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Week Ahead

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Global Events:

MONDAY, Dec. 21

The heads of state of Mercosur, or the Common Market of the South, convene in Asuncion, Paraguay, where the six-month rotating chair will be passed to Uruguay. Pro-business President Mauricio Macri, elected Argentina’s leader last month, attends his first Mercosur summit as it pursues a free-trade agreement with the European Union.

The U.S. Department of Commerce is scheduled to issue estimates of anti-dumping duties in a corrosion-resistant steel trade case.

ECONOMY: Chicago Fed National Activity Index (Nov.), Brazil current account (Nov.), Mexico retail sales (Oct.), Argentina industrial production (Nov.), Taiwan export orders (Nov.), Hong Kong inflation (Nov.), euro-area consumer confidence (Dec.), Georgia GDP (third quarter).

TUESDAY, Dec. 22

The U.S. economy probably expanded at a 1.9 percent annualized rate in the final estimate of third-quarter gross domestic product, according to the median estimate of economists as of Dec. 17. The figure had been put at a 2.1 percent last month, up from an initial estimate of 1.5 percent. 08:30 EST.

Sales of existing U.S. homes were probably little changed in November from the prior month as a dearth of affordable homes holds back a steady recovery in residential real estate. The National Association of Realtors releases data at10:00 EST.

The U.S. Environmental Protection Agency’s finalized Clean Power Plan, which sets greenhouse-gas emissions targets for existing power plants, takes

effect, ending a 60-day window for filing lawsuits. The attorneys general of 27 states — as well as several utilities, unions and industry groups — have already brought legal actions to overturn the plan.

Indian Prime Minister Narendra Modivisits Moscow for a summit with Russian President Vladimir Putin. The South Asian country is expected to sign an arms deal with its long-time defense ally.

ECONOMY: FHFA U.S. house price index (Oct.), Richmond Fed manufacturing index (Dec.), Brazil total outstanding loans (Nov.), Taiwan unemployment (Nov.), German consumer confidence (Jan.), U.K. budget data (Nov.).

CENTRAL BANKS: Turkey rate decision, Morocco rate decision.

WEDNESDAY, Dec. 23

U.S. household spending probably picked up at the start of the holiday shopping season, with the median estimate of analysts as of Dec. 17 calling for a 0.3 percent gain in November. 8:30 EST.

Orders for U.S. durable goods — items meant to last at least three years — are forecast to shrink 0.7 percent in November, according to the median estimate of economists as of Dec. 17. A decline would follow October’s 2.9 percent gain. 08:30 EST.

Sales of new U.S. homes probably rose in November to the fastest pace in three months, a sign of steady demand that is fueling construction and helping the economy grow. 10:00 EST.

U.S. consumer confidence probably held in December at the highest level in four months, with the University of Michigan’s final index expected to remain at the preliminary reading of 91.8, according to the median estimate of economists as of Dec. 17. 10:00 EST.

Canada reports gross domestic product and retail sales for October. 08:30 in Ottawa.

Bank of Zhengzhou is scheduled to start trading in Hong Kong after an initial public offering of the central China lender was said to raise $656 million.

The Energy Information Administration releases its U.S. oil inventory report. 10:30 EST.

The Bank of Japan releases the minutes from its Nov. 18-19 meeting, at which the central bank kept policy unchanged.

BOJ Governor Haruhiko Kuroda gives a speech at the Keidanren, Japan’s main business lobby group. 23:00 EST.

ECONOMY: MBA U.S. mortgage applications (weekly), Mexico bi-weekly CPI (Dec. 15), Taiwan industrial production (Nov.), South Africa budget balance (Nov.), Ghana PPI (Nov.), France GDP (third quarter), U.K. GDP (third quarter), Polish unemployment rate (Nov.), Russia weekly CPI.

CENTRAL BANKS: Angola rate decision.

THURSDAY, Dec. 24

U.S. stock markets close at 13:00 EST and the bond market shuts at 14:00 on Christmas Eve. Many European marketsare closed for at least half the day.

The Energy Information Administration releases its U.S. natural gas inventory report. 10:30 EST.

Baker Hughes rig count for oil and gas rigs in the U.S. 13:00 EST.

ECONOMY: U.S. initial jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), Mexico unemployment rate (Nov.), South Korea consumer confidence (Dec.).

FRIDAY, Dec. 25

U.S. and European markets are closed for the Christmas Day holiday.

Taiwan’s three presidential candidates give the first of four televised policy addresses. The Democratic Progressive Party’s Tsai Ing-wen, the Kuomintang’s Eric Chu and the People First Party’s James Soong will each speak at the event starting at (07:00 EST.

ECONOMY: Japan unemployment, job-to-applicant ratio and household spending (Nov.), Japan CPI (Nov.).

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