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MNI European Morning Briefing 

     LONDON (MNI) - The European calendar kicks off at 0745GMT with a tranche of
French data. Consumer, Manufacturing and Services Sentiment data, Housing
Starts/Permits and the Business Climate Indicator are all on the schedule.
     At 0900GMT Eurozone M3 Money Supply data is due.
     The first estimate of UK Q4 GDP and the Index of Services will be released
at 0930GMT. Despite communication from the Bank of England expecting growth to
moderate in Q4 from Q3, analysts on the whole see growth unchanged at 0.4% on a
quarterly basis.
     ECB Executive Board member Benoit Coeure is to participate in a televised
session "The end of easy money" during the World Economic Forum in, Davos,
Switzerland at 1000GMT.
     Across the Atlantic St. Louis Fed President James Bullard gives a keynote
address at a Norges Bank hosted workshop in Oslo, his speech is on "Does a low
interest rate harm savers" with Q&A.
     A deluge of releases hit the wires at 1330GMT. The advance estimate of US
Q4 GDP, US Advance Trade, and Advance Business Inventories, US Durable Goods New
Orders and Canadian CPI data are all on the schedule.
     The advance estimate of fourth quarter GDP is expected to be rise by 3.0%
after a 3.2% gain in the previous quarter, marking a third straight quarter
above 3%. A large surge in PCE growth is expected to be the key factor, based on
recent retail sales data. In addition, both residential and non-residential
fixed investment are expected post gains in the quarter, while inventory growth
should post a small negative contribution. The chain price index is expected to
accelerate to a 2.3% rate from 2.1% in the previous quarter.
     Durable goods orders are expected to rise by 0.9% in December after a 1.3%
gain in November. Boeing orders surged to 265 from 159 in November, suggesting
nondefense aircraft orders could rise even further. Orders excluding
transportation are expected to post a 0.5% increase after a 0.1% decline in
November, showing underlying strength.
     At 1600GMT the St. Louis Fed release their Real GDP Nowcast, followed
swiftly by the New York Fed GDP Nowcast print at 1615GMT.
     Rounding off the day at 1800GMT is the Baker Hughes US Rig Count.
--MNI London Bureau; +44 203 865 3809; email: kieran.williams@marketnews.com
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