MNI US Morning Briefing

     LONDON (MNI) - It is a busy day on both sides of the Atlantic Tuesday, with

German GDP numbers and UK inflation data likely to be the key stand outs in the

morning session.

     Across the Atlantic, the main US releases are expected from 0830ET, with

the release of the July retail sales numbers, the import/export price data and

the Empire State index.

     Retail sales are forecast to rise 0.3% in July after a 0.2% decline in

June. Seasonally adjusted industry motor vehicle sales rose modestly in July,

while AAA reported that gasoline prices pulled back further in mid-July compared

with one month earlier. Retail sales are expected to rise 0.3% excluding motor

vehicles after June's 0.2% decline and analysts see a strong reading for the

control group after recent soft gains.

     The Empire State index is expected to rise to a reading of 11.0 in August

after dipping to 9.8 in July.

     The latest Redbook Retail Sales Index is expected at 0855ET, with the

Canadian CREA Home Sales due at 0900ET.

     At 1000ET, the US June business inventories and the NAHB home builder data

will cross the wires.

     Business inventories are expected to rise 0.5% in June. Factory inventories

were already reported as up 0.2% in the month, while wholesale inventories rose

0.7% and the advance report pointed to a 0.6% rise for retail inventories. Taken

together, an MNI calculation looks for a 0.5% increase for business inventories.

As for sales, factory shipments were down 0.2% and wholesale sales rose 0.7%,

while retail trade sales fell 0.1% in the advance retail sales report. An MNI

calculation looks for a 0.2% increase in business sales, barring a large

revision to the retail trade sales number.

     Late US data sees the TICS numbers released at 1600ET.

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