2020.08.2504:07:00UTC+00European Economics Preview: Germany Ifo Business Confidence Data Due

Business confidence and revised quarterly national accounts from Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's revised GDP data for the second quarter. According to preliminary estimate, the economy contracted 10.1 percent sequentially versus a 2 percent fall in the first quarter.

In the meantime, Statistics Norway releases the second quarter GDP data. The mainland Norway is forecast to shrink 6.1 percent sequentially versus a 2.1 percent drop in the first quarter.

At 3.00 am ET, producer prices from Spain and industrial production from Austria are due.

Half an hour later, Statistics Sweden is set to issue producer prices for July. Prices had declined 3.8 percent on year in June.

At 4.00 am ET, Germany's ifo business confidence survey results are due. Economists forecast the business climate indicator to rise to 92.2 in August from 90.5 in July. In the meantime, unemployment data is due from Poland. The jobless rate is seen unchanged at 6.1 percent in July.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey data for August. The retail sales balance is forecast to rise to 8 percent from 4 percent in July.

At 8.00 am ET, Hungary's central bank is set to announce its interest rate decision. The bank is set to keep its key rate unchanged at 0.60 percent.