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European Economics Preview: Germany, France GDP Data Due

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Quarterly national accounts from Germany and France are due on Friday, headlining a busy day for the European economic news.

At 1.30 am ET, France's Insee releases first quarter GDP data. The economy is forecast to grow 0.1 percent sequentially, in contrast to a 1.4 percent drop in the fourth quarter.

At 2.00 am ET, UK Nationwide house price data is due. Economists forecast house prices to grow 5 percent on year in April versus 5.7 percent in March.

At 2.45 am ET, France's Insee publishes flash consumer prices, consumer spending and producer price data. Flash HICP inflation is seen at 1.4 percent in April, the same rate as seen in March.

At 3.00 am ET, Spain's INE releases GDP and retail sales data. The economy is expected to shrink 0.5 percent sequentially, reversing the 16.4 percent growth in the fourth quarter.

At 4.00 am ET, Destatis publishes Germany's GDP data for the first quarter. The economy is forecast to shrink 1.5 percent sequentially, reversing a 0.3 percent rise in the fourth quarter.

Also, Italy's GDP data is due. The economy is expected to shrink 0.5 percent sequentially in the first quarter.

At 5.00 am ET, Eurostat releases Eurozone GDP, unemployment and flash consumer price data. Inflation is forecast to rise to 1.6 percent in April from 1.3 percent in March. The jobless rate is forecast to remain unchanged at 8.3 percent in March.

In the meantime, Italy's Istat releases flash consumer price data for April. Economists forecast inflation to rise to 1 percent from 0.8 percent in March.

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