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Quarterly national accounts data from Germany is due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis publishes Germany's GDP data. Economists forecast the largest euro area economy to expand 0.4 percent sequentially in the March quarter, after stagnating in the fourth quarter of 2018.

In the meantime, GDP from Finland and Romania, and foreign trade data from Norway are due.

At 2.45 am ET, final inflation data is due from France. Inflation is seen at 1.2 percent in April, in line with flash estimate.

At 3.00 am ET, quarterly national accounts are due from the Czech Republic and Hungary. Also, Turkey's jobless rate is due. The Czech GDP is forecast to grow 2.4 percent annually and Hungary's economy to expand 4.9 percent in the first quarter.

At 5.00 am ET, Eurostat is set to issue flash estimate for the first quarter. GDP is forecast to grow 0.4 percent sequentially, as previously estimated.