Investing.com - In the week ahead, the key data will be Friday’s U.S. non-farm payrolls report for November, which is expected to reinforce expectations for a December rate hike by the Federal Reserve.
Investors will also be focusing on Wednesday’s meeting of the Organization of the Petroleum Exporting Countries that is supposed to reach a consensus on the details of a proposed output cut.
In addition, reports on manufacturing activity from the U.S. and inflation from the euro zone will be closely watched.
Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.
1. U.S. nonfarm payrolls for November
The Labor Department is scheduled to release data on nonfarm payrolls at 8:30AM ET (13:30GMT) Friday.
The consensus forecast is that the report will show the economy created 175,000 jobs in November, up from 161,000 in October.
The unemployment rate is expected to hold steady at 4.9% and average earnings are expected to increase by 0.2%.
Ahead of the nonfarm data, the ADP nonfarm payrolls report, which looks at private sector hiring, is due for release on Wednesday at 8:15AM ET (13:15GMT).
Analysts have forecast private sector jobs growth of 165,000 in November.
2. OPEC meeting
OPEC is to hold a meeting in Vienna on Wednesday aimed at finalizing the details of a proposed output cut, which it is hoped will reduce a global supply glut that has pressured oil prices lower for more than two years.
The producer cartel is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts.
Most analysts believe that some form of consensus will be reached, but doubts remain over whether it will be enough to support the market.
3. U.S. manufacturing data
The Institute for Supply Management is scheduled to release its manufacturing PMI at 1000AM ET (1500GMT) Thursday.
The report is expected to show a third straight month of expansion, with the index increasing slightly to 52.2 in November.
Also to watch in the U.S. next week are reports on consumer confidence, pending home sales and jobless claims.
4. Euro zone inflation data
The euro zone is to release the flash estimate on consumer price inflation on Wednesday, with headline inflation forecast to edge up to an annualized 0.6% from 0.5% in October.
The euro area is to round up the week with data on unemployment and producer price inflation on Friday.
5. ECB President Draghi delivers testimony
European Central Bank President Mario Draghi is due to testify about the ECB’s perspective on economic and monetary developments and the consequences of Brexit to the Economic Committee of the European Parliament in Brussels on Monday.
Investors will be looking for indications that the ECB is moving towards extending monetary stimulus at its December meeting.
Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/