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UK Aug CPI +0.4% On Month; +1.8% On Year UK Aug CPI Was Forecast +0.4% On Month; +1.9% On Year UK Aug Core CPI Was +0.4% On Month; +1.8% On Year UK Aug RPI +0.6% On Month; +4.1% On Year

Euro-Zone Jul Trade Balance +EUR4.6B Vs +EUR1.1B Jul 06

LONDON -The U.K.'s goods trade deficit with the rest of the world widened to GBP7.1 billion in July from GBP6.5 billion in June as imports rose more than exports, the Office for National Statistics said Tuesday. The June deficit was revised from a previously published figure of GBP6.3 billion. The deficit in July was much wider than expected. Economists surveyed by Dow Jones Newswires last week forecast the trade deficit would widen to GBP6.4 billion. ONS said that total imports rose to GBP26.3 billion in the month compared with GBP25.3 billion the month before. The rise, it said, was mainly due to higher imports of consumer goods, cars, chemicals, and food, drink and tobacco. Exports also rose, but only by around GBP0.5 billion. That was driven by higher overseas purchases of U.K.-produced capital goods and chemicals, ONS said. ONS's trade data have been bedeviled by inaccuracy and revision in recent times, mainly due to problems recording import and export levels following a European-wide value-added tax scam. There was a further problem Tuesday when ONS admitted that GBP300 million of oil exports had been double-counted in June, because of an incorrect return from an oil trader. As a result, the U.K.'s oil trade balance was slightly in deficit in June, compared with a previously published surplus. In July the oil trade deficit widened further to GBP0.3 billion. Copyright ? 2007 Dow Jones & Company, Inc.

UK Jul Adj Global Trade -GBP7.1B Vs Revised -GBP6.5B UK Jun Adj Goods Trade Balance Revised From -GBP6.3B UK Jul Adj Global Goods Trade Bal Was Forecast -GBP6.4B UK Jul Adj Non-EU Trade -GBP4.5B Vs -GBP3.4B UK Jul Adj Non-EU Trade Balance Was Forecast -GBP3.3B

Romanian Aug CPI +0.86% Vs +0.29% In July- Mediafax

French July Foreign Trade Gap EUR3.3 Bln Vs June EUR3.15 Bln

UK Aug Input PPI -0.5% on Month; +0.7% On Year UK Aug Input PPI Was Forecast -0.2% MM; +0.9% YY UK Aug Output PPI +0.1% on Month; +2.5% On Year UK Aug Output PPI Was Forecast +0.1% MM; +2.4% YY

ECB Leaves Refi Rate Unchanged At 4.0% ECB Leaves Deposit Rate Unchanged At 3.0%

Bank Of England Leaves Bank Rate Unchanged At 5.75% CPI May Remain Around, Little Below 2% Target BOE: Closely Monitoring Quantities Of Credit Extended Margin Of Spare Capacity Appears Limited

LONDON (Dow Jones)--U.K. manufacturing output slumped in July, reversing the recent positive trend, led by a drop in the manufacture of transport equipment. Figures released by the Office for National Statistics Thursday showed that manufacturing output fell 0.3% on the month in July - the first decline since a 0.8% fall in February this year. On the year output rose 0.8%. That compares with a 0.1% rise on the month in June and a 1.0% annual gain. A Dow Jones Newswires survey of economists had forecast manufacturing output would rise 0.2% on the month and 1.2% in annual terms. The June data were revised from a 0.2% monthly gain and a 0.9% year-on-year increase, ONS said. Despite reporting the first drop in five months, an ONS spokes person said that this didn't signify the end of the recent pickup in the sector as the monthly data is considered a volatile measure of output in the sector and could rise once more in the coming months. Among the six sectors that fell within manufacturing, ONS said the largest fall was a 2.6% drop in transport equipment. That was the largest fall since a 2.8% drop in October 2005 and was driven by a decline in the manufacture of aircraft and the building and repair of ships. Among the seven sectors that rose, the largest gain was a 1.2% monthly rise in the production of paper, printing and publishing. The broader measure of industrial output also slipped on the month in July but by a smaller 0.1%. On the year activity picked up from the June level, rising 0.9% compared with July 2006. Output was weaker than expected, with economists in a Dow Jones Newswires survey forecasting an increase of 0.2% on the month and 1.0% on the year. In June industrial output was flat on the month, a revision from a previously reported 0.1% rise, while on the year production rose an unrevised 0.8%. In the three months to July, data that ONS said presents a more reliable picture of the sector as it smoothes out monthly fluctuations, manufacturing output rose 0.8% from the previous three-month period and was 0.9% higher than the corresponding three-month period a year ago. Industrial production, meanwhile, also rose 0.8% compared with three months earlier and was 0.8% higher compared with a year ago. Copyright © 2007 Dow Jones & Company, Inc.

