European Economic News Preview: UK Spring Budget Announcement Due

UK Chancellor Jeremy Hunt is set to deliver his spring budget in the parliament on Wednesday.

Hunt is expected to offer pre-election giveaways but the limited headroom reduced the scope for major tax cuts. The announcement is due at 7.30 AM ET.

Foreign trade and construction Purchasing Managers' survey results from Germany are other major economic reports due today.

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for January. Exports are expected to grow 1.5 percent on month and imports to climb 1.8 percent.

At 2.30 am ET, industrial production, retail sales and foreign trade figures are due from Hungary.

At 3.30 am ET, construction PMI survey data is due from Germany.

At 4.30 am ET, S&P Global publishes UK construction PMI survey results. The index is seen at 49.0 in February, up from 48.8 in the previous month.

At 5.00 am ET, Eurostat is scheduled to publish euro area retail sales for January. Economists forecast retail sales to gain 0.1 percent on month, in contrast to the 1.1 percent decrease in December.