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.