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European Economics Preview: Eurogroup To Give Final Nod For Greek Bailout

Eurozone finance ministers will meet today to discuss giving final approval for Greece's second bailout.
At 3.00 am ET, the Federal Statistical Office is scheduled to issue German wholesale prices for February. Economists forecast wholesale price inflation to slow to 2.6 percent annually in February from 3 percent in January.
At 4.00 am ET, Turkey's central bank is scheduled to publish current account data for January. The current account gap is forecast to narrow to $5.5 billion from $6.57 billion in December.
In the meantime, Romania's inflation and trade figures. Annual inflation is seen easing to 2.4 percent in February from 2.7 percent in January.
Italy's final GDP data from Istat is due at 5.00 am ET. According to preliminary estimate, the economy slipped into a recession in the fourth quarter. The gross domestic product declined by 0.7 percent sequentially, bigger than the 0.2 percent drop logged in the third quarter. The statistical office is expected to confirm the initial estimate.
The German government aims to raise a maximum of EUR 4 billion from the issue of Bubills, with a maturity of 6 months. The results are due at 6.00 am ET.
Eurogroup meeting is set to begin in Brussels at 1.00 am ET. At the prior meeting on Friday, Eurogroup President Jean-Claude Juncker said Greece has implemented all measures in a satisfactory manner to receive a second bailout package.
The Greek authorities managed to obtain the cooperation of the private sector in participating in the debt exchange offer. The International Monetary Fund is likely to approve its share of the bailout this week.


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European Economics Preview: German ZEW Economic Sentiment Forecast To Improve

Economic sentiment survey results from Germany and external trade from the U.K. are the important statistical reports due on Tuesday.
At 2.30 am ET, the French statistical office Insee is scheduled to release consumer prices for February. Annual inflation is forecast to rise to 2.4 percent from 2.3 percent in January.
Inflation figures from Spain and Hungary are due at 4.00 am ET. Spain's EU harmonized inflation is seen at 1.9 percent in February, while Hungary's inflation is expected to rise to 5.6 percent from 5.5 percent in January.
At 4.15 am ET, the Federal Statistical Office is slated to release Swiss producer and import prices for February. On a yearly basis, the index is expected to drop 2.4 percent, the same rate of decline as seen in January.
Half an hour later, Statistics Sweden is scheduled to issue inflation data. Annual inflation is forecast to fall to 1.8 percent in February from 1.9 percent in January.
At 5.00 am ET, final inflation data from Italy and current account figures from Czech are due.
At 5.30 am ET, the Office for National Statistics is scheduled to release U.K. trade balance for January. The visible trade deficit is seen widening to GBP 7.9 billion from GBP 7.11 billion in December.
German ZEW economic confidence survey results are due at 6.00 am ET. Economists forecast economic confidence to rise to 10 in March from 5.4 in February. The current conditions index is forecast to improve to 41.5 from 40.3 a month ago.
Poland's inflation and current account figures are due at 9.00 am ET. Annual inflation is seen rising to 4.2 percent in February from 4.1 percent in January.


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European Economics Preview: Eurozone Industrial Output, U.K. Jobless Data Due

Industrial production and inflation from Eurozone and labor market statistics from the U.K. are the major reports due on Wednesday.
Statistics Finland is set to publish inflation data for February at 3.00 am ET. Annual inflation rose to 3.2 percent in January from 2.9 percent in December.
Sweden's AMV jobless data is due at 5.00 am ET. The jobless rate is forecast to remain stable at 4.8 percent in February.
Half an hour later, the Office for National Statistics is slated to release U.K. claimant count and jobless figures. The claimant count is seen unchanged at 5 percent in February. During three months to January, the jobless rate is seen at 8.4 percent.
At 6.00 am ET, Eurostat is scheduled to issue final consumer price figures and industrial production data. Eurozone industrial production is forecast to rise 0.5 percent month-on-month in January, following a 1.2 percent drop in December.
February's inflation is seen at 2.7 percent, unchanged from the flash estimate, but up from 2.6 percent in January.
Italy plans to raise up to EUR 5 billion from the sale of a new three-year BTP bond maturing in March 2015. Also, it targets to receive a maximum of EUR 1 billion from BTP bonds maturing on September 2019. The results are due at 6.10 am ET.
At 9.00 am ET, Norway's central bank is set to announce its interest rate decision. The rate is expected to remain unchanged at 1.75 percent.
In the meantime, Poland's money supply data is due. M3 money supply is seen rising 0.6 percent month-on-month in February after falling 0.8 percent in January.


