The day begins with the release of French industrial production data. Economists expect output to have fallen 0.5% from September to October, in line with the previous month's decline.

Italian industrial production is also on the schedule for Wednesday. Expectations are for output in the Italian industrial sector to have contracted 1.0% on a monthly basis in October following September's 2.1% fall. Year-over-year, forecasts are pointing to output levels having declined 4.8% in October, down from September's 5.7% contraction.

The National Institute of Statistics (ISTAT) will release its final estimates for Italian Q3 GDP. No revisions to the preliminary estimates are expected, however.

Looking at the breakdown of the Italian GDP report, economists expect private consumption in Italy to have fallen 0.2% in the third quarter of 2008 after slipping 0.3% previously. Total investments are also believed to have deteriorated in Q3, with expectations pointing to gross fixed capital formation having declined 1.1% quarterly, deepening the 0.2% contraction in Q2.

Italian Government spending growth is expected to have remained stable at 0.3%, while the country's exports likely fell 1.0% in Q3 after dropping 0.7% previously. Imports are also expected to have lost ground, with expectations pointing to import levels slipping 0.6% after rising 0.3% in Q2.

Later in the afternoon, ECB Board member Jürgen Stark will deliver a speech in Tübingen, Germany.

All Times in EST:

2:00 DE Wholesale price Index (Y/Y) November Exp: +1.3% Prior: +3.6%

2:00 DE Wholesale Price Index (M/M) November Exp: -1.2% Prior: -1.5%

2:45 FR Industrial Production (M/M) October Exp: -0.5% Prior: -0.5%

2:45 FR Industrial Production (Y/Y) October Exp: -4.0% Prior: -1.9%

2:45 FR Manufacturing Production (M/M) October Exp: -0.9% Prior: -0.8%

2:45 FR Manufacturing Production (Y/Y) October Exp: -4.5% Prior: -2.5%

4:00 IT Industrial Production (M/M) (SA) October Exp: -1.0% Prior: -2.1%

4:00 IT Industrial Production (Y/Y) (WDA) October Exp: -4.8% Prior: -5.7%

4:00 IT Industrial Production (Y/Y) (NSA) October Exp: -5.0% Prior: -0.4%

5:00 IT GDP (Q/Q) (SA WDA) Q3 Final Exp: -0.5% Prior: -0.5%

5:00 IT GDP (Y/Y) (SA WDA) Q3 Final Exp: -0.9% Prior: -0.9%

5:00 IT Private Consumption Q3 Exp: -0.2% Prior: -0.3%

5:00 IT Government Spending Q3 Exp: +0.3% Prior: +0.3%

5:00 IT Total investments Q3 Exp: -1.1% Prior: -0.2%

5:00 IT Exports Q3 Exp: -1.0% Prior: -0.7%

5:00 IT Imports Q3 Exp: -0.6% Prior: +0.3%

13:15 DE ECB Executive Member Jurgen Stark Speaking in Tübingen

By Steve Stecyk, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Sarah Sussman, This email address is being protected from spam bots, you need Javascript enabled to view it

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