NORGES BANK: POLICY RATE LIKELY ON HOLD FOR "SOME TIME AHEAD"

MNI: NORGES BANK LEAVES POLICY RATE UNCHANGED AT 4.5%

MNI: PBOC Injects Net CNY366 Bln Via OMO Thur; Rates Unchanged

MNI: GERMANY JAN IFO BUSINESS CLIMATE INDEX 85.2

PPI Suggests Potential For Further Disinflation In Core Goods CPI

MNI: FRANCE JAN MANUF SENTIMENT AT 99

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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NORGES BANK: POLICY RATE LIKELY ON HOLD FOR "SOME TIME AHEAD"

MNI: NORGES BANK LEAVES POLICY RATE UNCHANGED AT 4.5%

MNI: PBOC Injects Net CNY366 Bln Via OMO Thur; Rates Unchanged

MNI: GERMANY JAN IFO BUSINESS CLIMATE INDEX 85.2

PPI Suggests Potential For Further Disinflation In Core Goods CPI

MNI: FRANCE JAN MANUF SENTIMENT AT 99

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) - In what has been a busy calendar through the week, Friday
sees the calendar take a breather, with limited data to report on.
     France data will get the ball rolling, when the BOF retail trade for August
is released ahead of the market open. The previous q/q growth in July was -0.7%.
     At 0800GMT, ECB Governing Council member Ewald Nowotny speaks in Vienna. At
the same time is the HICP data for August from Italy.
     Next up at 0900GMT is labour costs and trade balance in the Euro Area for
Q2 and July respectively. The y/y growth rate for Q1 was 2.0%. In June, the
trade balance showed a surplus of EUR 16.7 bn.
     There is a double release in the US at 1230GMT, as retail sales and import
export price index data for August are published.
     Retail sales are forecast to rise 0.5% in August after a surprise 0.5% gain
in July. Not seasonally adjusted industry motor vehicle sales rose slightly in
August, but AAA reported that gasoline prices slipped modestly in mid-August
from one month earlier. Retail sales are expected to also be up 0.5% excluding
motor vehicles after a 0.6% rise in July, further sign of underlying strength in
the third quarter.
     Imports and exports price index data for the month of August is expected to
show that imports prices declined by 0.2% compared to flat-lining in July. In
July, export prices declined by 0.5%.
     US industrial production is at 1315GMT and is expected to rise 0.4% in
August after a small gain in July. Factory payrolls fell by 3,000 in August,
while auto production jobs fell by 5,000 and the factory workweek was unchanged
at 41.0 hours. However, the ISM production index jumped to 63.3 in the current
month from 58.5 in the previous month. Utilities production is expected to move
higher in the month on the hotter-than-usual weather after a further decline in
the previous month, while mining production is forecast to resume their upward
path after declining for the first time in five months in July. Capacity
utilization is forecast to rise to 78.3% from 78.1% in July.
     Business inventories (1400GMT) are expected to rise by 0.5% in July.
Factory inventories were already reported up 0.8% in the month, while the
advance report showed wholesale inventories rose 0.7% and retail inventories
rose 0.4%. Taken together, an MNI calculation looks for a 0.6% increase for
business inventories at this point, so the median forecast suggests analysts see
downward revisions to retail and/or wholesale inventories. As for sales, factory
shipments were flat and the advance estimate for retail trade sales was a 0.4%
gain, so the data suggest business sales was only mildly positive in the month
pending the data on wholesale sales and any revision to retail trade sales.
     The Michigan Sentiment index (also at 1400GMT) is expected to rise to 96.7
in early-September from 96.2 in August.
--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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