European Economic News Preview: Eurozone Flash GDP Data Due

Flash quarterly national accounts from Eurozone and other major euro area economies are due on Tuesday, headlining a hectic day for the European economic news.

At 1.30 am ET, France's statistical office INSEE is scheduled to release flash GDP and consumer spending figures. The second largest euro area economy is forecast to grow 0.1 percent sequentially in the first quarter, the same pace as seen in the fourth quarter.

At 2.00 am ET, Destatis publishes Germany's retail sales, import prices and ILO jobless rate data. Import prices are expected to decline 3.8 percent annually in March, following a 4.9 percent drop in February. Economists forecast retail sales to grow 1.5 percent on month in March, in contrast to the 1.9 percent fall in the previous month.

At 2.30 am ET, preliminary GDP figures are due from Hungary.

At 2.45 am ET, flash consumer prices and producer prices are due from France. Economists forecast consumer price inflation to ease to 2.1 percent in April from 2.3 percent in March.

At 3.00 am ET, preliminary GDP data is due from Spain, the Czech Republic and Austria are due. Spain GDP is expected to log a slower growth of 0.4 percent in the first quarter after rising 0.6 percent a quarter ago.

At 3.55 am ET, the Federal Labor Agency publishes Germany's unemployment data. The jobless rate is seen unchanged at 5.9 percent in April.

At 4.00 am ET, flash GDP data from Germany and Italy are due. The German economy is expected to shrink 0.2 percent in the first quarter after posting a similar contraction in the preceding period.

At 4.30 am ET, the Bank of England is set to release mortgage approvals data. The number of mortgages approved in March is expected to rise to 61,000 from 60,383 in February.

At 5.00 am ET, Eurostat publishes euro area flash GDP and inflation figures. The currency bloc is expected to expand 0.1 percent in the first quarter after staying stable in the fourth quarter. The inflation is expected to remain unchanged at 2.4 percent in April.