MNI Global Morning Briefing

     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