MNI Global Morning Briefing

     LONDON (MNI) - In Europe the release of data on UK public sector finances

and retail sales at 0930GMT will be closely watched. Furthermore, the BOE and

SNB will then announce their monetary policy decision at 1200GMT and 0830GMT,

respectively. The highlights in the US are the publication of the Philadelphia

Fed manufacturing index and the weekly jobless claims at 1230GMT.

     Public sector net borrowing in the UK was GBP -15.8 BN in January and the

MNI median expects an improvement to GBP -0.8 BN in February. The central

government net cash requirement was GBP -25.8 BN in the previous month. In

January retail Sales m/m grew by 1% whereas retail sales excluding fuel were

growing by 1.2%. UK retail sales are expected to slow in February (-0.3% and

-0.4%, respectively) after the positive January figures, as ongoing uncertainty

over Brexit dampened shopping spirits -- although warmer than usual weather in

the month could somewhat ease the slowdown.

     The current interest rate in the UK is 0.75% and the main rate in

Switzerland stands -0.75%. Both are expected to remain at their current levels.

In the UK the current BOE asset purchase program amount is GBP 445 BN.

     The Philadelphia Fed index is expected to rebound to a reading of 7.0 in

March after falling to -4.1 in February. The Empire State index fell to 3.7 in

March from 8.8 in February. The level of initial jobless claims is expected to

fall by 4,000 to 225,000 in the March 16 employment survey week after an

increase of 6,000 in the previous week.

     The European Council meeting takes place in Brussels, with the UK's request

for a Brexit delay likely to top the agenda. At 0800GMT ECB Supervisory Board

Chair Andrea Enria speaks in Brussels and the ECB Economic Bulletin is released

at 0900GMT.

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