MNI Global Morning Briefing

     LONDON (MNI) - Friday throws up a full data calendar, with the Euro Area

flash PMIs an early highlight.

     The calendar starts at 0645GMT, when France's final GDP estimate for the

second quarter is published. Quarter-on-quarter growth for Q1 was 0.2% and is

anticipated to remain at that rate for the second quarter.

     Up next at 0700GMT is Spain's industrial orders for July. June's reading

was 5.2% y/y wda. Also at the same time is Spain's services survey y/y for July.

June had a reading of 7%.

     The first flash reading for September PMI is France at 0700GMT. The

manufacturing PMI was previously 53.5 and is anticipated by analysts to drop a

touch to 53.3. The services PMI in France is also expected to drop from 55.4 to

55.3.

     Next up is Germany at 0730GMT, with services expected to remain at 55.0

whereas manufacturing is expected to drop from 55.9 to 55.5.

     Ending the flash readings at 0800GMT is the Euro Area. The manufacturing

PMI mirrors drops from France and Germany with the prior reading of 54.6

expected to drop to 54.2. The services PMI however is expected to tick up to

54.5 from 54.4 previously. Putting this together means a composite PMI which is

expected to drop to 54.3 from 54.5.

     Public sector finances in the UK for August are due at 0830GMT and after a

great start to the 2018/2019 fiscal year, analysts anticipated borrowing to move

away from negative territory rising from stg-2.9 bn to stg 2.2 bn for public

sector net borrowing and rising from stg -2 to stg 3.5 bn for the central

government net cash requirement.

     The UK ends their data week with the CBI industrial trends survey for

August at 1000GMT. The previous order book balance was 7.

     Into the afternoon and the only real piece of data at 1230GMT is Canada

with their consumer price index and retail trade combined for August and July

respectively. The July inflation rate was 3% and is expected to drop to 2.8%.

Retail sales growth in June was -0.2% m/m and is expected to rebound to 0.3%.

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