MNI Global Morning Calendar

     LONDON (MNI) - Friday follows the weekly theme in the calendar of a busy

morning and a muted afternoon. The data also appears to come in batches with

Germany and France's early triple release and then UK's quadruple release later

in the morning.

     Germany's triple release of retail sales, ILO employment and

imports/exports prices leads the way at 0600GMT. Retail sales previously grew

y/y by 1.2%. The ILO employment change previously stood at 35 units. The export

and import price index y/y rose previously by 0.7% and 0.6% respectively.

     The next triple release is from France at 0645GMT with their consumer

spending, flash HICP and PPI data. Consumer spending y/y previously grew 0.2%.

The HICP y/y had a previous reading of 2.3% and the PPI y/y was previously 2.3%

also.

     Switzerland's KOF Economic Barometer previously had a reading of 100 and is

expected at 0700GMT.

     Back to Germany and the GLO Labour Market statistics is out at 0755GMT with

the unemployment rate previously at 5.2%.

     ECB President Mario Draghi participates in a European Council meeting in

Brussels at 0800GMT.

     The Continent hands the baton over to the UK at 0830GMT who take over the

reigns with BOE Lending to Individuals Data, Quarterly Current Account Balance,

UK GDP Final estimate and Index of Services data.

     The lending to individuals data is expected to paint a fairly negative

picture with mortgage approvals expected to drop a touch from 62,500 to 62,400.

Net lending on dwellings sees more of a noted fall from stg3.9 bn to stg3.7 bn.

Net consumer credit is also expected to fall from stg1.8 bn to stg1.5 bn.

     The quarterly current account expectation is more upbeat with a further

narrowing of the current account deficit from stg18.4 bn to 17.7bn. The final

estimate of Q1 GDP is not expected to see any changes from the second estimate

with growth for the quarter anticipated at 0.1%.

     On a more positive note, the Index of Services data for April is expected

to see a bounce back from March where it grew only by 0.1%. The MNI median

suggests m/m growth of 0.3% for the month of April.

     The Euro Area is next at 0900GMT with the flash inflation estimate. MNI

median estimates show the y/y figure at the ECB's target of 2.0%, up a touch

from the previous 1.9%.

     Next up is Canada in the afternoon at 1230GMT with their GDP by Industry

and Industrial Product and Raw Material Price Index at 1230GMT. Month on month

GDP is forecasted to drop to 0% after previous growth of 0.3%. Raw material

prices and industrial product prices previously grew by 8.9% and 2.4% y/y

respectively.

     Personal income in the US (also at 1230GMT) is expected to rise by 0.4% in

May, as payrolls rose 223,000 and hourly earnings rose 0.3%, while average

weekly hours stayed at 34.5 hours. Current dollar PCE is forecast to rise by

0.4% after a 0.6% April gain. Total retail sales jumped by 0.8% in the month and

were up 0.9% excluding a 0.5% gain in motor vehicle sales. Retail sales

excluding autos, gas, building materials and food services were still up 0.5%,

indicating underlying strength. The core PCE price index is expected to post

another 0.2% increase in May, so the y/y rate could move up to 1.9%, very close

to the 2% target rate.

     The MNI Chicago PMI (1345GMT) is expected to fall back to a reading of 60.1

in June after rising to 62.7 in May. Other regional data already released were

mixed, with the Empire reading up and the Philadelphia index down.

     The Michigan Sentiment index (1400GMT)is expected to be unrevised from the

99.3 preliminary estimate.

     On Saturday at 0100GMT is CFLP manufacturing and non-manufacturing PMI in

China. The manufacturing PMI was previously at 51.9 whereas the

non-manufacturing was at 54.9.

     Finishing the calendar off is Japan, Australia and China late Sunday

evening and early Monday morning. At 2350GMT is manufacturing data from Japan

with the major manufacturing diffusion index forecasted to drop a prior index

reading of 24 to 22. The CoreLogic home value index in Australia at 0000GMT

previously fell m/m by 0.1%.

     Lastly, at 0145GMT is the Caixin manufacturing PMI in China. The previous

PMI reading was 51.1.

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