Corporate earnings reports in the United States, sentiment gauges in Europe, growth data from China, a rates decision in Brazil and inflation figures from South Africa and Nigeria will dominate the first half of the week ahead. Meetings of the G20 finance ministers and International Monetary Fund will take centre stage on Thursday and Friday. Here is your guide.
United States
The US data week will begin with the New York Federal Reserve's Empire State manufacturing index. Consensus is that this regional gauge of manufacturing deteriorated to 7.50 in April from 9.24 in March and 10.04 in February.
On Tuesday, focus will shift to March's consumer inflation, housing starts and industrial production data. Markets expect zero monthly growth in consumer inflation. Analysts surveyed by Bloomberg foresee a rise in housing starts to a seasonally adjusted annualised rate of 930 000 units, but a drop in new permits issued to 942 000 units. Industrial output likely slowed to 0.2% monthly growth in March from 0.7% growth in February.
On Thursday, economists will watch for last week's jobless claims numbers. Consensus is that initial claims rose by around 5 000 in the week ended April 13 after plunging 42 000 in previous week.
Beyond these data releases, investors will be paying close attention to a slew of corporate earnings report scheduled for the coming days. More than 70 of the companies comprising the S&P 500 Index will report results next week. Big names include McDonald's, Coca-Cola, General Electric and Google along with financial titans American Express, Goldman Sachs, Bank of America.
According to Thomson Reuters's data, S&P 500 companies are expected to report modest 1.1% growth in the first quarter, down from a January forecast for 4.0% growth. According to FactSet, 86-listed companies have warned investors to expect disappointing first-quarter earnings over the past three months. Only 24-companies issued positive guidance.
Europe
Comparatively few major data releases are scheduled in Europe over the coming days. The highlight of the week is Tuesday's economic sentiment index from the Zentrum für Europäische Wirtschaftsforschung (ZEW) in Germany. Economists polled by Reuters expect this forward-looking indicator of sentiment in Europe's largest economy to fall to 42.0 after last month's surprise decline to 48.5.
ZEW will also release its sentiment measure for the 17-member euro zone as a whole on Tuesday. Economists expect a stark deterioration.
On Thursday, attention will shift across the English Channel to the United Kingdom's release of last month's retail sales figures. Economists expect a year on year drop of 0.6% following February's strong 2.6% rise.
In addition to these data releases, European investors will focus on a number of corporate earnings reports over the coming days. France's Carrefour, Switzerland's Nestle, Finland's Nokia and the United Kingdom's largest supermarket, Teco, are among the most notable names scheduled to report this week. Analysts are not optimistic. According to Thomson Reuters' StarMine, STOXX Europe 600 companies are likely to report a 7.4% drop in first quarter profits this earnings season.
Beyond Europe's economic and earnings calendar, economists and investors will be watching the plenary session of the European Parliament over the coming days. European Central Bank (ECB) chief Mario Draghi will present the ECB's annual report to lawmakers in Strasbourg on Tuesday. Ollie Rehn, the European Union's economic and monetary affairs commissioner, will discuss the controversial bailout package member countries recently extended to Cyprus.
Asia
Asian markets started the week in the red as China – the world's second largest economy – released unexpectedly disappointing growth and industrial production data on Monday.
According to China's National Bureau of Statistics (NBS), China's gross domestic product (GDP) rose 7.7% from a year earlier in the first quarter of 2013, down from 7.9% growth in the fourth quarter of 2012. The pace of expansion was slower than the median 8% gain forecast in three separate polls by Dow Jones, Bloomberg and Reuters.
The World Bank's latest East Asia and Pacific Update, also released this morning, cut China's GDP growth projection to 8.3% for 2013. Although not as optimistic as earlier estimates, this would still be an improvement on the 7.8% expansion observed in 2012, the weakest since 1999.
Industrial production slowed to 8.9% year on year growth in March from 9.9% in January and February combined, the NBS reported. Consensus called for a 10% expansion.
Separate data released alongside GDP and industrial output showed that retail sales rose 12.6% from a year earlier in March, roughly in line with economists' expectations. Fixed asset investment grew 20.9% in the first quarter from a year earlier.
The rest of this week's calendar is light. In addition to this morning's March industrial production figures, Japan will release monthly trade figures on Thursday. Markets expect the data to show that Asia's number two economy posted a ninth straight monthly trade deficit in March. Economists surveyed by Market News International forecast deficit of ¥510.3-billion.
Latin America
Peru – Latin America's fastest growing economy – will release February's growth figures on Monday. The central bank's economic activity index – a gross domestic product (GDP) proxy – showed 6.15% year on year growth in January. The bank's president, Julio Velarde, said recently that he expects a similar number for February.
"Current and advanced indicators of activity show that the growth of the Peruvian economy has stabilized around its long-term sustainable level of growth," according to a statement posted on the central bank's website last week.
On Wednesday, markets will turn their attention to Brazil where the country's central bank will announce its latest rates decision. Inflation broke through the government's target ceiling in March, but by slightly less than markets' expected. As a result, most economists believe that officials will hold off on raising the country's benchmark Selic rate until May.
Even if policymakers hold off tightening policy this week, most analysts believe a rate hike in the near-term is inevitable. According to the median forecast of the central bank's latest weekly poll, economists expect policymakers to raise the Selic rate to 8.50% this year from its current record low 7.25%.
Closing out the region's economic week, Mexico will release March's unemployment figures on Friday. Mexico's unemployment rate fell to 4.9% in February and is expected to have fallen further, to 4.8%, in March. The country's unemployment rates are kept low by the high rate of worker participation in the informal sector, which accounts for around 60% of total employment.
Africa
The Bank of Namibia's monetary policy committee (MPC) will announce its latest rates decision on Tuesday. Officials left the repo rate on hold at 5.5% at their last meeting and are widely expected to do so again this week.
Despite a decline in headline inflation, which fell to a six-month low in February, recent exchange rate weakness means that price pressures in Namibia remain. Coupled with a relatively upbeat outlook for the country's economy, officials are likely to refrain from easing monetary policy in the near-term.
On Wednesday, Africa's two largest economies, South Africa and Nigeria, will release last month's consumer inflation figures.
Markets expect South Africa's inflation release to show that consumer prices rose 6.0% in March from a year earlier. Officials at the Reserve Bank expect inflation to temporarily breach the 6.0% upper end of their target range in the third quarter of 2013 before falling in the fourth.
Analysts at Financial Derivatives Company Limited expect Nigeria's consumer price index (CPI) to have slowed to 8.7% year on year growth in March from 9.5% in February. Based on their analysis of the Food and Agriculture Organisation's March food price index, economists at FSDH Merchant Bank expect inflation to have eased slightly less, to 8.9% last month.
Elsewhere in Africa, Ghana's central bank is expected to announce its latest rates decision sometime between April 15 and 19. Namibia will release March's CPI numbers between April 15 and 25. Morocco may do the same between April 16 and 21.
Matt Quigley writes the weekly economic preview for the Mail & Guardian. Follow him on Twitter at @mattquigley.