European Economics Preview: UK Retail Sales, Public Sector Finance Data Due

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Retail sales and public sector finances from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK retail sales and public sector net borrowing figures for May. Economists forecast retail sales volume to rise 5.7 percent on month in May, reversing an 18.1 percent decrease in April.

The UK budget deficit is expected to widen to GBP 47.3 billion in May from GBP 61.4 billion in April.

In the meantime, producer price data is due from Germany. Prices are expected to drop 2.1 percent annually, following a 1.9 percent drop in April.

At 4.00 am ET, the European Central Bank issues euro area current account data for April. The surplus totaled EUR 27.4 billion in March.

Also, industrial production and producer price data is due from Poland. Industrial output is expected to decline 16.8 percent on a yearly basis, following a 24.6 percent decrease in April. At the same time, producer prices are forecast to drop 1.5 percent annually versus a 1.3 percent fall a month ago.

At 6.30 am ET, Russia’s central bank announces its interest rate decision. The bank is set to cut its benchmark rate by 100 basis points to 4.50 percent.

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