MNI European Morning Briefing

     LONDON (MNI) - The European economic docket begins on Thursday with French

Services and Manufacturing Sentiment at 0745GMT along with the French Business

Climate Indicator.

     At 0800GMT Spanish Industrial Orders and Services Survey data will be

published.

     The first UK release of the day, Public Sector Finances, will hit the wires

at 0930GMT. A survey of analysts found the median outcome is for November

borrowing to come in at stg9.0bn, broadly in line with last year's stg8.9bn

result.

     The OBR's latest set of forecasts put cumulative 2017/18 borrowing at

stg49.9bn. That means in the remaining 5 months of the fiscal year (Nov-Mar) the

OBR expects to see a further stg11.4bn deterioration.

     Also in the UK, Parliament will rise for the Christmas recess at 1000GMT.

     Across the Atlantic the first release of the day is US Q3 final GDP data at

1330GMT. Third quarter GDP is expected to be revised unrevised at a 3.3% rate of

growth, while the chain price index is expected to be unrevised at a 2.1% pace,

suggesting analysts have changed their focus to the fourth quarter when growth

is expected to be a bit stronger.

     Also at 1330GMT are US Weekly Jobless Claims data, US Philadelphia Fed

Manufacturing Index, Canadian CPI and Retail Trade data.

     The level of initial jobless claims is expected to rebound by 10,000 to

235,000 in the December 16 employment survey week after a decrease of 11,000 in

the previous week that pulled down the four-week average by 6,750. Claims were

at a level of 240,000 in the November 18 employment survey week. The four-week

moving average would fall by 1,250 in the coming week as that 240,000 level in

the November 18 week drops out of the calculation, assuming the MNI forecast is

correct and there are no revisions.

     The Philadelphia Fed index is forecast to fall further to a reading of 22.0

in December following a decline in November to 22.7. The Empire State index fell

modestly to 18.0 from 19.4 in November.

     The index of leading indicators is forecast to rise by 0.4% in November.

Positive contributions are expected from ISM new orders, stock prices, and

consumer expectations.

     The US FHFA Home Price Index are on the schedule for 1400GMT.

     At 1445GMT is the US Bloomberg Consumer Confidence Index.

     US Leading Indicators figures will be published at 1500GMT, back in Europe

preliminary the Eurozone Consumer Confidence Indicator is also scheduled for

1500GMT.

     At 1530GMT US Natural Gas Stocks are on the docket.

     After a big gap US Fed Weekly Money Supply will round of the day at

2130GMT.

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