Skyeast Investment Corporation

The European Union is on Friday scheduled to release the eagerly awaited results of its banking "stress tests," in what is a busy day for European economic news. Other major data due for release include June quarter GDP data from the U.K., and Ifo business confidence data from Germany. All times in ET.

Major economic news released on Thursday were largely positive, with eurozone industrial orders and PMI rising more than forecast, while U.K. retail sales also rose more than expected. Euro area consumer sentiment edged up in July.

At 2:45 am, the French statistical office is scheduled to release consumer spending data for June. Economists expect consumer spending to rise by 0.3% on a monthly basis and by 0.5% on an annual basis.

Producer price inflation data for June is due from the Spanish statistical office INE at 3:00 am. The producer price index is tipped to rise by 3.3% on a yearly basis, slowing from the 3.8% increase in the previous month.

At 4:00 am, the Ifo Institute is slated to release business confidence data for July. The German business climate index is expected to fall to 101.5 from 101.8 in the previous month. The current conditions index is seen rising to 101.8 from 101.1, while the expectations index is tipped to slide to 101.6 from 102.4.

Elsewhere, retail sales data for May is due from the Italian statistical office. Retail sales are forecast to rise by 0.2% on a monthly basis and by 0.1% on a yearly basis.

At 4:30 am, the U.K.'s Office for National Statistics is set to release GDP data for the June quarter. Economists predict quarterly economic growth to pick up to 0.6% from 0.3% in the previous quarter. Year-on-year, GDP is seen growing 1.1%.

Finally at 12:00 pm, the Committee of European Banking Supervisors is scheduled to release the results of its "stress tests" on 91 banks across Europe. (Provided by RTTNews)