MNI Global Morning Briefing

     LONDON (MNI) - Wednesday's calendar starts early, with Switzerland's GDP

forecast expected at 0545GMT. The previous forecasts for growth in 2018 and 2019

were 2.4% and 2.0% respectively.

     Next up is the ACEA European car registrations data for August, due at

0600GMT. The previous y/y growth rate for the eurozone was 5.2%.

     At 0630GMT BOJ Governor Haruhiko Kuroda speaks in Japan at a press

conference after the two day policy board meeting.

     Back to the Euro Area at 0800GMT with their current account data for July.

June recorded a surplus of EUR 24bn.

     The UK's CPI,PPI and house price index data will be published at 0830GMT.

After July saw a headline rate of 2.5% y/y, the MNI median points to a 2.4% y/y

rate in August. However, if past August MNI medians are anything to go by, there

could be an upward surprise.

     The Euro Area construction output data is at 0900GMT. In July, the m/m and

y/y growth rates were 0.2% and 2.6% respectively.

     The US calendar gets underway at 1100GMT with their MBA mortgage

applications data. The previous growth rate in August was -1.8%.

     At 1230GMT is the US current account data and housing starts for Q2 and

August respectively. In Q1, the current account deficit was USD 124.1bn, but

this is anticipated to narrow to USD 103bn for Q2. The seasonally adjusted pace

of housing starts is expected to rise further to a 1.245 million annual rate in

August after moving up slightly in July. Multi-family building is seen as key

upside factor. The NAHB index fell to 67 in August. As inventories remain tight,

builders will likely find it advantageous to boost output. The pace of building

permits is expected to rise to a 1.320 million annual rate from the revised

1.303 million rate in July.

     ECB President Mario Draghi is speaking at 1300GMT in Berlin. BBK Board

member Joachim Wuermeling speaks at 1500GMT in Hamburg.

     Moving to the evening and at 2245GMT Q2 GDP in New Zealand will be

published. The q/q growth rate in Q1 was 0.5% and the MNI median points to it

moving to 0.8% in Q2. The y/y growth rate however was 2.7% in Q1 and is expected

to drop to 2.6% in Q2.

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