In the US, important data to be published include: trade balance; ISM non-manufacturing PMI; JOLTs job openings; consumer credit change; IBD/TIPP Economic Optimism; and final readings of both wholesale inventories and Markit Services PMI.
In the UK, the Bank of England will be deciding on monetary policy, with markets anticipating no changes. The country's foreign trade, industrial production, construction output, Markit Services PMI and Halifax house prices will also be watched. Elsewhere in Europe, markets will focus on final Services PMI readings for the Euro Area, Germany and France and the first release for Spain and Italy. The Eurostat will also publish December's retail trade for the Eurozone and Germany will release trade balance, factory orders and industrial output.
China will release figures for trade balance, inflation rate, producer prices and Caixin Services PMI; while in Japan investors are eyeing the publication of Nikkei Services PMI, average cash earnings, current account, Economy Watchers survey, tertiary industry index and leading indices.
In Australia, the RBA will also deliver its latest policy decision, but no changes are expected. Also, key data to watch for will be foreign trade, retail trade, home loans and AIG construction index.
Other important releases include: Canada unemployment, trade balance and Ivey PMI; Brazil interest rate decision, inflation, retail sales and Markit Services PMI; Mexico interest rate decision and inflation rate; India interest rate decision and Nikkei Services PMI; Indonesia GDP growth and business morale; the Philippines interest rate decision and inflation; Russia interest rate decision, inflation and trade balance; and Turkey inflation.