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(CEP News) - The euro zone producer price index is the only significant piece of hard data expected for Wednesday. The forecast is calling for producer price inflation in the monetary union to have risen 0.9% month-over-month in May, up from the 0.8% growth rate observed in April.
On a yearly basis, economists are expecting euro zone PPI to have increased 6.7% following the previous month's 6.1% jump. As the credit crunch continues, Capital Economics economist Vicky Redwood expects that rising mortgage rates will make re-mortgaging to withdraw equity less attractive. "Admittedly, house prices had only just started to fall by the start of this year. Nonetheless, we think that housing equity withdrawal probably fell further in Q1, to around £6.5bn. And we expect it completely to grind to a halt over the next couple of years," wrote Redwood in her notes. Meanwhile, ECB Executive Board member Gertrude Tumpel-Gugerell is scheduled to give a speech at an event in London, England. ECB President Jean-Claude Trichet will speak at a Europlace conference in Paris, France, while EU Commissioner Joaquin Almunia will give a speech in Ghent, Belgium. All times in EDT. 3:00 EU European Commission Holds Weekly Meeting 3:15 EU ECB's Trichet Speaks at Europlace Conference in Paris 4:00 IT Deficit to GDP (year to date) Q1 Prior: +1.3% 4:30 GB PMI Construction June Exp:43.1 Prior: 43.9 4:30 GB BoE Housing Equity Withdrawal Q1 Exp: £5.3B Prior: £7.3B 5:00 EU Euro-Zone PPI (M/M) May Exp:+0.9% Prior: +0.8% 5:00 EU Euro-Zone PPI (Y/Y) May Exp:+6.7% May Prior:+6.1% 5:00 EU Eurostat Publishes Euro-Area Industrial Producer Prices 6:10 EU ECB's Tumpel-Gugerell Speaks At Event in London 10:30 UK BOE Bean Testifies in London 12:00 EU's Almunia Speaks at Banking Event in Ghent 2- July IT Bank of Italy Releases Lending and Bad Debt Data for May By Steve Stecyk,
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, edited by Cristina Markham,
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