4th Jun 2014 05:53
MADRID (Alliance News) - After yesterday's data showing a further slowdown in eurozone inflation, growth statistics for the region is likely to take center stage on Wednesday, a day ahead of the much-awaited European Central Bank meeting. Additionally, the Group of 7 leaders are set to begin a two-day meeting in Brussels, with Russia being left out of the meeting for the first time in 17 years in reaction to its annexation of Crimea.
At 5 am ET, Eurostat will release the second estimate of first quarter GDP for the eurozone. The sequential and year-over-year GDP growth is expected to be confirmed at 0.2% and 0.9%, respectively .
Around the same time, Eurostat is also scheduled to release producer prices figures for April. Producer prices are expected to fall 1.2% year-over-year in April following the 1.6% decline in the previous month. On a month-over-month basis, a 0.1% fall in producer prices is forecast after the 0.2% decrease in March.
At 3 am ET, preliminary Czech GDP data are expected to be released by the Czech Statistical Office. The economy is expected to continue to stagnate in the quarter. Annually, GDP is expected to rise 2% in the first quarter, the same rate as in the previous quarter.
Also at 3 am ET, the results of Halifax's UK house price survey is scheduled for release. A 0.7% rise in prices is forecast following the 0.2% decline in April.
Around the same time, the Hungarian Central Statistical Office is expected to release its GDP report and retail sales report. Retail sales are expected to rise at a slower annual rate of 7.5% in April following an 8.5% rise in March. Hungarian GDP rose 3.5% year-over-year in the fourth quarter.
Also, Romania's National Institute Of Statistics is scheduled to release its first quarter GDP data for the nation at 3 am ET. In the fourth quarter, GDP rose 3.8% year-over-year.
At 3:15 am ET, Markit is scheduled to release the results of its service sector survey for Spain. The service sector purchasing managers' index is estimated to decrease to 56.1 in May from 56.5 in April.
At 3:30 am ET, Statistics Sweden is scheduled to release industrial orders and industrial production figures for the nation. Industrial production is expected to fall an unadjusted 1.2% year-over-year in April following a 4.5% drop in March. On a month-over-month basis, a 2% rise in industrial output is expected following the 3.7% decline in March. In March, industrial orders had fallen by 11.2% year-over-year, while rising 1.1% month-over-month.
At 3:45 am ET, Markit Economics and ADACI will release the results of a survey on conditions in the service sector in Italy. The service sector purchasing managers' index is expected to edge up to 51.4 in May from 51.1 in April.
At 3:50 am ET, Markit Economics is scheduled to release its final service sector activity report for France. The service sector PMI is expected to remain unrevised at 49.2.
Markit Economics is also due to release service sector purchasing managers' indexes for Germany at 3:55 am ET and for Eurozone at 4 am ET. Markit is expected to confirm the service PMI readings for Germany and the eurozone at 56.4 and 53.5, respectively. Also, the composite index for the Eurozone measuring activity at both the service and manufacturing sectors is also expected be left unrevised at 53.9.
At 4 am ET, Statistics Norway is expected to release the nation's current account balance for the first quarter. In the previous quarter, a surplus of NOK 80.5 billion was recorded.
Half an hour later, Markit Economics and the Chartered Institute Of Purchasing And Supply will release its service sector purchasing managers' index for the UK The index is expected to decrease to 58.2 in May from 58.7 in April.
At 8 am ET, the Federal State Statistics Service is expected to release its May consumer prices report for the Russian Union. Consumer prices are expected to rise 7.6% year-over-year following the 7.3% rise in April. On a month-over-month basis, consumer prices are expected to rise 0.9% in May, the same rate as in April.
Riskbank is scheduled to publish its semi-annual financial stability report at 6:30 am ET.
Copyright RTT News/dpa-AFX