The economic news that will drive the markets during this trading week

Global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting in the week ahead, as investors look for more hints on the timing of the next U.S. rate hike.

Investors will also keep an eye out on a few U.S. economic reports, with Friday's inflation data in the spotlight, to gauge how it will impact the Fed's view on monetary policy in the coming months.

Meanwhile, market players will focus on remarks from European Central Bank President Mario Draghi for fresh clues on when the central bank will shift away from its ultra-easy policy.

In the UK, traders will focus on manufacturing production data for further indications on the continued effect that the Brexit decision is having on the economy.

Elsewhere, China is to release monthly trade and inflation data amid recent signs that momentum in the world's second largest economy remains strong.

UK Manufacturing Production - Tuesday, 11:30 AM
The Office for National Statistics is to produce data on UK manufacturing production for August on Tuesday, amid expectations for a 0.3% increase. Industrial output is forecast to inch up 0.2%. Recent data has painted a subdued picture of the economy just as the Bank of England prepares to raise interest rates for the first time in a decade.

Fed FOMC Meeting Minutes - Wednesday, 09:00 PM
The Federal Reserve will release minutes of its most recent policy meeting on Wednesday. The U.S. central bank left interest rates unchanged following its meeting on September 20 and signaled it still intended to raise rates in December, despite the sluggish inflation outlook. The Fed also announced that it would start rolling back its $4.5 trillion balance sheet in October.

ECB President Draghi Speaks - Thursday, 05:30 PM
European Central Bank President Mario Draghi is due to participate in a panel discussion about monetary policy at the Peterson Institute for International Economics, in Washington DC on Thursday. Investors will be eager to get further insight as to what decision to expect from the ECB with regards to asset purchases and forward guidance. Draghi indicated last month that the ECB could start tapering its massive stimulus program as early as October. The central bank's next meeting is scheduled for Oct. 26.

U.S. Inflation Data - Friday, 03:30 PM
The Commerce Department will publish September inflation figures on Friday. Market analysts expect consumer prices to rise 0.6%, while core inflation is forecast to inch up 0.2%. On a yearly base, core CPI is projected to climb 1.8%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less. Rising inflation would be a catalyst to push the Fed toward raising interest rates.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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