Quarterly national accounts from the U.K. and consumer sentiment from Germany are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Germany's GfK consumer confidence survey results are due. The forward-looking consumer sentiment index is seen unchanged at 9.4 in May.

In the meantime, Germany's import prices are due. Economists forecast import prices to fall 6.3 percent annually in March after easing 5.7 percent in February.

Also, Swiss UBS consumption indicator is due for March at 2.00 am ET.

At 2.45 am ET, the French statistical office Insee is scheduled to publish consumer sentiment survey data. The indicator is forecast to rise marginally to 95 in April from 94 in March.

At 3.00 am ET, retail sales from Spain and consumer confidence from Sweden are due. Sales are forecast to grow at a slower pace of 3.4 percent year-on-year in March after expanding 7.4 percent in February.

Sweden's economic tendency survey index is forecast to drop to 106.1 in April from 106.6 in March.

Half an hour later, Statistics Sweden publishes foreign trade data. The trade surplus is seen at SEK 1.7 billion compared to February's SEK 0.2 billion shortfall.

At 4.00 am ET, the European Central Bank releases money supply data for March. M3 is forecast to grow 5 percent annually in March, the same rate of growth as seen in February.

Also, Italy's business and consumer sentiment survey results are due. Economists forecast the business sentiment index to fall to 102 in April from 102.2 in March. Similarly, the consumer confidence indicator is seen unchanged at 115 in April.

At 4.30 am ET, the Office for National Statistics releases U.K. first quarter GDP data. The economy is forecast to grow 0.4 percent sequentially following the fourth quarter's 0.6 percent expansion.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results. The retail sales balance is forecast to rise to 13 percent in April from 7 percent in March.

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