Washington
will reveal if analyst expectations are correct that the Bank Rate will remain
unchanged from 1.75%.
     Australian data due for release overnight sees the monthly trade balance
data published, having previously seen a trade balance of AUD827 mn.
--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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