MNI Global Morning Briefing

     LONDON (MNI) - Friday throws up a busy calendar day in Europe and the UK,

with UK Q2 GDP set to be the highlight release of the morning.

     The European calendar gets underway at 0645GMT, with the publication of the

French non-farm payrolls and French industrial production data.

     The is a swathe of UK data expected at 0830GMT, when the latest Short Term

Economic Indicators are published by the ONS.

     Among the releases will be the Q2 GDP estimate, the GDP m/m release for

June, manufacturing and industrial output for June, construction output, index

of services and the latest trade balance.

     On quarter, GDP is seen up 0.4% in Q2, bouncing back from Q2's

weather-impacted 0.2%.

     Across the Atlantic, the US calendar gets underway at 1230GMT, with the

release of the bellwether July CPI.

     The CPI is expected to rise by 0.2% in July after a 0.1% gain in June. The

year/year rates should rise further due to a soft reading a year ago. AAA

reported a modest decline in mid-month prices from June, which could soften

seasonally adjusted CPI gasoline prices. The core CPI is also forecast to rise

0.2% following an as-expected 0.2% increase in June.

     At the same time, the Canadian July Labour Force Survey is slated for

publication.

     The St. Louis Fed's latest Real GDP Nowcast is due at 1500GMT, with the NY

Fed GDP Nowcast expected at 1515GMT.

     Late US data sees the release of the July Treasury Budget at 1800GMT.

     The US Treasury is expected to post a $76.7 billion budget gap for July,

much larger than the $42.9 billion gap in July 2017. The impact of the tax cuts

should continue to be seen in the data in the form of lower receipts that are

fuelling wider deficits.

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