MORNING BID EUROPE-UK budget: jam tomorrow

* A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own.

LONDON, Nov 23 (Reuters) - Much has been written about British PM Theresa May's desire to help out the "jams" -- the millions of "just about managing" households at the bottom of the British economy.

There will indeed be some crumbs for them in Finance Minister Philip Hammond's budget at 1230 GMT but it will mostly be a case of "jam tomorrow" -- the White Queen's eternally unfulfilled promise to Alice in the Lewis Carroll book.

That's because the government is expected to have to borrow around 100 billion pounds more over the next five years than it forecast in March, mostly because of Brexit and the ensuing hit on economic growth and investment.

Details released ahead of the official announcement suggest there will be some help with low-cost housing, an increase in the national minimum wage, albeit lower than expected, and some help on tax credits for low-paid workers.

But perhaps the real take-home will be that this limited scope for manoeuvre gives cause to reflect on what Britain's economy needs from its future relationship with the EU.

MARKETS AT 0755 GMT

Wall St stocks continue to grind out new records as the Trump reflation trade persists stateside and continues to buoy equities around the world.

With (Other OTC: WWTH - news) a Fed rate rise next month seen as a dead cert, the European Central Bank has been successful in leaning the other way and German yields have been pushing lower again this week by contrast.

Two-year German yields hit a record low of minus 0.74 percent this morning, blowing the two-year US/German yield spread out further to their widest in 11 years.

The UK's Autumn statement will be the big set-piece today, but expectations for a big fiscal giveaway have been lowered as the government has stressed its limited room to borrow more.

China's yuan weakened, with the offshore yuan falling to a record low as traders grappled with signs of accelerating capital outflows in the wake of Trump's U.S. election win.

Euro/dollar holds just above $1.06, Brent crude holds above $49. European stocks are expected to open higher.

Upcoming events/data/ themes for market reports on Wednesday:

* Malaysia interest rate decision

* Europe corp events: United Utilities (LSE: UU.L - news) , Thomas Cook Group, Infineon (Xetra: 623100 - news) fiscal Q4 results,

* EZ/Germany/France flash Nov PMIs

* German Chancellor Merkel addresses parliament on 2017 budget debate; 10-year bund auction

* UK finance minister Hammond delivers Autumn budget statement and plans; UK DMO publishes agenda for investor consultation

* BoE's Financial Policy Committee meets; MPC member Forbes speaks at JPM conference in London

* Irish Central Bank announces whether it will change mortgage lending rules

* SAfrica Oct inflation; President Zuma in parliament; Cosatu holds leadership meeting

* Russian President Putin chairs meeting with oil firms ahead of Nov 30 OPEC meeting

* US flash Nov manufacturing PMIs; Oct durable goods orders; weekly jobless claims; UMich Nov sentiment

* Mexico Q3 GDP

* FOMC minutes

* US auctions seven-year note, two-year FRNs (Editing by Catherine Evans)