MORNING BID EUROPE-UK memo hints at Brexit splits; Obama tours

* 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 15 (Reuters) - The plan is -- there is no plan? The BBC and The Times are running with a leaked cabinet office memo they say shows there is no government plan for Brexit because of divisions in the cabinet. It says a further six months may be needed, taking it well beyond the official end-March timeframe for triggering Article 50. A spokesman for Prime Minister Theresa May says: "This is not a government report and we don't recognise the claims made in it".

Poor Obama. He arrives in Greece today for a European tour whose main purpose appears to be assuring his European allies that Donald Trump won't be as bad as all that. In particular he comes armed with assurances that Trump does not actually intend to tug apart the NATO alliance he said during his campaign risked being "obsolete". Talks with Angela Merkel are also on the itinerary.

Big data day for the eurozone economy. German economic growth slowed more than expected in the third quarter of 2016 due to weaker exports, figures just out showed. ZEW sentiment to come at 1000. Eurozone, Dutch and Italian GDP numbers to follow plus read-outs on inflation from around the currency zone.

Watching what comes out after German police launched dawn raids on mosques, apartments and offices in ten German states and the government banned a group it accused of trying to recruit fighters for Islamic State. A spokeswoman for the ministry described the DWR 'True Religion' organisation as a mobilising network for Islamic State, though she said there was no indication it was planning attacks itself.

MARKETS AT 0755 GMT

The Trumponomics reflation trade in world markets has paused for breath. After three days of a surging dollar, rising western industrial, construction and banking stocks, gains in industrial metals prices and a rout in world bonds and emerging market currencies and stocks, there's some time for investors to think through what happens next. Trump's team of advisers is gradually coming together to mixed reviews from those worried about the direction of policy on trade, immigration, fiscal policy and healthcare. A follow-through on all the market moves since last week's election will now require some clearer detail and that could take several weeks. After 30-year US Treasury yields topped 3 percent for the first time since January on Monday, there's been a general pullback in yields and the dollar that's taken some of the intense pressure off emerging markets. The dollar index DXY is off slightly on Tuesday, but has been flirting with its highest levels in 14 years. Wall St stocks ended flat too overnight as the rally paused and all this allowed some stabilization of bourses across Asia.

European stock futures are expected to open flat also, while euro zone government bond yields slipped back 3-5 basis points after what has now been a six-week selloff finds some level for now. The attention has already drifted to the busy year-end political calendar, especially Italy's constitutional referendum early next month. Despite flash euro zone GDP numbers out later, nearly all incoming economic data has an 'out of date' feeling about it. Even (Taiwan OTC: 6436.TWO - news) the ZEW German investor sentiment index for November out later is unlikely to have caught the full force of the Trump surprise. Elsewhere, the detention of Russian Economy Minister Ulyukayev on bribery charges will catch eyes.

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

- Europe corp events: EasyJet (Other OTC: EJTTF - news) , Vodafone, Meggitt (Other OTC: MEGGF - news)

- Germany flash Q3 GDP

- France final Oct (HKSE: 3366-OL.HK - news) inflation

- Czech/Irish/Swedish/Dutch/Portuguese flash Q3 GDP

- UK Oct inflation

- Germany Nov ZEW economic sentiment

- Euro zone Sept Eurostat trade

- Euro zone flash Q3 GDP

- U.S. Nov New York Fed manufacturing

- U.S. Oct import prices

- U.S. Oct retail sales

- RBA minutes (Editing by Sonya Hepinstall)