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MNI Global Morning Briefing

MNI (London)
By Les Commons
     LONDON (MNI) - For those looking for a restful morning, Wednesday's
woefully light calendar has you covered.
     With no European data set for release, the calendar starts in the States at
1100GMT, when the MBA weekly applications index is published. Previously,
mortgage applications were -2.0%.
     Up next, at 1230GMT is the Canadian retail trade data. Analysts expect
retail sales to fall both including and excluding fuel from 2.0% and 1.4% to
-0.4% and -0.2% respectively.
     The pace of existing home sales in the US (due at 1400GMT) is expected to
rise to a 5.45 million annual rate in July after slipping further to a 5.38
million rate in June. Pending home sales rose by 0.9% in June, a positive sign
for existing home sales. Supply of homes for sale remains extremely low, keeping
prices elevated.
     Later, at 1800GMT, markets will get the Fed's minutes from the July 31st-
August 1st FOMC meeting, set to be the highlight of the day.
     Finishing off the calendar is the UK monthly HR Pay deals for the whole
economy, due at 2301GMT. The previous median 3m pay award was 2.5%.
--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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