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Free AccessMNI 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
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.