IDEAglobal economist Lorenzo Cella foresees the Ifo business climate reading to reach a 15-year low of 87.0 for the month, down from October's 90.2 level.

"The reported all-time low in the Nov German manufacturing PMI is a supportive factor for the materialisation of our forecast," Cella said. "Given the current economic juncture in Germany, we remain skeptical on the Ifo m/t outlook."

Regarding the euro zone CPI estimate, Barclays Capital economist Nick Matthews is forecasting the consumer price index to rise by only 2.3% year-over-year, down markedly from October's 3.2% print, "further reinforcing the need for sharp downward revisions to the ECB/Eurosystem staff HICP projections for 2008 and 2009 (the September mid-points of 3.5% for 2008 and 2.6% for 2009) and further ECB rate cuts."

"Consistent with our projection, we forecast the German preliminary November HICP to have fallen 0.4% m/m and to 1.6% y/y from 2.5% in October (CPI: -0.3% m/m, 1.6% y/y from 2.4% in October) on sharply lower energy inflation and falling food inflation. We also expect similar dynamics to push the Italian preliminary HICP down to 2.9% y/y in November from 3.6% y/y in October and the Spanish "flash" HICP inflation rate lower another 1pp to 2.6% y/y in November (cf. 3.6% in October and 4.6% in September)," Matthews added.

All times in EST

Saturday:

The week starts with markets paying close attention to what Bank of England Deputy Governor Charles Bean will have to say when he speaks at an event in Istanbul, Turkey.

04:45 GB BOE Deputy Governor Charles Bean to deliver speech at an event in Istanbul

Monday:

The Ifo Institute's German business climate index will be released and is expected to fall to 88.7 in November from October's 90.2 level. Looking at the sub-components, the median consensus forecast is calling for the current assessment indicator to slip to 96.8 from October's 99.9 reading, while the expectations indicator is expected to worsen to 81, down 0.4 points from the previous month.

Shortly after the Ifo release, Eurostat will publish data on euro zone industrial new orders. Economists are expecting the new orders level to fall 2.8% from August to September, adding to the 1.2% decline recorded in the previous period.

On an annualized basis, industrial new orders are expected to fall 1.5% in September, up from the 6.6% contraction in the 12 months to August.

4:00 DE IFO - Business Climate November Exp: 88.7 Prior: 90.2

4:00 DE IFO - Current Assessment November Exp: 96.8 Prior: 99.9

4:00 DE IFO - Expectations November Exp: 81 Prior: 81.4

4:00 EU ECB European Current Account SA September Prior: -8.4B

4:00 EU European Current Account (NSA) September Prior: -7.9B

5:00 EU Industrial New Orders SA (M/M) September Exp: -2.8% Prior: -1.2%

5:00 EU Industrial New Orders (Y/Y) September Exp: -1.5% Prior: -6.6%

10:30 GB UK Government to Release Pre-Budget Report

November 24-28 GB Nationwide House prices (M/M) (SA) November Exp: -1.7% Prior: -1.4%

November 24-28 GB Nationwide House prices (Y/Y) (NSA) November Exp: -15.1% Prior: -14.6%

Tuesday:

The Federal Statistical Office will release its final estimates for German Q3 GDP. While no revisions are expected to the headline 'flash' estimates, the statistics office will also publish data on the GDP components.

Expectations are for the consumption component to have rebounded slightly by 0.1% quarter-over-quarter after falling 0.7% in Q2, while government spending is likely to have risen 0.5%, adding to the 0.3% increase in the previous period. At the same time, investment levels are expected to have slipped 1.3% after falling 1.9% in Q2.

Next up for Tuesday is the GfK consumer confidence survey for Germany, which is expected to rise 1.5% in December following an increase of 1.9% in November.

The National Institute for Statistics and Economic Studies (INSEE) will publish its French business confidence indicator, which is expected to slip three points to 85 in November. The French production outlook indicator for November is also scheduled for Tuesday and is likely to fall further to -68 for the month from -66 in October.

In terms of speakers, European Central Bank Executive Board member Lorenzo Bini Smaghi will speak at an event in Venice, Italy.

