In the US, the most important releases will be the preliminary reading of Michigan consumer sentiment, industrial production, building permits and housing starts, overall net capital flows, NY Empire State Manufacturing Index, NAHB Housing Market Index and Philadelphia Fed Manufacturing Index.

The UK will publish inflation rate, producer and retail prices, and retail trade. 

Elsewhere in Europe, markets will also focus on: the Eurozone final reading of December's inflation, trade balance and construction output; Germany consumer and producer prices; Italy foreign trade; and Ireland inflation rate.

In China, important data to be released include GDP growth for the fourth quarter of 2017, retail trade, industrial output, fixed asset investment, foreign direct investment and house price index. Meanwhile in Japan, analysts are eyeing the publication of machinery orders, alongside producer prices, Tertiary Industry index, machine tool orders and the final reading of industrial production.

In Australia, key data to watch for will be Westpac consumer confidence, employment change, unemployment rate and home loans.

Other important releases include: Canada, South Korea, Indonesia, Turkey and South Africa interest rate decisions; India wholesale prices and foreign trade; Israel final estimate of GDP growth; and Russia trade balance.