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European Economics Preview: Swiss National Bank Rate Decision Due

The interest rate decision from the Swiss National Bank is the major event that is set to dominate the scene on Thursday.
The State Secretariat for Economic Affairs is set to publish Swiss quarterly economic forecasts. In the previous forecast, it said the gross domestic product will grow 0.5 percent in 2012.
At 3.00 am ET, the European Automobile Manufacturers' Association is scheduled to issue new car registrations for February. In January, European car registrations declined 7.1 percent.
Czech producer prices and retail sales are due at 4.00 am ET. Producer price inflation is seen slowing to 3.9 percent in February from 4.1 percent in January. Retail sales are forecast to rise 0.7 percent in January after climbing 1.6 percent in December.
At 4.30 am ET, the Swiss National Bank is expected to maintain its three-month Libor rate close to zero. At the prior meeting in December, the SNB retained its key rate and left the minimum exchange rate of CHF 1.20 per euro.
The European Central Bank is slated to publish monthly bulletin at 5.00 am ET.
The French government targets to raise a maximum of EUR 8.5 billion from the auction of medium term treasury notes. The results of issue are due at 5.50 am ET. Also, OATi index-linked treasury note auction is due.
Eurostat is scheduled to issue employment data for the fourth quarter at 6.00 am ET. In the third quarter, Eurozone employment fell 0.1 percent sequentially. Labor cost figures are also due in the meantime.


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European Economics Preview: Eurozone Trade Data Due

Foreign trade data from Eurozone is the major news due on Friday, a light day for the European economic news.
At 4 am ET, the Turkish Statistical Institute is expected to publish the February results of the consumer confidence survey. In January, consumer sentiment improved to 92.2 from 92 in December. Spanish labor cost data for the fourth quarter is also due at the 4 am ET.
At 5 am ET, Italian trade data for January is expected. The statistical office Istat said last month that Italy's trade with rest of the world resulted in a surplus of EUR 1.4 billion in December compared to a deficit of EUR 3 billion in the same month of 2010.
The economy slipped in to recession in the fourth quarter with the gross domestic product contracting 0.7 percent quarter-on-quarter during the period after 0.2 percent decline in the third quarter.
At 6 am ET, the Eurostat is slated to publish foreign trade figures for the month of January. Economists forecast the trade surplus to fall to EUR 1 billion from EUR 9.7 billion in December.
Eurozone's merchandise trade surplus posted a surprise increase in December, despite stringent austerity measures weakening demand within the region. The economy suffered a 0.3 percent contraction in the fourth quarter, which was the first since 2009.
Current account data from Italy is also due at 6 am ET.


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European Economics Preview: Eurozone Current Account Data Due

Current account data from the euro area is the only major statistical report due on Monday, headlining a light day for the European economic news.
At 5.00 am ET, the European Central Bank is scheduled to issue current account figures for January. The Eurozone current account surplus totaled EUR 16.3 billion in December.
In the meantime, Italy's industrial order figures are due. Economists forecast industrial orders to fall 3.2 percent month-on-month in January after rising 5.5 percent in December.
At 6.00 am ET, Eurostat is slated to publish Eurozone construction output for January. In December, output increased 0.3 percent on a monthly basis and 7.8 percent from a year ago.
Poland's industrial output and producer prices are due at 9.00 am ET. Industrial production is expected to increase 8.8 percent year-on-year in February, slower than the 9 percent growth in January. Producer price inflation is seen slowing to 6.5 percent annually from 8 percent in January.
France's short-term debt auction is due at 10.00 am ET. The government aims to raise EUR 4 billion from 91-day T-bill auction and a maximum of EUR 1.8 billion from 168-day T-bills. Also, a 350-day bill auction is also due.


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European Economics Preview: UK Inflation Data Due

Inflation data from the UK and industrial production figures from Switzerland are the main European economics news due on Tuesday.
At 3 am ET, Germany's Federal Statistical Office is expected to publish producer price figures for February. Economists forecast a 3.2 percent rise in prices compared to 3.4 percent increase in January. Unemployment figures from Finland is also due at the same time.
Hungarian Central Statistical Office is slated to release the January gross earnings figures at 4 am ET. Swiss industrial production is due at 4.15 am ET. Production is forecast to fall 2 percent year-on-year in the fourth quarter, but is expected to grow 2.6 percent compared to the previous quarter.
At 4.30 am ET, Statistics Netherlands is scheduled to release the consumer confidence data for this month. Confidence index is expected to remain almost unchanged from previous month's level.
At 5.30 am ET, the Office for National Statistics is expected to publish the consumer price index for February. CPI is forecast to rise 3.3 percent, slower than 3.6 percent in the previous month. The core inflation rate is seen easing to 2.3 percent.
At 5 30 am ET, the Spanish Treasury is set to auction 12 and 18 month Treasury Bills. The sale is having a target of EUR 4.5 -5.5 billion.
Elsewhere, Greece is set to auction 13-week T-Bills with maturity June 22. The amount to be raised is EUR 1 billion. The European Financial Stability Facility successfully raised EUR 1.5 billion from its inaugural 20-year bond sale on Monday.
The Confederation of British Industry is slated to release its industrial trends survey for the month of March at 7 am ET. Further, the Polish central bank is expected to announce the core consumer price figures for February at 9 am ET.


