European Economics Preview: Eurozone Unemployment, PMI Data Due

Unemployment and final Purchasing Managers’ survey results from euro area are due on Wednesday, headlining a busy day for the European economic news.

At 1.45 am ET, the Federal Statistical office releases Swiss GDP data for the first quarter. The economy is forecast to contract 2 percent sequentially after rising 0.3 percent in the fourth quarter.

At 3.00 am ET, consumer and producer prices data from Turkey is due. Inflation is expected to rise to 11 percent in May from 10.94 percent in April.

At 3.15 am ET, IHS Markit publishes Spain’s services PMI data. The index is forecast to rise to 25.0 in May from 7.1 in April.

At 3.45 am ET, Italy’s services PMI data is due. Economists forecast the indicator to climb to 26.5 in May from 10.8 in April.

Thereafter, final composite PMI results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 3.55 am ET, Germany’s unemployment data is due. The number of unemployed is forecast to rise by 200,000 in May from April.

At 4.00 am ET, IHS Markit is scheduled to issue Eurozone composite PMI data. The final reading is seen at 30.5 in May, unchanged from the flash estimate, and above April’s record low 13.6.

In the meantime, Italy’s Istat releases April unemployment data. The jobless rate is expected to rise to 9.5 percent from 8.4 percent in March.

At 4.30 am ET, UK Markit/CIPS composite PMI survey results are due. The final score is seen at 28.9 in May, in line with flash estimate, versus 13.8 in April.

At 5.00 am ET, Eurostat publishes euro area unemployment data and producer prices. Economists expect the jobless rate to advance to 8.2 percent in April from 7.4 percent in March.

At 7.00 am ET, Poland’s central bank announces its rate decision.

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