The US jobs report will be the main economic release next week, with other US data including the ISM indices and consumer sentiment. Elsewhere, the focus will be on inflation in Europe and China, whilst wage data is due in Japan, Deutsche Bank's economists report.

Europe and China inflation in focus

"In the US, the key event will be the December jobs report due Friday. Our US economists expect nonfarm payrolls to rise by +50k (+64k in November), with the unemployment rate falling slightly to 4.5% (4.6%), and the hourly earnings growth rising to +0.3% MoM (+0.1%). The ADP and JOLTS reports are also scheduled for Wednesday. Meanwhile, there are the ISM indices and our economics team forecast readings of 48.8 and 52.1, respectively. Other notable releases will be the University of Michigan’s consumer survey on Friday (DB forecast a 54.0 print, up from 52.9 in December) and Q3 unit labour costs on Thursday."

"Moving on to Europe, the focus will be on the preliminary December CPIs in the Eurozone. Readings for Germany and France are due Tuesday, with a Eurozone-wide report due Wednesday. Outside of the bloc, consumer inflation prints are also due in Switzerland, Sweden and Norway. In Germany, other notable economic releases include factory orders on Thursday and industrial production and trade balance on Friday."

"Rounding out with the economic calendar for Asia, highlights include CPI and PPI reports in China on Friday as well as wages in Japan on Wednesday."