European Economics Preview: Eurozone Manufacturing PMI Due

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Tuesday, Purchasing Managers' survey results and Switzerland's GDP report are expected to dominate the scene.

Third quarter's gross domestic product results are due from Switzerland's Federal Statistical Office at 1:45 am ET. The GDP is forecast to rise 0.3% sequentially in third quarter, rebounding from the 0.3% decline in the previous quarter. Year-on-year, the GDP is tipped to contract 1.5%, after the 2% growth in the last quarter.

At 2:00 am ET, Germany's Federal Statistical Office is slated to release retail sales data for October. Year-on-year, retail sales are forecast to decrease 1.7%, slower than the 3.9% contraction in the previous month. Sales are expected to rise 0.5% on month.

In the meantime, the U.K.'s house price data is due from the Nationwide Building Society. Month-on-month, house prices are tipped to rise a seasonally adjusted 0.4% in November, the same rate of growth as in the previous month. The unadjusted yearly house price inflation rate is seen at 2.4%.

At 2:30 am ET, Sweden's manufacturing Purchasing Managers' Index is due. Economists expect the index to rise to 57 in November from 56.7 in October.

Switzerland's manufacturing PMI is due from the SVME Association of Purchasing and Materials Management and Credit Suisse at 3:30 am ET. The index is seen at 54.7 in November, up from 54 in the previous month. Retail sales data for October are released from Statistics Denmark at the same time.

It will be followed by the release of manufacturing PMIs of Italy, France, Germany and the Eurozone. At 3:45 am ET, Italy's Markit/ADACI manufacturing PMI is due, with the index forecast to rise to 50 in November from 49.2 in October.

The French Markit/CDAF PMI follows at 3:50 am ET, with the index expected to remain unchanged from its flash estimate of 54.2.

Germany's manufacturing PMI is due at 3:55 am ET, with the flash reading of the index expected to be retained at 52. Unemployment data is also due from Germany at the same time. Eurozone's PMI follows at 4:00 am ET, with index expected to confirm the flash estimate of 51.

Elsewhere, the current account statistics are due from the Norwegian central bank. The current account balance is expected to log a surplus of NOK 47.5 billion in the third quarter, down from the NOK 95 billion surplus recorded last quarter.

At 4:30 am ET, the U.K. Markit/CIPS manufacturing PMI is due, with the index tipped to rise to 54 from 53.7.

Finally, unemployment data for the Eurozone is due at 5:00 am ET. The unemployment rate is widely expected to edge up to 9.8% in October from 9.7% in September.

Tuesday, Purchasing Managers' survey results and Switzerland's GDP report are expected to dominate the scene. (Market News Provided by RTTNews)