MNI BRIEF: BOC Says Premature To Discuss Rate Cuts

BOC SAYS IT'S PREMATURE TO START TALKING ABOUT RATE CUTS

MNI BRIEF: Text Of Bank Of Canada Interest-Rate Decision

Eurozone Timeline of Key Events (Times GMT)

US Treasury Auction Calendar

US EIA: CRUDE OIL STOCKS EX SPR -9.23M TO 420.7M JAN 19 WK

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

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MNI BRIEF: BOC Says Premature To Discuss Rate Cuts

BOC SAYS IT'S PREMATURE TO START TALKING ABOUT RATE CUTS

MNI BRIEF: Text Of Bank Of Canada Interest-Rate Decision

Eurozone Timeline of Key Events (Times GMT)

US Treasury Auction Calendar

US EIA: CRUDE OIL STOCKS EX SPR -9.23M TO 420.7M JAN 19 WK

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - It's an inflation day in Europe, with Germany releasing
their HICP data at 0600GMT and France releasing theirs at 0645GMT. Both are
final readings for August. The inflation rate for Germany in July calmed to 2.1%
and the flash reading had August at 2.0% on a y/y basis. In France, July
inflation rose to a near 6.5 year high at 2.3% on a y/y basis. After the flash
reading, inflation appears set to remain at this elevated level.
     At 0700GMT Bundesbank Board member Johannes Beermann speaks in Mittweida,
Germany.
     The afternoon sees a string of interest rate decisions, led by policy
decisions in the UK and Euro Area.
     At 1100GMT, and two days on from Governor Carney being confirmed as staying
on until January 2020, the September Bank of England policy decision is
announced. The MNI median suggest a 9-0 vote to keep the interest rates and QE
unchanged -- not surprising given the hike last month.
     At 1145GMT, the ECB deposit rate, main refinancing rate and marginal
lending rate numbers will be published. The prior rates of -0.40, 0.0% for
deposit and main refinancing respectively are not expected to change. The
previous marginal lending rate was -0.25% and is also seen unchanged.
     Mario Draghi's Frankfurt press conference following the decision will be at
1230GMT.
     Moving to the U.S., CPI data is due at 1230GMT for August. CPI is expected
to rise 0.2% in August after a 0.2% gain in July. AAA reported a small decline
in mid-month prices from July, but seasonally adjusted CPI gasoline prices could
see a modest gain. The core CPI is forecast to rise 0.2% again following an
as-expected 0.2% increase in July.
     The US initial jobless claims data is also at 1230GMT and is expected to
rebound by 6,000 to 209,000 in the September 8 holiday-shortened week after a
decrease of 10,000 to 203,000 in the previous week, another 49-year low. Any
comparison to a year ago is tainted by the hurricanes that hit in
early-September 2017. The four-week moving average would fall by 750 in the
coming week as the 212,000 level in the August 11 week rolls out of the
calculation, assuming the MNI forecast is correct and there are no revisions.
This would be another 49-year low.
     Canada also comes alive at 1230GMT with their international investment
position data and new housing price index. The new housing price index is for
the month of July and was previously 0.8% y/y in June.
     Atlanta Federal Reserve Bank President Raphael Bostic is speaking in
Jackson, Mississippi, at 1630GMT.
     Overnight, China's fixed-asset investment data will be released at 0200GMT,
along with industrial output and retail sales numbers. All the y/y growth rates
are expected to remain unchanged from July's readings, with the fixed asset
investment ytd y/y growth at 5.5%. Industrial output y/y was at 6.0% in July and
retail sales y/y was at 8.8%.
--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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