In the week ahead, investors will continue to focus on economic reports out of China, with Tuesday’s closely-watched fourth quarter GDP data in the spotlight.
Traders will also be awaiting monetary policy announcements from the European Central Bank and the Bank of Canada.
Meanwhile, market players will keep an eye on upcoming U.S. data on inflation, building permits and housing starts to gauge if the world's largest economy is strong enough to withstand further rate hikes in 2016.
1. China fourth quarter GDP, Tuesday 04:00
China is scheduled to release data on fourth quarter gross domestic product on Tuesday. The report is expected to show the world's second largest economy grew 6.8% in the final three months of last year, slowing from growth of 6.9% in the preceding quarter.
2. U.K. inflation, employment & retail sales data, Tuesday 11:30
The U.K. Office for National Statistics will release data on consumer price inflation for December. Analysts expect consumer prices to inch up 0.2%, after rising 0.1% a month earlier.
3. U.S. December inflation figures, Wednesday 15:30
The Commerce Department will publish inflation figures for December at Wednesday. The consensus forecast is that the report will show consumer prices were flat last month, while core inflation is forecast to increase 0.2%.
The U.S. will also produce data on building permits and housing starts on Wednesday, followed by reports on initial jobless claims and manufacturing activity in the Philadelphia region on Thursday.
The U.S. is to round up the week with data on existing home sales on Friday.
4. Bank of Canada rate decision, Wednesday 17:00
The Bank of Canada's latest interest rate decision is on Wednesday. Some market analysts expect BOC Governor Stephen Poloz to cut rates by 25 basis points to 0.25% from 0.5% in response to fresh falls in oil prices.
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