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With Wall Street closed on Thursday in celebration of Thanks Giving and few investors likely to return to the US market on Friday, this is set to be a rather quiet week in terms of trading volume. Economic data, however, will be laid on thick over the first half of the week, with gross domestic output estimates from the US, UK and Germany.

Monday

Investors will be eased gradually into the week on Monday with purchasing managers’ index readings for both the euro-zone’s manufacturing and service sectors. The former is expected to edge up in November, month-on-month, but the latter is not forecast to show much—if any—change this month.

In the UK, Nationwide’s latest measure of house prices is expected to show ongoing improvements, though at a slightly slower pace compared to October: rising 0.3% in November after the previous month’s 0.4% increase.

Tuesday

Tuesday brings the first of the gross domestic product readings. The preliminary data is expected to show the US economy expanded by 3.0% in the third quarter of 2009, while November’s consumer confidence indicator is seen slipping a touch to around 47.0 from 47.7 as consumers question whether the market gains since March lows are sustainable.

Beyond the US borders, Germany will also announce its preliminary third quarter GDP estimate, seen up 0.7% since the second quarter but still marking an annual contraction of 4.8%.

Also in Europe, France’s business confidence indicator is expected to have crept higher this month and is seen landing in the region of 91 compared to 89 the month before.

On the corporate front, following utility provider National Grid’s results last week, peer Severn Trent will release its own numbers on Tuesday, though focus remains on Ofwat’s final determination for the next five-year regulatory period 2010-2015, which is due this Thursday. Following the regulator’s ruling, companies will have two months to either accept or refer it to the Competition Commission.

Wednesday

Severn Trent’s peer, United Utilities, will also report first-half results—on Wednesday—and yet again it is likely that Ofwat’s imminent announcement will overshadow the numbers.

Compass Group will unveil its own figures mid-week, with the market looking for organic revenue to be in line with management’s guidance for broadly flat growth in the year to end-September 2009, though reported results will have benefited from a favourable currency impact.

Returning to economic news, Wednesday will see the release of minutes from both the US Federal Reserve’s and the Bank of Japan’s monetary policy committee meetings, which will be closely eyed and digested for insights into the two organisations’ outlooks for their respective economies. Meanwhile, here in the UK, the most recent estimate of third quarter GDP is expected to show the economy remains in recession, having contracted 0.3% last quarter, bringing the annual rate of decline to -5.1%.

In the US, the number of workers claiming jobless benefits for the first time last week is expected to have shrunk slightly, while the final reading of the University of Michigan consumer confidence survey is expected to confirm a marginal rise in the indicator to 67 this month from October’s 66.

Thursday

Thursday will be a quiet session—both on the market front, the data front and the corporate earnings front—as Americans take a break to celebrate Thanks Giving.

Friday

And with most investors expected to take a long holiday weekend on the far side of the Atlantic, trading levels are likely to remain low on this side too towards the end of the week, with French consumer confidence—seen unchanged this month at -35—among the few items of interest on the economic agenda.

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