It will be a busy week in the US as the Federal Reserve will meet and release its quarterly economic projections. The central bank is expected to raise rates despite a split among policymakers on the outlook for inflation, which has remained persistently low. Regarding next week's economic calendar, the most important releases will be: inflation rate; retail trade; industrial output; flash Markit PMIs; JOLTs Job Openings; NFIB Business Optimism Index; NY Empire State Manufacturing Index; producer prices; the government's budget statement; export and import prices; business inventories; and overall net capital flows.
In the United Kingdom, the Bank of England will also be deciding on monetary policy, but no changes are expected. The country's inflation, retail sales, unemployment and wages will also be watched.
Elsewhere in Europe, the ECB will deliver its latest monetary policy decision, with markets anticipating no changes. In addition, flash Markit PMIs will be released for the Eurozone, Germany and France. Other important figures include: Eurozone industrial production, employment change and trade balance; Germany ZEW Economic sentiment index; Italy industrial output and retail trade; Ireland GDP growth and inflation; and Switzerland and Norway interest rate decisions.
In Japan, analysts are eyeing Tankan's quarterly business condition results, flash Nikkei manufacturing PMI, machinery orders, producer prices and the final reading of industrial production. Meanwhile in China, important data to be released include retail sales, industrial output and fixed asset investment.
In Australia, the most important releases will be the NAB business confidence, Westpac consumer confidence, employment figures and house prices.
Other important releases include: India consumer and wholesale inflation, industrial production and trade balance; Turkey GDP growth; South Africa inflation and manufacturing production; and interest rate decisions from Indonesia, Philippines, Turkey, Russia, Mexico, Colombia and Chile.