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European Economic Preview: German Business Confidence Data Due

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Business confidence data from Germany, along with revised G.D.P. figures from the U.K. and industrial new orders data from the eurozone are due on Wednesday, headlining a moderate day for European economic news. All times in ET.

Major economic reports released on Tuesday were mostly positive. Private sector growth in the eurozone picked up unexpectedly in November, while German consumer sentiment came in higher than expected. Elsewhere, French business confidence weakened unexpectedly in November, while U.K. mortgage approvals fell to a 19-month low.

Late on Tuesday, tnternational ratings agency Standard & Poor's cut the Irish Republic's sovereign credit rating by two notches to A from AA-, citing the country's larger than expected borrowing requirements to finance its troubled banking system.

At 3:00 am, the Czech Statistical Office is scheduled to release business and consumer sentiment data for November.

German business sentiment data for November are due from the Ifo Institute at 4:00 am. The business climate index is seen edging lower to 107.5 from 107.6 last month. The expectations index is forecast to fall to 104.7 from 105.1, while the current conditions index is seen rising to 110.4 from 110.2.

Retail sales figures for September are due from the Italian statistical office at the same time. Sales are expected to pick up 0.1% on a monthly basis and 0.7% on a yearly basis.

Unemployment data for September is due from Norway at 4:00 am, with the unemployment rate seen remaining unchanged at 3.4%.

At 4:30 am, the U.K.'s Office for National Statistics is due to release revised September quarter G.D.P. data. Economists expect the preliminary estimate of 0.8% quarterly growth and 2.8% annual growth to be confirmed.

Eurozone industrial new orders data for September is due from Eurostat at 5:00 am. Economists expect new orders to fall by 2.5% on a monthly basis but rise 15.3% on an annual basis.

At 7:20 am, Bank of England policy hawk Andrew Sentance is due to deliver a speech at an event in Belfast, Northern Ireland.

Finally at 1:00 pm, European Central B

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