GDP data from Germany and France expected

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Quarterly national accounts from Germany, France and other major eurozone economies are due Friday, headlining a turbulent day for European economic news.

At 1:30 a.m. ET, INSEE publishes preliminary data on GDP and household spending. The economy is expected to grow 0.2% in the second quarter, offsetting a 0.2% decline in the first quarter.

At 2:00 a.m. ET, Destatis releases import prices and unemployment data from Germany. Import price inflation is expected to slow to 29.9% in June from 30.6% the previous month.

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

At 2:45 a.m. ET, flash figures for French inflation are expected. Consumer price inflation is expected to rise from 5.8% in June to 6.0% in July.

At 03:00 ET, Spain’s INE releases flash quarterly national accounts and consumer price data. The economy is expected to grow 0.4% sequentially, faster than the 0.2% increase in the first quarter. Consumer price inflation is expected to accelerate to 10.6% in July from 10.2% in June.

In the meantime, Switzerland’s KOF leading indicator, Austria’s and Czech Republic’s GDP flash data are expected.

As of 3:55 a.m. ET, unemployment data in Germany is due from the Federal Labor Agency. The unemployment rate is expected to rise slightly to 5.4% in July from 5.3% in June.

At 4:00 a.m. ET, Destatis is expected to release German GDP flash data for the second quarter. Economists forecast sequential growth for the economy of 0.1%, slower than the 0.2% rise in the first quarter.

In addition, GDP flash data from Italy and preliminary inflation from Poland are due at 4:00 a.m. ET.

At 4:30 a.m. ET, the Bank of England is expected 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 05:00 ET, Eurostat releases flash figures for Eurozone GDP and inflation. Economists forecast sequential growth in the currency bloc of 0.2%, after rising 0.6% a quarter ago. Flash inflation is estimated at 8.6% in July, unchanged from June.

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