European Economics Preview: Germany & France GDP Data Due

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Quarterly national accounts from Germany, France and other major euro area economies are due on Friday, headlining a hectic day for the European economic news.

At 1.30 am ET, France's Insee publishes preliminary GDP and household spending data. The economy is forecast to grow 0.2 percent in the second quarter, offsetting a 0.2 percent fall in the first quarter.

At 2.00 am ET, Destatis releases Germany's import prices and unemployment data. Import price inflation is seen easing to 29.9 percent in June from 30.6 percent in the previous month.

Half an hour later, retail sales data is due from Switzerland.

At 2.45 am ET, France's flash inflation figures are due. Consumer price inflation is expected to advance to 6.0 percent in July from 5.8 percent in June.

At 3.00 am ET, Spain's INE publishes flash quarterly national accounts and consumer price data. The economy is expected to expand 0.4 percent sequentially, faster than the 0.2 percent increase in the first quarter. Consumer price inflation is forecast to accelerate to 10.6 percent in July from 10.2 percent in June.

In the meantime, the KOF leading indicator from Switzerland, flash GDP data from Austria and the Czech Republic are due.

At 3.55 am ET, Germany's unemployment data is due from the Federal Labor Agency. The jobless rate is expected to rise slightly to 5.4 percent in July from 5.3 percent in June.

At 4.00 am ET, Destatis is slated to issue Germany's flash GDP data for the second quarter. Economists forecast the economy to grow 0.1 percent sequentially, slower than the 0.2 percent rise in the first quarter.

Also, flash GDP data from Italy and preliminary inflation from Poland are due at 4.00 am ET.

At 4.30 am ET, the Bank of England is scheduled to release mortgage approvals data for June. The number of mortgages approved in June is expected to fall to 65,000 from 66,163 in May.

At 5.00 am ET, Eurostat releases euro area flash GDP data and inflation figures. Economists forecast the currency bloc to grow 0.2 percent sequentially, following a 0.6 percent rise a quarter ago. Flash inflation is seen at 8.6 percent in July, unchanged from June.

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