MNI Global Morning Briefing

     LONDON (MNI) - Thursday remains quiet in Europe with the data highlight

being the release of data of industrial production for Spain at 0800BST. In the

US, the publication of international trade data as well as the latest PPI will

be closely watched.

     Industrial production in Spain is expected to plummet to -1.3% y/y in

March. Spain's output saw a decline in February by 0.3% year-on-year after

reaching a 10-month high in January (+2.7). Monthly figures showed the largest

increase (+3.6%) since August 2001 but contracted by 1.1% in February.

     The international trade gap in US is expected to widen to $51.2 billion in

March after a substantial narrowing in February. The advance trade report

released on May 3 showed a modest widening in the Census trade gap.

     Final demand PPI is expected to rise by 0.2% in April after a surprise 0.6%

March increase. Energy prices are expected to rise further, though at a slower

rate, following a 5.6% surge in the previous month, while food prices are

expected to hold steady after a 0.3% rebound. Excluding food and energy prices,

PPI is forecast to rise 0.2% after a stronger-than-expected 0.3% gain in March.

     In terms of speeches in events ECB's Nowotny and Hakkarainen speak, while

in the U.S. Atlanta Fed's Bostic and Chicago Fed's Evans are the highlights.

Earlier, the Norges Bank's policy decision is expected, with no change in rates

forecast.

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