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European Economics Preview: UK GDP Data Due

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Quarterly national accounts from the UK and industrial production from euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics is set to issue UK quarterly GDP, industrial production and foreign trade data. The economy is forecast to contract 20.5 percent sequentially in the second quarter after easing 2.2 percent in the first quarter.

UK's industrial production is seen rising 9.2 percent on month in June. Economists forecast the trade deficit to widen to GBP 4.75 billion from GBP 2.81 billion in May.

At 3.00 am ET, June industrial production from Hungary is due. Production had declined 7.8 percent on year in May.

Half an hour later, Statistics Sweden releases consumer price data for July. Inflation is seen at 0.3 percent in July versus 0.7 percent in June.

At 5.00 am ET, Italy's Istat releases consumer price data for July. According to preliminary estimate, consumer prices had dropped 0.3 percent in July.

In the meantime, Eurostat publishes euro area industrial production data for June. Economists forecast production to grow 10 percent on month, slower than the 12.4 percent rise in May.

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