European Economic News Preview: Eurozone Composite PMI Data Due

(RTTNews) - The final composite Purchasing Managers' survey results from the euro area and the UK are due on Wednesday, headlining a busy day for the European economic news.

At 2.45 am ET, France's statistical office INSEE publishes industrial production data for December. Output is forecast to fall 0.1 percent on month, reversing a 0.2 percent fall in November.

At 3.15 am ET, Spain's services PMI survey results are due. The services PMI is expected to drop to 56.7 in January from 57.3 in the previous month.

At 3.45 am ET, S&P Global publishes Italy's composite PMI survey data. Economists forecast the services PMI to fall to 50.5 in January from 50.7 a month ago.

At 3.50 am ET, France's HCOB final composite PMI survey results. The index is seen at 48.3 in January, in line with flash estimate, and down from 47.5 in the prior month. At 3.55 am ET, S&P Global is scheduled to release Germany's composite PMI data. Economists expect the index to rise to 50.1 in January, in line with the flash estimate, and up from 48.0 in December.

At 4.00 am ET, Eurozone final composite PMI data is due. The flash estimate showed that the composite indicator improved to 50.2 in January from 49.6 a month ago.

In the meantime, Italy's statistical office ISTAT releases retail sales for December. Economists forecast retail sales to grow 0.1 percent, in contrast to the 0.4 percent fall in November.

Half an hour later, UK S&P Global final PMI survey data is due. The services PMI is expected to match the flash reading of 51.2 in January and up slightly from 51.1 in December.

At 5.00 am ET, Eurostat is set to release euro area producer prices for December. Economists expect producer prices to drop 0.1 percent on year, following a 1.2 percent fall in November.