Week Ahead Watch List

No action is expected but there will be three central banks to watch nevertheless: the Reserve Bank of Australia on Tuesday and the Reserve Bank of India and Bank of Canada both on Wednesday. The biggest data release to watch will be US consumer prices on Friday which will follow October's 0.9 percent monthly surge and 6.2 percent annual rate that delivered a death blow to the transitory inflation doctrine. Expectations for November's report are elevated. Like the US, China's inflation data in October also showed unexpected pressure; November updates for both the CPI and PPI will be posted on Thursday amid uneven expectations. Also out of China will be the country's merchandise trade balance which has beaten expectations again and again with November's data estimated for Tuesday.

Whether or not German production begins to show momentum will make headlines on Monday with manufacturers' orders and industrial production on Tuesday with forecasters calling for mixed results. Whether Covid issues are hitting German sentiment will make headlines of their own on Tuesday with December's ZEW survey where weakness is the call. Household spending on Monday will be posted in Japan with trade data posted in Canada on Tuesday. The UK will see PMI construction and industrial production in the week while Switzerland will post its unemployment rate on Tuesday. After the CPI, the US will wind up the week on Friday with consumer sentiment and the monthly Treasury statement. Eurozone GDP on Tuesday and Japanese GDP on Wednesday will be revisions.