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European Economics Preview: UK 2020 Budget Announcement Due

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The UK Chancellor of the Exchequer will present his Budget to Parliament on Wednesday, headlining a light day for the European economic news.

The new chancellor Rishi Sunak is likely to provide additional funds to the NHS and households amidst the spread of coronavirus.

In the budget, the government is set to double spending on flood defence to GBP 5.2 billion from GBP 2.6 billion. The Chancellor is widely expected to stick to the fiscal rules.

At 3.00 am ET, consumer prices and foreign trade reports are due from Romania.

At 4.00 am ET, Spain's statistical office INE is set to issue retail sales for January. Sales had increased 1.7 percent annually in December.

At 5.00 am ET, Italy's Istat releases producer prices for January. Producer prices had decreased 2.1 percent on year in December.

At 5.30 am ET, the Office for National Statistics is set to issue UK's monthly GDP, industrial and construction output and foreign trade data.

The economy is forecast to grow 0.2 percent on month in January, slightly slower than the 0.3 percent rise in December. Economists forecast industrial output to climb 0.3 percent in January, following a 0.1 percent rise a month ago.

The UK visible trade deficit is seen at GBP 7 billion versus GBP 845 million in December.

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