MNI European Morning Briefing

     LONDON (MNI) - It is a quiet start to the day in Europe on Friday, markets

are likely to be subdued ahead of key events in the US.

     Kicking off the European docket are Spanish Unemployment figures at

0800GMT.

     At 0930GMT UK final Markit/CIPS Services PMI data will be published.

     Across the Atlantic there are a flurry of data releases at 1230GMT. Taking

centre stage is the October US Employment Report. Nonfarm payrolls are forecast

to rise by 315,000 in October after September's hurricane-impacted 33,000

decline, while the unemployment rate is expected to hold steady at 4.2%.

     Hourly earnings are forecast to rise by only 0.2% after a 0.5% surge in the

previous month, but the average workweek is expected to stay at 34.4 hours for

the fourth straight month.

     The US also release Trade Deficit data at 1230GMT. The international trade

gap is expected to widen to $43.5 billion in September. The advance estimate of

the Census goods trade gap widened to $64.1 billion, with exports up 0.7% and

imports up 0.9%.

     From Canada at 1230GMT comes the Labour Force Survey and International

Merchandise Trade (Trade Balance).

     At 1345GMT the final US Markit Services Index is released. Followed swiftly

by US ISM Non-Manufacturing Index data at 1400GMT. The ISM non-manufacturing

index is expected to fall to a reading of 58.6 in October after another increase

to 59.8 in September.

     The Philadelphia nonmanufacturing index fell slightly to 32.2, but remained

strong, while the flash Markit services index ticked up to 55.9 in the month

from 55.3 in September.

     Also at 1400GMT are US Factory New Orders. Factory orders are expected to

rise by 1.2% in September. Durable goods orders rose 2.2% in the month on a

large gain in aircraft orders, while nondurables orders are expected to rise

further on hurricane-impacted energy prices.

     Factory orders are expected to post a smaller, but still solid, gain

excluding the transportation component. Durable orders excluding transportation

were rose 0.7% in the advance estimate.

     US St. Louis Fed Real GDP Nowcast is to be published at 1500GMT, followed

by the NY Fed GDP Nowcast at 1515GMT.

     At 1615GMT US Minneapolis Federal Reserve Bank President Neel Kashkari will

participate in moderated Q&A with Women in Housing and Finance, in Washington,

with audience Q&A.

     ECB Gov. Council member Ewald Nowotny will deliver a speech on "Growth

strategies in Austria and Europe", in London at 1900GMT.

     Rounding off the day at 2015GMT ECB Executive Board member Benoit Coeure

will participate in a panel discussion at the 18th Jacques Polak Annual Research

Conference organised, in Washington, D.C.

--MNI London Bureau; +44 203 865 3809; email: kieran.williams@marketnews.com