Investing.com - In the week ahead, investors will be focusing on Friday’s U.S. jobs report for October, which could help to provide clarity on the likelihood of a near-term interest rate hike.
Market players will also be watching data on China's manufacturing sector, amid ongoing concerns over the health of the world's second biggest economy.
Central bank announcements in Australia and the U.K. will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of the top five events on the economic calendar likely to affect the markets.
1. U.S. nonfarm payrolls report
The U.S. Labor Department will release its highly-anticipated report on October nonfarm payrolls at 8:30AM ET on Friday.
The consensus forecast is that the data will show jobs growth of 182,000 last month, following an increase of 142,000 in September, while the unemployment rate is forecast to hold steady at 5.1%.
Monthly jobs gains above 200,000 are seen by economists as consistent with strong employment growth.
A strong U.S. nonfarm payrolls report was likely to add to speculation over when the Federal Reserve will begin to raise interest rates, while a weak number could undermine the argument for an early rate hike.
2. Chinese manufacturing PMIs
Market players looked ahead to key Chinese manufacturing data for further hints on the strength of the world's second largest economy.
The final reading of the Caixin manufacturing purchasing managers’ index due during Asian hours on Monday was forecast to inch up to 47.5 from a preliminary reading of 47.2.
Data released Sunday showed that the official China's manufacturing purchasing managers' index held steady at 49.8 in October, the weakest level since August 2012. Analysts had expected the index to inch up to 50.0 last month.
A reading below 50.0 indicates industry contraction.
3. Reserve Bank of Australia policy meeting
The RBA's latest interest rate decision is due on Tuesday. Most economists expect no policy change, while some believe the central bank can surprise with a 25 basis point rate cut in an effort to boost inflation and spur economic activity.
4. Bank of England "Super Thursday"
The Bank of England will release its rate decision and minutes of its Monetary Policy Committee meeting at 12:00PM London time, or 7:00AM ET, on Thursday.
Last month, the Monetary Policy Committee voted 8-1 to keep rates on hold at a record low 0.5%. Most market players expect the BOE to begin slowly raising interest rates in mid-2016.
5. U.S. ISM PMI reports
The U.S. Institute of Supply Management is to release data on October manufacturing activity at 10:00AM ET on Monday, amid expectations for a modest decline.
Meanwhile, the ISM is to report on October service sector activity on Wednesday. Service sector activity in September fell sharply, fueling concern over the health of the economy.