We expect the Fed to cut its monthly bond purchases by an additional $10bn at next week's FOMC despite the disappointing labour market report in December.
In the US, GDP probably expanded a solid 3.5% q/q annualised on the back of strong private consumption.
In the euro area, members are set to attempt to fit the last pieces in the banking union puzzle in connection with next week's euro group meeting.
China could face the first ever default on a trust product next week and how well it is handled could prove important for financial markets.
In Japan, we believe the increase in inflation slowed in December, underscoring that the last push towards reaching the 2% inflation target will be difficult.
Global macro and market themes
Weaker Chinese data and substantial political event risk across emerging markets are fuelling another sell off in emerging markets.
There is an increased risk of correction in risk assets with many markets are in overbought territory.
The Fed members' bar appears quite high for changing the unofficial plan of tapering USD10bn per meeting.
The probability of an ECB cut in February or March is increasing as money market tensions intensify.
In Sweden, we expect data released next week to show a relatively strong finish to 2013.
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