MNI Global Morning Briefing

     LONDON (MNI) - Friday throws up another full calendar, with the services

and composite PMI data set to be the headline in the morning session.

     The European calendar gets underway at 0715GMT, with the publication of the

Swiss July consumer inflation data.

     At the same time, the Spanish final services PMI data from IHS Markit will

be released. The Italian services PMI are due at 0745GMT, with the French,

German and Eurozone data expected shortly after.

     Analysts are looking for data to consolidate at recent levels, with the

Eurozone services PMI forecast to come in at 54.4.

     Also expected at 0800GMT is the Italian industrial production data.

     The UK IHS Markit services PMI data will be published at 0830GMT.

     Back on the Continent, and both Eurozone and Italian retail sales data are

set for publication at 0900GMT.

     Across the Atlantic, the main US release of the month is expected at

1230GMT, when the latest employment report is published.

     Nonfarm payrolls are forecast to rise by 190,000 in July after a

stronger-than-expected 213,000 rise in June. The unemployment rate is expected

to slip back to 3.9% after rebounding to 4.0% in June. Hourly earnings are

forecast to post another 0.2% gain, but the year/year rate could decline on base

effects, while the average workweek is expected to stay at 34.5 hours for the

sixth straight month.

     The latest US trade data is expected at the same time.

     The international trade gap is expected to widen to $46.1 billion in June

from $43.1 billion in May. The impact of the tariffs may be seen in force in the

data starting this month. The advance estimate of the Census goods trade gap

widened to $68.3 billion, as exports fell and imports rose.

     The Markit US non-manufacturing PMI will be published at 1345GMT, with the

ISM number expected at 1400GMT.

     The ISM nonmanufacturing index is expected to fell to a reading of 58.7 in

July from 59.1 in June. The Philadelphia nonmanufacturing index rose to 44.3,

while the flash Markit Services index fell slightly to 56.2.

     At 1515GMT, the NY Fed's latest GDP Nowcast is expected. Late into the

evening, at 0105GMT, New York Federal Reserve Executive Vice President Simon

Potter will discuss monetary policy implementation at the "23rd EMEAP Governors'

Meeting" in Manila, Philippines.

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