In the US, the most important releases will be the advance estimate of fourth quarter GDP growth, durable goods orders, new and existing home sales, and flash Markit PMIs. Other important data include: Chicago Fed National Activity Index; Richmond Fed Manufacturing Index; Kansas Fed Manufacturing Index; CB leading index; FHFA house prices; and advance estimates of goods trade balance and wholesale inventories.

In the UK, investors will be closely watching the preliminary estimate of GDP growth for the fourth quarter of 2017, unemployment rate and wage growth, CBI factory orders and distributive trades, public finances and BBA mortgage approvals. Elsewhere in Europe, the ECB will deliver its latest monetary policy decision, with markets anticipating no changes. Regarding economic data, important releases include flash Markit PMIs and consumer sentiment for the Eurozone, Germany and France; business and investor morale for Germany; business confidence for France; and unemployment rate for Spain.

In Japan, the BoJ will be deciding on monetary policy, with no changes expected, and will publish its quarterly outlook report and meeting minutes. The country's inflation, trade balance and Nikkei manufacturing PMI will also be watched. Meanwhile, China will release figures for industrial profits, and in Australia the Westpac leading index will be in the spotlight.

Other important releases include: Canada inflation and retail trade; South Korea GDP growth and consumer confidence; the Philippines GDP growth; New Zealand inflation rate; Mexico unemployment and trade balance; Russia industrial output and unemployment rate; and South Africa inflation.