European Economics Preview: UK To Invoke Article 50 Triggering Brexit

The 'Brexit' negotiation process is set to begin as the UK Prime Minister Theresa May signed the letter late Tuesday that notifies the European Union of her government invoking the Article 50 of the Lisbon Treaty.

The uncertain negotiation process is expected to take two years.

Britain's Ambassador to the EU will deliver the letter to European Council President Donald Tusk in Brussels on Wednesday.

May is set to update the British parliament today, while Tusk is scheduled to make a press statement on the UK notification in Brussels around 13.45 local time.

Mortgage approvals from the UK and foreign trade prices from Germany are major statistical reports due on Wednesday.

At 2.00 am ET, Destatis releases foreign trade prices for February. Germany's import prices are forecast to rise 7 percent year-on-year, following a 6 percent rise in January.

In the meantime, Swiss UBS consumption indicator data for February is due.

At 2.45 am ET, French consumer confidence survey results are due. The consumer sentiment index is seen unchanged at 100 in March.

At 3.00 am ET, the National Institute of Economic Research is slated to publish Sweden's economic tendency survey data. The economic tendency survey index is forecast to fall to 110.6 in March from 111.6 in February.

At 3.15 am ET, the NIER releases Sweden's economic forecast.

At 4.00 am ET, Italy's business and consumer sentiment survey results are due from the statistical office.

At 4.30 am ET, the Bank of England is scheduled to issue UK mortgage approvals figures. The number of mortgage approvals is forecast to fall to 69,100 in February from 69,900 in January.