Investing.com - In the week ahead, investors will continue to focus on economic reports out of China, with Tuesday’s closely-watched fourth quarter GDP data in the spotlight.
Traders will also be awaiting monetary policy announcements from the European Central Bank and the Bank of Canada.
Meanwhile, market players will keep an eye on upcoming U.S. data on inflation, building permits and housing starts to gauge if the world's largest economy is strong enough to withstand further rate hikes in 2016.
1. China fourth quarter GDP
China is scheduled to release data on fourth quarter gross domestic product at 2:00GMT on Tuesday, or 9:00PM EST, on Monday. The report is expected to show the world's second largest economy grew 6.8% in the final three months of last year, slowing from growth of 6.9% in the preceding quarter.
The Asian nation will also publish data on December industrial production, fixed asset investment and retail sales along with the GDP report.
2. European Central Bank policy meeting
The European Central Bank's latest interest rate decision is due at 12:45GMT, or 7:45AM ET, on Thursday, with most of the focus likely to be on President Mario Draghi's press conference 45 minutes after the announcement.
The consensus is that the ECB will stand pat on interest rates and refrain from increasing the size of its monthly quantitative easing program.
3. Bank of Canada rate decision
The Bank of Canada's latest interest rate decision is due at 15:00GMT, or 10:00AM ET, on Wednesday. Some market analysts expect BOC Governor Stephen Poloz to cut rates by 25 basis points to 0.25% from 0.5% in response to fresh falls in oil prices.
4. U.S. December inflation figures
The Commerce Department will publish inflation figures for December at 13:30GMT, or 8:30AM ET, Wednesday. The consensus forecast is that the report will show consumer prices were flat last month, while core inflation is forecast to increase 0.2%.
The U.S. will also produce data on building permits and housing starts on Wednesday, followed by reports on initial jobless claims and manufacturing activity in the Philadelphia region on Thursday.
The U.S. is to round up the week with data on existing home sales on Friday.
5. U.K. inflation, employment & retail sales data
The U.K. Office for National Statistics will release data on consumer price inflation for December at 9:30GMT, or 4:30AM ET, on Tuesday. Analysts expect consumer prices to inch up 0.2%, after rising 0.1% a month earlier.
Bank of England officials have said recently they expect inflation to hover around zero for much of this year, before accelerating back to target during 2016 and 2017.
The U.K. November jobs report will be published at 9:30GMT, or 4:30AM ET, on Wednesday. The unemployment rate fell to the lowest level since mid-2008 in October, underlining optimism over the health of the labor market.
On Friday, the ONS will produce a report on December retail sales at 9:30GMT, or 4:30AM ET, which will offer further clues on the strength of the economy and the timing of a rate hike by the BOE.
Expectations for a rate hike by the Bank of England have been pushed back to late-2016 due to a recent spate of weaker than expected data and amid uncertainty over a referendum on whether or not Britain should stay in the European Union.
Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/