MNI Global Morning Briefing

     LONDON (MNI) - It is a quiet Wednesday session, meaning the three key

releases of the day are Germany December manufacturing orders at 0700GMT, US

nonfarm productivity for Q4 at 1330GMT and Canada December building permits also

at 1330GMT.

     In Germany, manufacturing orders declined by 4.3% y/y and -1.0% m/m in

November. For December, the MNI median is pencilling a further decline in the

y/y rate to -6.5% and a slight rebound in the m/m rate of 0.4%.

     Building permits in Canada grew by 2.6% in November.

     BOC Deputy Governor Timothy Lane speaks at the Peterson Institute for

International Economics in Washington, D.C.

     U.S. nonfarm productivity is expected to rise by 1.5% in the preliminary

estimate for the fourth quarter after a 2.3% rise in the previous quarter. The

absence of GDP growth data from the Commerce Department will impact this data,

as the BLS said it will not be able to produce any of its normal headline

series. Unit labour costs are expected to rise by 1.8% in the quarter, much

faster than the 0.9% gain in the third quarter.

     Speaking at 2305GMT and ending the speeches for the day, Fed Vice Chairman

Randal Quarles speaks at the Fed's stress testing conference in New York.

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