The latest finance ministry data indicate revenue to the general consolidated budget totaled 76.1 billion lei ($31.8 billion) in the first eight months of this year, up from RON63.55 billion in the corresponding period last year. The ministry didn't provide expenditure data. Romania's general budget posted a surplus last month on the back of local and social security budgets. In the first eight months of this year, local budgets posted a surplus of 0.9% of GDP, sustaining again the growth in the general consolidated budget. In the first half of 2007, the general consolidated budget posted a deficit of 0.19% of GDP, compared with a surplus of 1.12% of GDP in the corresponding period a year earlier. The Romanian government has set a budget deficit ceiling of 2.8% of GDP for this year, but Vosganian said last week he expects a year-end budget deficit of about 2% of GDP. Agency Web site: http://www.mediafax.ro

Euro-Zone Jul Retail Sales +0.1% On Mo; +0.5% On Yr Euro-Zone Jul Retail Sales Forecast +0.3% MM; +1.0% YY Euro-Zone Jun Sales Revised To +0.6% On Mo; +1.0% On Yr Copyright © 2007 Dow Jones & Company, Inc.

Calyon sees Romanian Leu under pressure and reiterates its call to sell the RON against Hungary's forint. Says Romanian central bank interest rates are likely to head up from 7% given rising inflation, even as the economy slows and current account deficit widens. Analyst Nigel Rendell notes "increasing nervousness over the RON's fate" as the euro is up 7% against it from early July. EUR/RON +1.2% to 3.30 in Wednesday trading. (CRE) Copyright © 2007 Dow Jones & Company, Inc.

U.K. service sector purchasing managers index surged to 57.6 in August from 57.0 in July, market sources say. DJN forecast was 56.5. The data follow an unexpected rise in the manufacturing PMI released earlier this week which rose to 56.3 from 55.9 in July. Despite the strength in the indexes the BoE remains poised to keep interest rates on hold at 5.75% when it announces its decision midday Thursday. (IAB) Copyright ? 2007 Dow Jones & Company, Inc.

Euro-Zone Aug Services PMI 58.0 Vs 58.3 In Jul - Sources Euro-Zone Aug Services PMI Forecast 57.9 German Aug Services PMI 59.8 Vs 58.5 In Jul -Sources German Aug Services PMI Forecast 58.1 French Aug Services PMI 58.4 Vs Jul 58.9 - Sources French Aug Services PMI Forecast 58.5

MADRID (Dow Jones)--Spanish Finance Minister Pedro Solbes reiterated Wednesday his belief that the European Central Bank's rate-tightening campaign is nearly over. "I don't know what the ECB will do" at its next policy meeting, Solbes said in an interview on Cadena Ser radio station. "But it's fairly evident... that most of the rise in interest rates is over," he said. Copyright © 2007 Dow Jones & Company, Inc.

TOKYO (Dow Jones)--Japan's banking minister, Yoshimi Watanabe, said Wednesday the impact of the U.S. subprime mortgage problems on the Japanese economy will likely be limited. "While global financial markets fell into unstable conditions, the troubles in the subprime market are unlikely to have a huge impact on Japan's real economy or financial system," Watanabe said at a press conference. However, he said there still remains a risk of a yen-carry trade unwinding. He added that Tokyo share prices may also fall more as players sell stocks to cover subprime losses. Copyright ? 2007 Dow Jones & Company, Inc.

SYDNEY (Dow Jones)--Australia's services sector recorded a slower pace of growth in August than July, a performance gauge produced by an industry group published Wednesday shows. The Australian Industry Group-Commonwealth Bank Performance of Services Index fell 4.4 points in August from July to 51.6. An index reading above 50.0 indicates expansion in the sector while a reading below 50.0 shows contraction. Commonwealth Bank Chief Economist Michael Blythe said the slower pace of growth in activity in August highlighted the sensitivity of the economy to interest rate rises. The Reserve Bank of Australia raised its official cash rate target 25 basis points to 6.5% in August. "The pullback in services sector activity after the August rate rise was somewhat larger than evident after the rate rises in 2003, 2005 and 2006," Blythe said. "That said, the domestic economy retains a fair degree of momentum at present. That momentum is the best insulation there is against the negatives at work." Copyright © 2007 Dow Jones & Company, Inc.

