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The United Kingdom is scheduled to release GDP data on Friday, headlining a busy day for European economic news.
At 2:45 am ET, the French statistical agency INSEE is set to release consumer spending data for September. Year-on-year, consumer spending is expected to fall 0.4% in September, slower than the 1.3% decrease seen in August. On a monthly basis, spending is forecast to rise 0.5%.
The release of the Flash Purchasing Managers' Index reports for major Eurozone economies is set to start at 3.00 am ET. The first one expected to hit the wires is the Flash French PMI for both manufacturing and service sectors. The manufacturing PMI is forecast to rise to 53.3 from 53, while the services PMI is expected to rise to 54 from 53.2.
Thereafter, Flash German PMI data is due at 3.30am ET. Economists expect manufacturing PMI to swing to 50.1 from 49.6 in September, while the services PMI is seen at 52.5, up from 52.1.
Elsewhere, the Statistics Netherlands is slated to release consumer spending data for August. Consumer spending had decreased 2.1% year-on-year in July.
At 4:00 am ET, the Ifo Institute for Economic Research is expected to issue its business climate survey results for October. The German business climate index is predicted to rise to 92 from 91.3 in the preceding month. Further, economists expect the current conditions index to improve to 88 from 87, while the expectations index is seen at 96.2, up from 95.7.
In the meantime, Eurozone's PMI report is also due. The manufacturing PMI is expected to stand at 50 compared to 49.3 in September, while the services PMI is forecast to rise to 51.3 from 50.9.
At 4:30 am ET, UK's Office for National Statistics is slated to issue GDP data for the third quarter. Economists expect the economy to contract 4.6% year-on-year, slower than the 5.5% fall in the preceding quarter. On a sequential basis, the economy is forecast to expand 0.2%, in contrast to the 0.6% decline in the last quarter.
At the same time, the British Bankers' Association is slated to release mortgage approval statistics for September. Mortgage approvals for September is seen at 39,300 compared to 38,095 in the previous month.
Afterwards at 5:00 am ET, the Eurostat is set to release Eurozone industrial new orders data. New orders are expected to rise a seasonally adjusted 1.2% on a monthly basis in August, slower than the 2.6% growth in July. The annual decline is seen at a working day adjusted 22.5%.
In the meantime, Poland's Central Statistical Office is scheduled to issue retail sales figures for September. Year-on-year, retail sales growth is expected to ease to 4% from 5% in the prior month. Further, the Polish unemployment data for September is also due at the same time. Economists expect the unemployment rate to edge up to 11% from 10.8%.
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