Italian retail sales are expected to fall a further 0.3 percent on the month in November after a 0.4 percent drop in October.

There are no major data releases in North America.

Australia's goods and services trade balance in November is forecast to show a surplus of A$10.9 billion, narrower than October's as-expected surplus of A$12.2 billion.

In China, consumer inflation appears to remain moderate while the recent decline in producer costs seems to be easing. Consumer prices are expected to rise 1.9 percent on the year in December after easing to a 1.6 percent rise in November on slower food price increases from a 2.1 percent gain in October. Producer prices are seen down just 0.1 percent after dropping 1.3 percent in the previous two months.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.