Next week the economic calendar is light and market activity is expected to drop significantly as the Christmas holiday break begins. German stock market will close on December 24th and 25th; while in the US and the UK, trading ends early on Christmas Eve ahead of the stock market holiday on Christmas Day. Also, Japan markets will be closed on Monday to celebrate the Emperor's Birthday. On December 26th, several stock markets across the globe will also be closed for Boxing Day.
On the economic data front, the US new home sales are expected to surge 2 percent in November, after slumping 8.9 percent in October to their lowest level since March 2016. Pending home sales, Chicago Fed National Activity Index, Chicago PMI, S&P/Case-Shiller home prices and the advance estimate of wholesale inventories will also be in the spotlight.
Elsewhere in America important releases to follow include Mexico trade balance and unemployment rate, which is expected to pick up to 3.4 percent from 3.2 percent in the previous month. Brazil will see data for jobless rate, bank lending and nominal budget balance.
In Germany investors await preliminary consumer price data, which is expected to show a slowdown in December's inflation to a four-month low of 2 percent from 2.3 percent in the previous month and a near ten-year high of 2.5 percent in October. In addition, Spain is set to release final estimates of Q3 GDP growth, alongside flash inflation rate, retail trade, producer prices and current account. Elsewhere in Europe key data include: the UK Finance mortgage approvals; France monthly unemployment data; Switzerland KOF leading indicators; and Turkey manufacturing confidence.
The Bank of Japan will be releasing the minutes of monetary policy meeting held on October 30th and 31st. Japan is also providing updated figures for housing starts, construction orders, unemployment rate, retail sales and preliminary industrial production. Other highlights for the Asia-Pacific region are: China industrial profits; Australia private sector credit; and Singapore inflation rate.