MNI Global Morning Briefing

     LONDON (MNI) - The data calendar picks ups Thursday, with Eurozone flash

PMI data set to be the highlight of the morning session.

     France lead a manufacturing and service survey data heavy calendar,

starting at 0645GMT as the business climate indicator is released. The previous

business climate indicator came in at 106.0. At the same time, France's

manufacturing and services sentiment data will be published. Previously, the

figures were 108.0 and 104.0 respectively.

     France also kick off the flash PMIs at 0700GMT. Manufacturing is expected

to remain unchanged from its previous index reading of 53.4. Services is

expected to rise a touch from 54.9 to 55.1.

     Next up is Germany's flash PMI data at 0730GMT. The flash manufacturing PMI

is anticipated to drop from 56.9 previously to 56.5. Like France, services is

expected to rise 0.2 units to 54.3 from 54.1 previously.

     Finishing up the PMIs at 0800GMT is the Euro Area flash manufacturing,

services and composite PMI. Manufacturing is predicted by the MNI median to drop

to 55.0 from a prior 55.1. Services is expected to show an anticipated pick-up

in France and Germany, with the number for the Euro-Area pencilled in at 54.4

from a 54.2 prior.

     The composite PMI is expected to gain forecast at 54.5 from 54.3

previously.

     UK is next at 1000GMT, when the distributive trades data from the CBI is

due for publication. After previously seeing a reported sales balance of +20,

results from survey respondents at the time indicated an expected sales balance

for the month of August of +0.

     Across the Atlantic, at 1230GMT in the US is the level of initial jobless

claims, which is expected to rise by 3,000 to 215,000 in the August 18

employment survey week after a decrease of 2,000 to 212,000 in the previous

week. Claims were at a level of 208,000 in the July 14 employment survey week,

the lowest point in decades. The four-week moving average would fall by 500 in

the coming week as the 217,000 level in the July 21 week rolls out of the

calculation, assuming the MNI forecast is correct and there are no revisions.

     At 1345GMT is the Markit manufacturing and services index flash data in the

US. The previous index readings were 55.3 and 56.0 respectively.

     US new home sales cross the wires at 1400GMT are expected to rise to a

645,000 annual rate in July following a sharp June drop. Unadjusted sales were

up 1.8% from a year earlier in June. Meanwhile, home supply was up 1.7%

month/month and 10.3% year/year, so the supply is rising and should be more than

adequate to meet demand.

     At the same time in the Euro Area, the flash consumer confidence data from

the Commission will be published. The forecast index reading of -0.6 is

unchanged from the previous month's figure.

     Closing out the calendar is CPI data in Japan at 2330GMT. The MNI median

points to a slight rise in the core y/y figure from 0.8% previously to 0.9%.

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