It's a soft week ahead on the US economic calendar, with key updates including producer prices, JOLTs job openings, the weekly claims report, IBD/TIPP Economic Optimism and the final reading of wholesale inventories. Producer prices for final demand likely rose by 0.6 percent in August, an eighth consecutive period of cost increases that could further add to concerns about inflationary pressure. Elsewhere, remarks by Federal Reserve officials Williams and Daly will be scrutinized for any sign about when the central bank might start cutting back its support for the economy.

Elsewhere in America, the Bank of Canada will probably leave interest rates at record-low levels when it meets on Wednesday. Other key data to follow include Canada employment figures and the Ivey PMI survey; Mexico inflation rate, industrial production and gross fixed investment; Brazil consumer prices and retail trade; Argentina industrial output; and Chile inflation and trade balance.

Across the Atlantic, the UK economic calendar is packed with key updates on monthly GDP, manufacturing production, construction output and foreign trade. Britain's economy likely expanded by 0.5 percent in July, easing from a 1 percent growth in June. The Halifax house price index and Markit Construction PMI will also be in the spotlight, with investors expecting a slowdown in building activity and a pick up in home prices during August.

Elsewhere in Europe, the European Central Bank will likely leave monetary policy unchanged on Thursday, after having announced in July a new guidance on interest rates. However, investors will be monitoring the debate over the PEPP asset purchase program, after the ECB’s more hawkish members including Austria's Robert Holzman and Bundesbank chief Jens Weidman called on the bank to reduce its emergency bond purchases.

On the economic data front, updated figures for the Eurozone's second-quarter GDP will be available, as well as Construction PMI for the bloc and industrial production for Germany, France, Italy and Spain. Other key publications are Germany factory orders, investor morale, foreign trade and current account; France trade balance; Italy retail trade; Spain consumer sentiment; Switzerland unemployment rate; Netherlands, Ireland and Russia inflation rates; and Turkey jobless rate, industrial production and retail sales. Also, the Central Bank of Russia is seen hiking interest rates by 25bps, a fourth rate increase so far this year while the National Bank of Poland is likely to leave rates unchanged.

In Asia-Pacific, China will be publishing inflation data and trade figures, with forecasts pointing to steady consumer and producer price inflation rates and solid increases in both exports and imports. Japan's key data include the final reading of second-quarter GDP, current account, household spending, leading indexes, and Eco Watchers Survey.

In the meantime, the Reserve Bank of Australia will hold its monetary policy meeting Tuesday, but no changes are expected. On the economic data front, key data to watch for in Australia include the Ai Group Services Index and the final reading of building permits. Other highlights in the region include: Malaysia interest rate decision; Taiwan, Thailand and the Philippines inflation rates; and India industrial production.

Elsewhere, South Africa will be releasing updated figures on second-quarter GDP, business confidence, and manufacturing output.