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We update our previous work on an analysis of the electroweak data byincluding new and partly preliminary data available up to the 1996 summerconferences. The new results on the Z partial decay widths into b and c hadronsnow offer a consistent interpretation of all data in the minimal standardmodel. The value extracted for the strong interaction coupling constant\alpha_s(mZ) agrees well with determinations in other areas. New constraints onthe universal parameters S, T and U are obtained from the updated measurements.No signal of new physics is found in the S,T,U analysis once the SMcontributions with mt \sim 175GeV and those of not a too heavy Higgs boson areaccounted for. The naive QCD-like technicolor model is now ruled out at the99%CL even for the minimal model with SU(2)_{TC}. In the absence of asignificant new physics effect in the electroweak observables, constraints onmasses of the top quark, mt, and Higgs boson, mH, are derived as a function of\alpha_s and the QED effective coupling $\bar{\alpha}(m_Z^2)$. The preferredrange of mH depends rather strongly on the actual value of mt: mH<360 GeV formt=170GeV, while mH>130GeV for mt=180GeV at 95%CL. Prospects due to forthcomingimproved measurements of asymmetries, the mass of the weak boson W mW, mt and$\bar{\alpha}(m_Z^2)$ are discussed. Anticipating uncertainties of 0.00020 for$\sbar^2(m_Z^2)$, 20MeV for mW, and 2GeV for mt, the new physics contributionsto the S,T,U parameters will be constrained more severely, and, within the SM,the logarithm of the Higgs mass can be constrained to about +-0.35. The betterconstraints on S,T,U and on mH within the minimal SM should be accompanied withmatching precision in $\bar{\alpha}(m_Z^2)$.Comment: 48 pages, Latex, uses axodraw.sty, 32 Postscript figures, to be  published in Z.Phys.

Analysis of electroweak precision data and prospects for future improvements