Prior to the release of the PMI data, French consumer spending will be issued, and is likely to rise 0.9% year-over-year in October, down from September's 1.5% gain. On a monthly basis, consumer spending is projected to decline by 0.5% after last month's 0.6% increase.

Markit Economics will release preliminary PMI data. French manufacturing PMI for the month of November is expected to come in at a reading of 40. A reading of 47 is expected for the French services PMI, compared to the prior month's 47.5 level.

The German manufacturing PMI is forecast to come in at 42, down from last month's 42.9 level. The services PMI for the country is forecast to come in at 47.5, down from last month's 48.3 reading.

Markit Economics will also publish advance figures for the euro zone's November purchasing managers indexes for the manufacturing and services sectors. Currently, expectations are for the manufacturing PMI to fall further to 40.5 in November from October's 41.1 level, while the services index is likely to slip to 45.0, down 0.8 points from October's figure. Taken together, the composite PMI is forecast to come in at 42.8 in November, down from 43.6 in October.

Italy will see the release of retail sales for September. On a monthly basis, retail sales are expected to decline by 0.2%, up from the prior month's 0.5% decline. On a yearly basis, retail sales are projected to fall by 0.7% compared to last month's 1.3% decline.

Regarding speeches, ECB member Ewald Nowotny is scheduled to speak at a briefing in Austria, while ECB member Axel Weber will give a speech in Frankfurt, Germany. Meanwhile, ECB Executive Board member José Manuel González-Páramo will deliver a speech at the IE Business School Annual Alumni Conference in Madrid, Spain, and ECB President Jean-Claude Trichet will participate in a panel discussion at the Frankfurt European Banking Congress 2008 in Frankfurt, Germany.

All Times in EST.

2:45 FR Consumer Spending (M/M) October Exp: -0.5% Prior: +0.6%

2:45 FR Consumer Spending (Y/Y) October Exp: +0.9% Prior: +1.5%

3:00 FR PMI Manufacturing November Preliminary Exp: +40 Prior: +40.6

3:00 FR PMI Services November Preliminary Exp: +47.0Prior: +47.5

3:30 DE PMI Manufacturing November Advance Exp: +42 Prior: +42.9

3:30 DE PMI Services November Advance Exp: +47.5 Prior: +48.3

4:00 IT Retail Sales (M/M) (SA) September Exp: -0.2% Prior: -0.5%

4:00 IT Retail Sales (Y/Y) September Exp: -0.7% Prior: -1.3%

4:00 EU PMI Manufacturing November Advance +40.5 Prior: +41.1

4:00 EU PMI Services November Advance Exp: +45 Prior: +45.8

4:00 EU PMI Composite November Advance Exp: +42.8 Prior: + 43.6

4:00 EU Austria central bank governor Ewald Nowotny speaks at briefing

5:30 DE German Central Bank Governor Axel Weber speaks at an event in Frankfurt

6:30 EU ECB executive member Jose Manuel Gonzalez-Paramo speaks at an event in Madrid

8:00 EU ECB President Jean Claude Trichet will Speak in Frankfurt

November 21 PT Bank of Portugal releases Monthly Economic Indicators Report

By Steve Stecyk, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Sarah Sussman, This email address is being protected from spam bots, you need Javascript enabled to view it

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