2:00 DE GDP (Q/Q) (SA) 3Q Final Exp: -0.5% Prior: -0.5%

2:00 DE GDP (Y/Y) (WDA) 3Q Final Exp: +0.8% Prior: +0.8%

2:00 DE GDP (Y/Y) (NSA) 3Q Final Exp: +1.3% Prior: +1.3%

2:00 DE Private Consumption 3Q Final Exp: +0.1% Prior: -0.7%

2:00 DE Government Spending 3Q Final Exp: +0.5% Prior: +0.3%

2:00 DE Capital Investment 3Q Final Exp: -1.3% Prior: -1.9%

2:00 DE Construction Investment 3Q Final Exp: 0.0% -3.5%

2:00 DE Domestic Demand 3Q Final Exp: +0.5% Prior: -1.0%

2:00 DE Imports 3Q Final Exp: 1.0% Prior: -1.3%

2:00 DE Exports 3Q Final Exp:-0.7% Prior: -0.2%

2:10 DE GfK Consumer Confidence Survey DEC Exp: 1.5% Prior: 1.9%

2:45 FR Business Confidence Indicator November Exp: 85 Prior: 88

2:45 FR Production Outlook Indicator November Exp: -68 Prior: -66

2:45 FR Own-Company Production Outlook November Exp: -25 Prior: -19

2:45 FR Housing Starts 3-month average (Y/Y) Change October Exp: -19.0% Prior: -8.1%

2:45 FR Housing Permits 3-month average (Y/Y) Change October Prior: -23.3%

3:30 IT Consumer Confidence Index November Exp: 100.1 Prior: 102.2

3:45 IT ECB executive member Lorenzo Bini Smaghi and Unicredit's Alessandro Profumo Speak at an Event Venice

4:00 IT Trade Balance Non-European October Prior: -€ 3,274

4:30 GB Total Business Investment (Q/Q) Q3 Preliminary Exp: -1.9% Prior: -1.0%

4:30 GB Total Business Investment (Y/Y) Q3 Preliminary Exp: -2.2% Prior: 1.2%

4:30 GB BBA Loans for House Purchase October Prior: 23422

4:45 GB BOE Governor Mervyn King, deputy governor Sir John Gieve, deputy governor Charles Bean and MPC members Kate Barker and Andrew Sentance to testify

7:00 EU Greek central bank governor Georgios Provopoulos holds press conference.

12:00 EU ECB executive member Lorenzo Bini Smaghi Speaking in Madrid

November 25 German Regional CPI Reports

November 24-28 GB Nationwide House prices (M/M) (SA) November Exp: -1.7% Prior: -1.4%

November 24-28 GB Nationwide House prices (Y/Y) (NSA) November Exp: -15.1% Prior: -14.6%

Wednesday:

Destatis is scheduled to release German import price figures for October. The median consensus forecast is calling for the import price index to contract 1.4% month-over-month, adding to the 1.0% fall from August to September.

On an annual basis, import price inflation is expected to come in at 5.0% in October, down from September's 7.6% figure.

Following the German figures, INSEE will report on French consumer confidence, which is expected to fall to -49 in November from October's -47 print. Meanwhile, ISTAT will release data on Italian business confidence, which is forecast to fall further to 76 in November from the previous 77.7 reading.

02:00 DE Import Price Index (M/M) October Exp: -1.4% Prior: -1.0%

02:00 DE Import Price Index (Y/Y) October Exp: 5.0% Prior: 7.6%

2:45 FR Consumer Confidence Indicator November Exp: -49 Prior: -47

3:30 IT Business Confidence November Exp: 76 Prior: 77.7

4:30 GB GDP (Q/Q) Q3 Preliminary Exp: -0.5% Prior: -0.5%

4:30 GB GDP (Y/Y) Q3 Preliminary +0.3% Prior: +0.3%

4:30 GB Private Consumption Q3 Preliminary Exp: -0.3% Prior: -0.1%

4:30 GB Government Spending Q3 Preliminary Exp: +0.6% Prior: +0.4% Revised: +0.5%

4:30 GB Gross Fixed Capital Formation Q3 Preliminary Exp: -1.5% Prior: -5.3% Revised: -2.8%

4:30 GB Exports Q3 Preliminary Exp: -0.3% Prior: -0.5% Revised: 0.0%

4:30 GB Imports Q3 Preliminary Exp: -0.9% Prior: -1.4% Revised: -0.5%

4:30 GB Index of Services 3-month average September Exp: -0.4% Prior: -0.3%

November 26 DE Consumer Price Index (M/M) November Preliminary Exp: +0.3% Prior: -0.2%

November 26 DE Consumer Price Index (Y/Y) November Preliminary Exp: 1.6% Prior: +2.4%

November 26 DE CPI - EU Harmonised (M/M) November Preliminary Exp:-0.3% Prior: -0.3%

November 26 DE CPI - EU Harmonised (Y/Y) November Preliminary Exp: 1.7% Prior: +2.5%

November 24-28 GB Nationwide House prices (M/M) (SA) November Exp: -1.7% Prior: -1.4%

November 24-28 GB Nationwide House prices (Y/Y) (NSA) November Exp: -15.1% Prior: -14.6%

Thursday:

Markets will see M3 money supply growth figures out of the euro zone for October. Current forecasts point to further slowing in the year-over-year growth rate to 8.1% from the 8.6% rate in September. A decline is also expected in the three-month average, likely to slow to 8.5%, down 0.4 percentage points from September's print.

