MNI Global Morning Briefing

     LONDON (MNI) - The publication of the PMI data for France (0815GMT),

Germany (0830GMT) and the Eurozone (0900GMT) is the highlight of Friday morning

in Europe. In the US the release of data on existing home sales at 1400GMT and

the publication of the treasury budget statement at 1800GMT will be closely

watched.

     In February, the manufacturing PMIs for Germany and the Eurozone continued

to decline with below 50 readings of 47.6 and 49.3, respectively. These declines

were recorded despite the recent improvement in Eurozone industrial production.

The MNI median expects the PMIs to improve slightly in March to 48 (DE) and 49.5

(EZ), but still sub-50. However, EZ industrial production y/y has remained

negative since October 2018, despite January's positive surprise.

     The services PMI on the other hand was 50.2 in France, 55.3 in Germany and

52.8 in the Eurozone in the previous month. According to the MNI median the

services PMI in March will be 50.6 (FR), 54.8 (DE) and 55.3 (EZ), respectively.

The composite PMI in the Eurozone amounted to 51.9 in February and is expected

to remain at the current level for this month.

     The pace of US existing home sales is expected to rebound to a 5.11 million

annual rate in February after a further decline in January. Pending home sales

rebounded by 4.6% in January after six straight declines. The budget deficit in

February is expected to be $227 billion.

     The European Council meeting continues in Brussels where ECB President

Mario Draghi also participates. At 0815GMT ECB Vice-President Luis de Guindos

speaks at the ECB colloquium in Frankfurt and at 0830GMT ECB Supervisory Board

member Ignazio Angeloni speaks, followed by Supervisory Board Chair Andrea Enria

at 1030GMT. ECB Executive Board member Yves Mersch participates in a policy

panel in Warsaw at 1015GMT. NY Fed Vice President Kevin Stiroh speaks in New

York at 1245GMT.

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