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Financial News: European Economics Preview: Germany's Ifo Business Confide

European Economics Preview: Germany's Ifo Business Confidence, GDP Data Due

05/23/2017 - 01:37:00 (RTTNews)

(RTTNews) - Business sentiment and detailed quarterly national accounts from Germany are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, Germany's Destatis publishes detailed GDP data. According to provisional estimate, the economy expanded 0.6 percent sequentially in the first quarter.

In the meantime, Swiss foreign trade data is due for April. The trade surplus totaled CHF 3.1 billion in March.

At 2.45 am ET, the French statistical office Insee releases manufacturing confidence survey results. The confidence index is seen unchanged a 108 in May.

At 3.00 am ET, France's flash PMI data is due. The composite index is forecast to remain unchanged at 56.6 in May.

Half an hour later, IHS Markit publishes Germany's flash PMI data. Economists forecast the index to drop to 56.6 in May from 56.7 in April.

At 4.00 am ET, German Ifo business sentiment survey results are due. The business confidence index is seen rising to 113.1 in May from 112.9 in April.

In the meantime, IHS Markit publishes Eurozone flash PMI data. The composite PMI is forecast to fall slightly to 56.7 in May from 56.8 in April.

At 4.30 am ET, the Office for National Statistics is scheduled to issue UK public sector finance data. The budget deficit is forecast to widen to GBP 8.8 billion in April from GBP 5.1 billion in March.

At 6.00 am ET, the UK Distributive Trades survey data is due. The retail sales balance is expected to fall to 31 percent in May from 44 percent in April.

At 8.00 am ET, Hungary's central bank is set to announce its interest rate decision. The bank is expected to keep its key rate at 0.90 percent.

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