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Euro Rises After Greek Parliament Approves New Bailout Deal

The euro advanced against its most major counterparts in early Asian deals on Wednesday after Greek Prime Minister Lucas Papademos won parliamentary approval for a new international bailout.
Reports suggested that Greek Prime Minister Lucas Papademos won approval for a new 130 billion-euro ($172 billion) aid package that will keep the country's possible financial collapse at bay. A total of 213 lawmakers voted today in favor of the legislation and 79 against, reports quoted Acting Parliament Speaker Grigoris Niotis was saying in remarks carried live on state-run Vouli TV.
The euro strengthened to an 8-day high of 0.8362 against the pound and a 12-day high of 1.3270 against the dollar, compared to Tuesday's New York session close of 0.8339 and 1.3223, respectively. The next upside target level for the euro is seen at 0.840 against the pound and 1.330 against the dollar.
Against the yen, the euro climbed to near a 5-month high of 111.01 and if the euro gains further, it may likely target the 111.6 level. At Tuesday's New York session close, the euro-yen pair was quoted at 110.70.
Looking ahead, Japan's all industry activity index for January is due at 12:30 am ET.
Swiss M3 money supply and the U.K. public finance data - both for February and the Bank of England's March meeting minutes are scheduled for release in the European session.
U.K. Chancellor George Osborne will present his Budget to Parliament at 8:30 am ET.
Canada's leading indicators and the U.S. existing home sales - both for February are expected in the New York morning session.


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European Economics Preview: French Business Sentiment Due

Business confidence survey data from France and mortgage approvals from the U.K. are the important reports due on Friday, headlining a light day for the European economic news.
At 3.45 am ET, the French statistical office Insee is scheduled to release business sentiment survey results for March. Business confidence is expected to rise to 93 from 92 a month ago.
Spain's statistical office INE is slated to publish producer price data at 4.00 am ET. Economists forecast producer prices to rise 3.4 percent year-on-year, following January's 3.6 percent increase.
At 5.00 am ET, Italy's retail sales figures are due. Retail sales are expected to fall 0.1 percent on a monthly basis in January after easing 1.1 percent in December. Annually, the decline is seen at 3.4 percent.
Also, the KOF Swiss Economic Institute is scheduled to issue March Economic Forecast. In the meantime, Iceland's wage cost index for February is due.
Turkey's foreign tourist arrival figures for February are also due at 5.00 am ET. Tourist arrivals increased 0.6 percent year-on-year in January.
British Bankers' Association is set to publish February mortgage approvals for February. The number of mortgages approved in February is seen at 37,250 compared to 38,092 a month ago.


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European Economics Preview: German Ifo Business Confidence Data Due

Business confidence from Germany is the major report due on Monday. Also, Germany plans to raise as much as EUR 3 billion from the short-term debt auction.
The Czech Statistical Office is slated to publish business sentiment survey results at 3.00 am ET. In the meantime, Hungary's retail sales figures are due. Economists expect sales to grow 0.1 percent annually in January after rising 1.5 percent in December.
Half an hour later, Dutch producer confidence data for March is due. The index dropped to -1.5 in February from -1.4 in January.
At 4.00 am ET, consumer confidence from Italy and retail sales and unemployment from Poland are due. Economists expect retail sales growth to ease to 9.9 percent in February from 14.3 percent in January. At the same time, the jobless rate is forecast to rise to 13.5 percent from 13.2 percent.
At 5.00 am ET, German Ifo business sentiment is due. Business confidence is forecast to fall slightly to 109.5 in March from 109.6 in February. At the same time, the expectations index is seen improving to 102.7 from 102.3 a month ago.
The German government plans to raise a maximum of EUR 3 billion from the issue of Treasury discount paper or 'Bubills' with a maturity of 12 months. The results of the auction are due at 6.30 am ET.


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