Flash Purchasing Managers' survey results from the euro area and the UK are due on Tuesday, headlining a busy day for the European economic news preview.

At 2.00 am ET, the Office for National Statistics publishes UK public sector finance data. The budget deficit is forecast to fall to GBP 17.5 billion in April from GBP 20.7 billion in March.

At 3.15 am ET, France's flash HCOB composite PMI data is due. The composite index is forecast to fall slightly to 52.3 in May from 52.4 in the previous month.

At 3.30 am ET, S&P Global releases Germany's flash PMI survey results. Economists forecast a reading of 53.5 for May, down from 54.2 posted in April.

At 4.00 am ET, Eurozone flash composite PMI data is due. The composite index is seen at 53.7 in May versus 54.1 in the prior month.

In the meantime, the European Central Bank publishes the euro area current account data for March.

At 4.30 am ET, UK S&P Global/CIPS composite PMI survey data is due. Economists expect the index to drop to 54.6 in May from 54.9 in the prior month.

At 8.00 am ET, Hungary's central bank announces its interest rate decision. The bank is set to hold its benchmark rate at 13.00 percent.

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