European Economics Preview: Eurozone Economic Sentiment Data Due

European Economics Preview: Eurozone Economic Sentiment Data Due



Economic confidence data from Eurozone and preliminary inflation figures from Germany are the major statistical reports due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Germany's Federal Statistical Office is scheduled to issue wholesale turnover figures for the fourth quarter and 2011.

Spain's statistical office INE is slated to release GDP figures for the fourth quarter at 3.00 am ET. According to the estimates of the Bank of Spain, the economy shrank 0.3 percent sequentially in the fourth quarter.

The Italian government is set to hold a debt auction at 5.00 am ET. It aims to raise up to EUR 8 billion. Late Friday, Fitch downgraded Spain's long-term debt rating to 'A' from 'AA-'.

The auction includes bonds maturing on March 2022 and other two maturing on April 2016 and March 2021. A new bond maturing in May 2017 is also slated for the day.

The European Commission is set to publish monthly economic sentiment survey results at 5.00 am ET. Eurozone economic confidence is seen rising to 93.8 in January from 93.3 in December. Likewise, business sentiment is forecast to improve to -0.25 from -0.31 a month ago.

Germany's preliminary inflation figures for January are due later today. Economists forecast harmonized annual inflation to rise to 2.4 percent in January from 2.3 percent in December. On a monthly basis, the harmonized index of consumer prices is forecast to drop 0.4 percent.
EU leaders and finance ministers are set to meet in Brussels today. The informal meeting will discuss the steps to be taken by the EU in order to overcome the current debt crisis and tackle its consequences.