The important economic news, that could cause big market movements this week

After a relatively quiet week, the changing of the guard at the Federal Reserve will be a big focus for investors in the week ahead, as they look for fresh clues on the likely trajectory of monetary policy.
Staying in the U.S., a report on personal income and spending, which includes the personal consumption expenditures inflation data, the Fed's preferred metric for inflation, will be the highlight of the week.

Elsewhere, in Europe, investors will await monthly inflation data to assess how fast the European Central Bank will start unwinding its asset purchase program.

Meanwhile, market participants will be looking ahead to monthly data on China's manufacturing sector amid recent signs that momentum in the world's second largest economy remains strong.

Also of note, energy markets will be focused on the Organization of Petroleum Exporting Countries highly-anticipated meeting to see whether major producers plan to extend their current production-cut agreement.

1. Federal Reserve Speakers
Market players will be focused on comments from a number of Federal Reserve speakers, including both the current chair and next head of the U.S. central bank.

Fed governor Jerome Powell, selected by President Donald Trump as the next Fed chair, appears before the Senate Banking Committee at 9:45AM ET (1445GMT) Tuesday for his confirmation hearing.

The following day, Fed Chair Janet Yellen testifies on the economy at 10AM ET (1500GMT) on Capitol Hill, before the Joint Economic Committee.

Powell is widely expected to sound close to Yellen on monetary policy, but perhaps looser when it comes to banking regulation.

2. Chinese Manufacturing PMI - Thursday, 03:00
The China Federation of Logistics and Purchasing is to release data on November manufacturing sector activity at 0100GMT on Thursday, amid expectations for a modest downtick to 51.5 from a reading of 51.6 in October.

The Caixin manufacturing index, which focuses more on small and mid-sized firms, is due at 0145GMT Friday. The survey is expected to dip by 0.1 points to 50.9.

A Chinese slowdown is one of the major risks to continued global growth, so a major change in this data could cause some concerns.

3.Euro Zone Flash Inflation - Thursday, 15:30
The euro zone will publish flash inflation figures for November at 1000GMT (5:00AM ET) Thursday.

The consensus forecast is that the report will show consumer prices rose 1.6%, accelerating from 1.4% in October, but remaining short of the European Central Bank's target of just below 2%. Perhaps more significantly, the core figure, without volatile energy and food prices, is seen rising to 1.0% from 0.9% a month earlier.

4. U.S. PCE Inflation - Thursday, 15:30
The Commerce Department will publish data personal income and consumer spending for October, which include the personal consumption expenditures (PCE) inflation data, the Fed's preferred metric for inflation, at 8:30AM ET (1330GMT) Thursday.

The consensus forecast is that the report will show that the core PCE price index inched up 0.2% last month. On an annualized basis, core PCE prices are expected to rise 1.4%.

The Federal Reserve uses core PCE as a tool to help determine whether to raise or lower interest rates, with the aim of keeping inflation at a rate of 2% or below.

5. OPEC Meeting
Oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries will meet in Vienna on Thursday to decide whether to extend their current production agreement beyond a March 2018 deadline.

Most market analysts expect the oil cartel to extend output cuts for a further nine months until the end of next year, but the terms were so far unclear, as Russia has sent mixed signals about whether it will back the move.

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