MNI Global Morning Briefing

     LONDON (MNI) - It's a service stop morning in Europe Tuesday with services

PMI from the Euro Area and the UK.

     Starting in Spain at 0715GMT, the services PMI for May comes out off the

back of a strong April reading of 55.6. That will be followed half an hour later

at 0745GMT by Italy, with their services PMI. The Italian April's reading was

52.6, and all eyes are looking for any change on the flash read from the

political situation.

     Next up in five minute intervals is France and Germany. France previously

had an April reading of 54.3, whilst Germany had a reading of 52.1. As always,

the Euro Area services PMI comes out after these countries' readings. Analysts

expect an unchanged figure from April's 53.9.

     Moving to 0830GMT and the UK's Services PMI will be published. The services

PMI rose to 52.8 in April after March's 20 month low of 51.7.

     Back to the Euro Area at 0900GMT and the latest retail trade data will be

published. Previously, m/m and y/y growth was at 0.1% and 0.8%.

     The BOE are hosting many speeches this week and one of these is at 1000GMT

when Deputy Governor Jon Cunliffe speaks in London.

     In Canada, at 1230GMT, labour productivity and costs data will be released.

Previously, labour productivity grew by 0.2%.

     At 1300GMT is ECB President Mario Draghi participates in the Two

Presidents' Talk with Jean-Claude Trichet to celebrate the ECB's 20th birthday.

     The US ISM nonmanufacturing index (1400GMT) is expected to rise to a

reading of 57.7 in May from 56.8 in April. The Philadelphia nonmanufacturing

index rose to 45.3, while the flash Markit Services index rose to 55.7.

     The next speech comes at 1730GMT with EBC Governing Council member Jens

Weidmann speaks in Brussels.

     Closing out the calendar early morning Tuesday is Japan with their average

wages preliminary estimate at 0000GMT and Australia's quarterly GDP at 0130GMT.

Japan's real wages previously saw y/y growth of 0.7%. Australia's quarterly GDP

is expected to rise strongly from a prior 0.4% q/q growth to 0.8% q/q growth.

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