Monday

7am – UK GDP (October): 3-month average growth expected to be -0.3%. Markets to watch: GBP crosses

Tuesday

12.30am – Australia NAB business confidence (November): index to rise to 2 from 0. Markets to watch: AUD crosses

7am – UK employment data: November claimant count to rise to 8000 from 3300. Unemployment rate to hold at 3.6% for October, while average earnings (inc bonus) to be 6.1% for October. Markets to watch: GBP crosses

10am – German ZEW index (December): economic sentiment index to rise to -32 from -36.7. Markets to watch: EUR crosses

1.30pm – US CPI (November): prices to rise 0.3% MoM and 7.6% YoY, down from 0.4% and 7.7% respectively. Core CPI to rise 0.4% and 6.2%, from 0.3% and 6.3% respectively. Markets to watch: US indices USD crosses

11.50pm – Japan Tankan large manufacturers index (Q4): index to fall to 6 from 8. Markets to watch: JPY crosses

Wednesday

7am – UK CPI (November): prices to rise 1% MoM and 11.3% YoY, compared to 2% and 11.1% respectively. Core CPI to rise 6.6% YoY from 6.5%. Markets to watch: GBP crosses

3.30pm – US EIA crude oil inventories (w/e 9 December): stockpiles fell by 5.2 million barrels in the preceding week. Markets to watch: Brent, WTI

7pm – FOMC rate decision: rates expected to rise 50bps to 4.5%. The economic and interest rate projections accompanying this decision are likely to be the key market drivers. Markets to watch: US indices, USD crosses

Thursday

12.30am – Australia employment data: unemployment rate to fall to 3.3% from 3.4%. Markets to watch: AUD crosses

2am – China industrial production (November): forecast to rise 4.4%. Markets to watch: CNH crosses

12pm – BoE rate decision: a 50bps rise is expected here, taking rates to 3.5%, another post-financial crisis high. Markets to watch: GBP crosses

1.15pm – ECB rate decision: tightening continues in the eurozone too, with 50bps to be added to rates, taking them to 2.5%. Markets to watch: eurozone indices, EUR crosses

1.30pm – US retail sales (November), initial jobless claims (w/e 10 December): sales expected to fall 0.1% MoM while jobless claims rise to 235K from 230K. Markets to watch: US indices, USD crosses

Friday

7am – UK retail sales (November): sales to rise 0.3% MoM from 0.6%. Markets to watch: GBP crosses

8.30am – German services & mfg PMI (December, flash): mfg to weaken to 45.5 from 46.2. Markets to watch: EUR crosses

9.30am – UK services & mfg PMI (December, flash): mfg to fall to 46.3 and services to drop to 47.5. Markets to watch: GBP crosses

2.45pm – US services & mfg PMI (December, flash): mfg to rise to 48.2 and services to rise to 47.8. Markets to watch: USD crosses

Company announcements