Eurogroup Backs

The Eurogroup decided to give support to the candidacy of Spain's Luis de Guindos for the position of the Vice President of the European Central Bank. The 58-year old Spain's outgoing Economy Minister has also held prominent positions in the banking sector. de Guindos will replace Portugal's V?tor Constancio in June to serve a non-renewable 8-year term. The appointment of the new vice president comes when the ECB is preparing to start unwinding its monetary stimulus. ECB President Mario Draghi's term will end by late 2019. 

Economic confidence from Germany is due on Tuesday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is slated to issue Germany's producer prices for January. Producer price inflation is seen easing to 1.8 percent in January from 2.3 percent in December. 

In the meantime, Swiss foreign trade and Finland's unemployment figures are due for January. At 3.00 am ET, average gross wages are due from Hungary. Gross wages are forecast to rise 14.2 percent on year in December versus 13 percent increase in November. Half an hour later, Statistics Sweden issues consumer prices for January. 

Inflation is seen at 1.8 percent, slightly faster than the 1.7 percent in December. At 4.00 am ET, industrial production and producer prices are due from Poland. Economists forecast industrial output to rise 3.7 percent on month in January. Producer price inflation is seen easing to 0.1 percent in January from 0.3 percent a month ago. At 5.00 am ET, Germany's ZEW economic confidence survey results are due. The economic confidence index is forecast to drop to 16 in February from 20.4 in January.