Economic calendar: Flash PMIs and central bank rate decision

• European indices set to open higher

• Flash PMIs for December from Europe and the United States

• Rate decision from SNB, Norges Bank, CBRT, BoE and ECB

European stock markets are set for a higher opening following a rally on Wall Street after the FOMC decision yesterday. Upbeat moods can also be spotted on commodity markets with industrial metals, precious metals and oil gaining. Solid performance of commodities is somewhat puzzling as USD is on the rise as well.

While FOMC rate decision was a key event of the week, it is Thursday that is the most busy day of the week. Investors will be served an avalanche of data and rate decisions today. 

Flash PMI indices from Europe will be released in the morning with French and German releases expected to show deterioration in services and manufacturing sectors. US PMI indices, industrial production data and housing market data will be released in the afternoon. 

A total of 5 central banks will announce rate decisions today - SNB, Norges Bank, CBRT, BoE and ECB. CBRT and BoE will be on watch as those two central banks may decide to change rates today. A cut is expected in Turkey while the UK central bank may decide to hike rates following yesterday's CPI spike. ECB is unlikely to make any move today but a new set of economic projections will be released.

8:15 am GMT - France, PMI indices for December (flash).

• Manufacturing. Expected: 55.5. Previous: 55.9

• Services. Expected: 56.0. Previous: 57.4

8:30 am GMT - Swiss National Bank rate decision

8:30 am GMT - Germany, PMI indices for December (flash).

• Manufacturing. Expected: 56.8. Previous: 57.4

• Services. Expected: 51.0. Previous: 52.7

9:00 am GMT - Norges Bank rate decision

9:00 am GMT - Euro area, PMI indices for December (flash).

• Manufacturing. Expected: 57.7. Previous: 58.4

• Services. Expected: 54.2. Previous: 55.9

9:30 am GMT - UK, PMI indices for December (flash).

• Manufacturing. Expected: 57.6. Previous: 58.1

• Services. Expected: 57.0. Previous: 58.5

11:00 am GMT - Central Bank of the Republic of Turkey rate decision

12:00 pm GMT - Bank of England rate decision

12:45 pm GMT - European Central Bank rate decision

1:00 pm GMT - Poland, core CPI inflation for November. Expected: 4.7% YoY. Previous: 4.5% YoY

1:30 pm GMT - US, housing market data for November.

• Building permits. Expected: 1660k. Previous: 1653k

• Housing starts. Expected: 1570k. Previous: 1520k

2:15 pm GMT - US, industrial production for November. Expected: 0.7% MoM. Previous: 1.6% MoM

2:45 pm GMT - US, PMI indices for December (flash).

• Manufacturing. Expected: 58.5. Previous: 58.3

• Services. Expected: 58.4. Previous: 58.0