NEW YORK (Dow Jones)--Richmond Federal Reserve President Jeffrey Lacker said he would consider an interest rate cut if the data on inflation and consumer spending suggest it was appropriate, according to Reuters. "If evidence arrives that we need a policy move, of course I will consider it and I will take that evidence seriously...That evidence would be of the nature of information that alters the outlook for real spending and inflation," Reuters cited Lacker saying Tuesday. However, he told Reuters that he "would not like people to believe that our sense of concern about inflation is diminished" because of the recent market turmoil. Lacker is not currently a voter on the Federal Open Market Committee. Last year, he consistently voted for a rate hike after the central bank stopped tightening policy in August. Copyright © 2007 Dow Jones & Company, Inc.

NEW YORK (Dow Jones)--U.S. manufacturing activity expanded at a slightly slower pace in August, although the gains had positive implications for the broader economy, a report Tuesday said. Private research group the Institute for Supply Management said that its index of manufacturing activity moved to 52.9 in August, from 53.8 in July and 56.0 in June. Readings over 50 point to an expansion of activity, while those under that number denote contracting activity. Economists surveyed by Dow Jones Newswires had expected the August index to come in at 53.0. "Viewed from the manufacturing sector, the overall economy continues to grow at a significant rate," said Norbert Ore, who directs the survey for the ISM. In the details of the report, the ISM said inflationary pressures continued to grow, with the prices index hitting 63.0, from 65.0 in July. The prices index stood at 68.0 in June. Meanwhile, the new orders index came in at 55.3, after 57.5 the prior month, while August's production index was 56.1, versus 55.6 the month before. The group also reported that hiring at factories grew more quickly, with the employment index coming in at 51.3, from 50.2. The inventories index came in at 45.4, down from July's 48.5. Copyright © 2007 Dow Jones & Company, Inc.

*DJ US ISM Aug Mfg Business Index 52.9 *DJ US ISM Aug Mfg Business Index Expected 53.0 *DJ US ISM Aug Mfg Business Index 52.9 Vs Jul 53.8 *DJ US ISM Aug Prices Index 63.0 Vs Jul 65.0 *DJ US ISM Aug Employment Index 51.3 Vs Jul 50.2 *DJ US ISM Aug New Orders Index 55.3 Vs Jul 57.5 *DJ US ISM Aug Production Index 56.1 Vs Jul 55.6 *DJ US ISM Aug Inventories Index 45.4 Vs Jul 48.5

WASHINGTON (Dow Jones)--U.S. construction spending unexpectedly tumbled in July as outlays for housing plunged, the government said Tuesday. Total spending decreased by 0.4% at a seasonally adjusted annual rate of $1.169 trillion, the Commerce Department said. Spending rose 0.1% in June; originally, June spending was seen 0.3% lower. Wall Street had expected July construction spending would be flat. The 0.4% fall was the largest decline since a drop of 0.6% in January 2007. Residential construction spending decreased in July, down by 1.4% to $541.9 billion. Residential spending decreased 0.4% in June; it was originally seen down 0.7% for the month. Year over year, residential was 15.6% lower in July. Non-residential construction spending rose by 0.6% in July. Outlays climbed for churches and schools, but fell for roads. Private-sector construction spending during July fell 0.7% to $880.1 billion. Spending went 0.2% lower in June. Public, or government, construction spending increased 0.7% to $289.0 billion. June outlays rose 1.0%. Federal government construction outlays dropped by 0.4%, but state and local spending - much larger than federal spending in dollars - increased 0.8% to $269.6 billion. Copyright © 2007 Dow Jones & Company, Inc.

Revenue in the January-July period stood at 70.9 billion lei ($29.6 billion) and represented 18.2% of GDP. Expenditure totaled RON69.05 billion, or 17.7% of GDP. The state budget, which makes up the bulk of the country's general consolidated budget, posted a deficit of RON3.55 billion in January-July, but was offset by surpluses for the local and social security budgets. In the first half of 2007, the general consolidated budget posted a deficit of 0.19% of GDP, compared with a surplus of 1.12% of GDP in the corresponding period a year earlier. Romanian Finance Minister Varujan Vosganian said last week that he expects a year-end budget deficit of about 2% of GDP, which is below this year's budget deficit target of 2.8% of GDP and below the European Union's 3%-of-GDP budget deficit limit. Romania should avoid any risk of exceeding the E.U. limit, he said. The European Union has warned newcomer Romania that it may face disciplinary action as its 2007 deficit is likely to exceed the E.U. limit. According to E.U. accounting methods, the Romanian budget deficit will total 3.2% of GDP this year. In 2006, Romania's budget deficit, according to the European System of Accounts, stood at 1.9% of GDP, compared with the 1.7% of GDP calculated by the Romanian authorities. Web site: www.mediafax.ro

BUCHAREST (Dow Jones)--The Romanian general consolidated budget ran a surplus of 0.5% of gross domestic product in the January-July period, against a surplus of 1.69% of GDP in the year-earlier period, news agency Mediafax reported Tuesday, citing finance ministry data.