After the excitement of last week's central bank meetings the economic diary clears this week as the U.S. goes to the polls. However, industrial data from the eurozone and the U.K. will provide important clues on the regions' economic strength before the start of the fourth quarter.

None of the main central banks to meet--the Federal Reserve, the Bank of England, the Bank of Japan and the Reserve Bank of Australia--tampered with monetary policy last week but concern about a December rate rise by the Fed continued to spook markets. This week the market trajectory could be determined by outcome of Tuesday's Presidential elections, where Hillary Clinton, the investors' choice, is struggling to command a decisive lead over Donald Trump in the final days of campaign.

The Federal Statistical Office in Germany will release September figures on German factory orders on Monday and broader data on industrial output on Tuesday.

Credit Suisse is looking for 0.1% month-on-month factory order growth, equating to a 3.5% rise on the year, but it sees industrial output contracting by 0.6% from August, while rising 1.8% on the year.

The analysts expect Spanish industrial output data, which is out on Monday, to show a 0.3% rise month-on-month, with French output data on Thursday showing the same pace of growth, and Italian production contracting by 0.5%.

In August industrial output in the eurozone rebounded more than expected but October purchasing managers' indices released on Friday by IHS Markit pointed to a two-speed Europe in the fourth quarter, with Germany and Spain the main growth drivers and Italian growth stalling.

U.K. industrial output data for September due out on Tuesday may show a 0.1% month-on-month fall. That would be grim news for the government after industrial and manufacturing output figures for August disappointed, with output down 0.4% and the narrower manufacturing gauge up 0.2%. At the time the Office for National Statistics said it saw "limited evidence" that the weaker pound was boosting exports.

Tuesday is also the day when parliamentarians are due to grill Bank of England Governor Mark Carney on the central bank's latest thinking on inflation. On leaving rates unchanged on Thursday the bank said inflation could rise to as much as 2.7% next year, from 1% at present, because of the weak pound.

From Germany on Tuesday comes September trade figures. German imports and exports rebounded decisively in August after an unexpected slump in July and investors will be hoping for strong data.

An updated report on October inflation in Germany is out on Friday. The Federal Statistical Office's initial estimate was for inflation to have risen to a two-year high of 0.7% from 0.5% on an EU-harmonized basis.

From China this week comes October trade data on Tuesday and October consumer price figures on Wednesday.

Chinese import and export numbers have been volatile in recent months.

In September exports tumbled 10% on the year in dollar terms, much worse than the median 3.3% decline analysts polled by Bloomberg had predicted. Imports fell 1.9%, compared with the 0.6% growth expected.

Analysts predict China's inflation rate climbed to 2.1% in October from 1.9% in September, according to the consensus forecast. The September figure marked a faster-than-expected pickup from August's 1.3% inflation rate.

Among the corporate highlights this week are quarterly earnings on Monday from HSBC, (HSBC) Europe's largest bank by market value, and from leading German utility E.ON  (EONGY) on Wednesday. It will be E.ON's first quarterly earnings since it listed fossil fuels division Uniper separately in September.

As for HSBC, investors will be anxious for news on the outlook after second-quarter profit slid 45% and it abandoned a return on equity target. On announcing those results the bank sweetened the news with the promise of a "substantial" share buyback next year after a $2.5 billion buyback this year.

Siemens (SIEGY) reports earnings on Thursday.

If you liked this article you might like

Europe Weakens, Wall Street Drifts as Fed Minutes, Bond Yields Drive Sentiment

Europe Weakens, Wall Street Drifts as Fed Minutes, Bond Yields Drive Sentiment

HSBC Shares Thrashed After 2017 Profit Miss, Capital Raising Plans

HSBC Shares Thrashed After 2017 Profit Miss, Capital Raising Plans

Walmart, Home Depot, Rite Aid, Elon Musk and KFC - 5 Things You Must Know

Walmart, Home Depot, Rite Aid, Elon Musk and KFC - 5 Things You Must Know

Stocks Pounded as Bond Yields Rise Before $260 Billion Treasury Auction Bonanza

Stocks Pounded as Bond Yields Rise Before $260 Billion Treasury Auction Bonanza

Europe Stocks Gain, Wall Street Slips as Investors Await Bond Auction Tsunami

Europe Stocks Gain, Wall Street Slips as Investors Await Bond Auction Tsunami