The UK will publish its preliminary estimate of fourth-quarter GDP growth, alongside business investment, trade balance, manufacturing and construction output. Market forecasts point to a stagnation in Britain’s economy as the country prepared to leave the EU.
Elsewhere in Europe, the European Commission will publish its Winter Economic Forecast on Thursday, while the Eurozone is releasing the second estimate of fourth-quarter GDP growth and several European countries, including Germany, are set to publish their flash estimates. The bloc's largest economy is seen expanding by just 0.1 percent in the three months to December, the same as in the prior period. Investors will also keep an eye on the Eurozone industrial output and trade balance; Germany wholesale prices; France fourth-quarter jobless rate; Turkey unemployment, retail trade, industrial production and current account; and Switzerland inflation rate and unemployment data. Sweden's Riksbank will be deciding on monetary policy on Wednesday, with markets anticipating no changes in borrowing costs after a 25bps rate hike in the previous meeting.
China's consumer and producer prices release is also keenly awaited, with forecasts pointing to a rise in consumer inflation to the highest level since 2011 amid the coronavirus outbreak; while producer prices are seen rebounding from a six-month period of deflation. Monetary indicators, vehicle sales and foreign direct investment will also be in the spotlight. Meanwhile in Japan, key data include current account, machine tool orders and tertiary industry index; while investors in India will focus on consumer and wholesale prices, industrial output and foreign trade.
Australia will be releasing NAB business confidence, Westpac consumer sentiment and home loans. Across the Tasman Sea, the Reserve Bank of New Zealand will meet to set monetary policy on Wednesday, but no changes are expected. Other highlights for the Asia-Pacific region include South Korea unemployment rate, Malaysia fourth-quarter GDP, Indonesia current account, and Philippines trade.