European Economics Preview: UK Chancellor To Present Spring Budget

UK Chancellor of the Exchequer Philip Hammond is set to unveil the Spring Budget later on Wednesday.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial output data for January. Economists forecast output to grow 2.6 percent on month in January, reversing a 3 percent fall in December.

In the meantime, industrial production data is due from Turkey. Production is forecast to gain 1 percent month-on-month in January.

At 2.45 am ET, the French statistical office Insee is slated to release foreign trade figures. The trade deficit is seen widening to EUR 3.8 billion in January from 3.42 billion in December.

At 3.00 am ET, industrial production from Spain and consumer prices from Hungary are due. Hungary's inflation is expected to rise to 2.8 percent in February from 2.3 percent in January.

At 3.15 am ET, the Federal Statistical Office releases Swiss consumer price data for February. Prices are expected to climb 0.4 percent annually after rising 0.3 percent in January.

At 7.30 am ET, Chancellor Hammond delivers the Spring Budget. The UK budget deficit position is expected to be better than the government had estimated in November as the economy grew more than projected.

The estimate of public sector net borrowing is likely to be revised down by around GBP 10 billion in both 2016/17 and 2017/18, Capital Economics, said. But lower growth in 2018 and 2019 will mean downward revisions to net borrowing in the later years of the forecast are smaller at around GBP 5 billion.