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European Economics Preview: UK Inflation Data Due

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Consumer and producer prices and public sector finance reports from the UK are due on Wednesday, headlining a light day for the European economic news.

At 3.00 am ET, European Central Bank President Mario Draghi is set to speak at an event organized by the ECB in Frankfurt, Germany.

At 4.00 am ET, industrial output and producer prices are due from Poland. Economists forecast industrial output to grow 9 percent annually in April following March's 5.6 percent rise. Producer price inflation is seen at 2.4 percent versus 2.5 percent in March.

At 4.55 am ET, Iceland's central bank announces its rate decision.

At 4.30 am ET, the Office for National Statistics releases UK consumer and producer prices. Inflation is seen at 2.2 percent in April compared to 1.9 percent in March. Output price inflation is forecast to ease to 2.3 percent from 2.4 percent a month ago.

UK public sector finance data is also due. Economists forecast the budget deficit to widen to GBP 5.9 billion in April from GBP 1.7 billion in March.

At 5.00 am ET, Ireland's producer price data is due for April. Producer prices had declined 6.8 percent annually in March.

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