One hour later, the EU Commission will publish data on its various sentiment indicators for November. Currently, economists expect the EU business climate indicator to worsen to -1.57 from October's -1.34, while consumer sentiment is likely to deteriorate further to -25 in November, down one point from the previous month.

Economic sentiment is also expected to worsen in the month, with expectations calling for the indicator to decline to 78.3 in November from 80.4 in October. Following the trend, industrial confidence is expected to fall to -21 from October's -18 level, while services is likely to lose two points and fall to -8 over the same period.

2:00 DE ILO Unemployment Rate October Exp: 7.1% Prior: 7.1%

3:30 IT Retailers' Confidence General November Prior: 105.7

3:30 IT Services Survey November Prior: -18

3:55 DE Unemployment Change November Exp: -5K Prior: -26K

3:55 DE Unemployment Rate (SA) November

4:00 IT Hourly Wages (M/M) October Exp: +0.3% Prior: +0.1%

4:00 IT Hourly Wages (Y/Y) October Exp: +4.0% Prior: +4.1%

4:00 EU European M3 (Y/Y) (SA) October Exp: +8.1% Prior: +8.6%

4:00 EU European M3 3-month average (SA) October +8.5% Prior: +8.9%

5:00 IT Large Company Employment (Y/Y) (NSA) September Prior: -0.5%

5:00 EU Business Climate Indicator November Exp: -1.57 Prior: -1.34

5:00 EU European Consumer Confidence November Exp: -25 Prior: -24

5:00 EU European Economic Confidence November Exp: 78.3 Prior: 80.4

5:00 EU European Industrial Confidence November Exp: -21 Prior: -18

5:00 EU European Services Confidence November Exp: -8 Prior: -6

13:00 FR Total Jobseekers October Prior: 1957.6

19:01 GB GfK Consumer Confidence Survey November -37 Prior: -36

November 27-30 DE IFO Business Climate Survey by Industry report

November 24-28 GB Nationwide House prices (M/M) (SA) November Exp: -1.7% Prior: -1.4%

November 24-28 GB Nationwide House prices (Y/Y) (NSA) November Exp: -15.1% Prior: -14.6%

Friday:

INSEE will release its estimates for French producer prices, which are forecast to reach a growth rate of 5.0% in the 12 months to October, down from September's 6.1% rate. On a monthly basis, the consumer price index is expected to contract 0.9% following the 0.4% decline in the previous month.

Shortly afterwards, ISTAT will report on Italian PPI. Economists are looking for the year-over-year growth rate to come in at 6.0% in October, down from September's 7.3% increase. On a monthly basis, Italian PPI is expected to have contracted 0.7%, deepening September's 0.5% fall.

Eurostat will publish its preliminary estimates for euro zone inflation in November. Economists expect an annualized CPI growth rate of 2.4%, down notably from October's 3.2% rise.

At the same time, Eurostat will report on the unemployment rate in the monetary union, which is expected to have inched up to 7.6% in October from September's 7.5% level.

2:45 FR Producer Prices (M/M) October Exp: -0.9% Prior: -0.4%

2:45 FR Producer Prices (Y/Y) October Exp: +5.0% Prior: +6.1%

4:00 IT PPI (M/M) October Exp: -0.7% Prior: -0.5%

4:00 IT PPI (Y/Y) October Exp: +6.0% Prior: +7.3%

5:00 IT CPI including tobacco (M/M) November Preliminary Exp: -0.2% Prior: 0.0%

5:00 IT CPI including tobacco (Y/Y) November Preliminary Exp: +2.8% Prior: +3.5%

5:00 IT CPI - EU Harmonized (M/M) November Preliminary Exp: -0.3% Prior: +0.5%

5:00 IT CPI - EU Harmonized (Y/Y) November Preliminary Exp: +2.9% Prior: +3.6%

5:00 EU European CPI Estimate (Y/Y) November Exp: +2.4% Prior: +3.2%

5:00 EU European Unemployment Rate October Exp: +7.6% Prior: +7.5%

6:00 GB U.K. CBI November Distributive Trades Report

6:00 IE Irish Central Bank Publishes Monthly Credit Statistics

November 27-30 DE IFO Business Climate Survey by Industry report

November 24-28 GB Nationwide House prices (M/M) (SA) November Exp: -1.7% Prior: -1.4%

November 24-28 GB Nationwide House prices (Y/Y) (NSA) November Exp: -15.1% Prior: -14.6%

By Todd Wailoo, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it

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