Investing.com - In the week ahead, investors will be focusing on Friday’s U.S. nonfarm payrolls report for November, the last jobs report before the Federal Reserve decides on interest rates at its December 15-16 meeting.
The outcome of Thursday’s European Central Bank meeting will also be in focus amid speculation the central bank could ramp up its monetary stimulus program.
Meanwhile, oil traders are will be looking ahead to the Organization of Petroleum Exporting Countries highly-anticipated meeting on Friday.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
1. U.S. nonfarm payrolls report
The U.S. Labor Department will release its highly-anticipated report on November nonfarm payrolls at 8:30AM ET on Friday.
The consensus forecast is that the data will show jobs growth of 200,000 last month, following an increase of 271,000 in October, while the unemployment rate is forecast to hold steady at 5.0%.
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 reinforce expectations for a Fed rate hike next month.
2. Fed Chair Yellen speaks
Federal Reserve Chair Janet Yellen is due to speak about the U.S. economic outlook at The Economic Club of Washington D.C. at 12:25PM ET Wednesday. On Thursday, Yellen will testify about monetary policy before Congress' Joint Economic Committee at 10:00AM ET.
Recent comments by Yellen have bolstered expectations the U.S. central bank will raise interest rates for the first time in nine years when it meets in mid-December.
3. European Central Bank policy meeting
The European Central Bank's latest interest rate decision is due at 12:45PM London time, or 7:45AM ET, on Thursday, with most of the focus likely to be on President Mario Draghi's press conference 45 minutes after the announcement.
The consensus is that the ECB will cut the deposit rate further into negative territory to -0.30% from -0.20%. Market analysts also expect the central bank to increase the size of its monthly quantitative easing program to €75 billion from the current €60 billion.
Over the last few weeks, ECB president Draghi has sent strong indications that the central bank could increase the scope of its 60 billion a month at the December meeting.
4. OPEC meeting
The Organization of Petroleum Exporting Countries will meet on Friday to review their output strategy. Most market analysts expect the oil cartel to keep their production quota unchanged despite falling prices.
Russia said it will not send high-ranking officials to the OPEC meeting, adding to expectations for no action. Senior OPEC officials were quoted in recent days saying the group is unlikely to waver from its no-cut policy unless non-OPEC producers, such as Russia, were also in sync with the plan.
5. Chinese PMIs
China is to release reports on manufacturing and service sector activity from the China Federation of Logistics and Purchasing during Asian hours on Tuesday, as well as the Caixin services index and the revised reading of the Caixin manufacturing index.
The official China's manufacturing purchasing managers' index is forecast to hold steady at 49.8 in November, which would match the weakest level since August 2012.
A reading below 50.0 indicates industry contraction.