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MNI Global Morning Briefing

MNI (London)
     LONDON (MNI) - The three key releases for Tuesday will be the UK August
labour report at 0830GMT, the German September ZEW at 0900GMT and U.S.
industrial production at 1315GMT.
     A fairly unexciting outcome is expected in the UK for August's labour
report. Unemployment is anticipated to remain unchanged at 4.0% and headline
earnings including and excluding bonuses are expected to remain at 2.6% and 2.9%
3M Y/Y respectively.
     The current expectations index of the ZEW was previously -10.6 and is
expected to worsen to -15.0. The prior current conditions score was 76.0.
     Industrial production is expected to rise by 0.2% in September on a
utilities surge that should be offset by softer readings for manufacturing and
mining production. Factory payrolls rose by 18,000 in September, but auto
production jobs were flat and the factory workweek shortened to 40.8 hours. The
ISM production index rose to 63.9 in the current month from 63.3 in the previous
month. Utilities production is expected to rise further in the month due to
unseasonably warm temperatures, while mining production is forecast to maintain
its string of gains, albeit a bit slower. Capacity utilization is forecast to
tick up to 78.2% from 78.1% 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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