Developments that could shape the markets this week

This week, global markets are focused on the Bank of Japan's interest rate decision and US growth data. The CBRT will announce its final interest rate decision of the year. It will be monitored whether the spending inflation data in the US supports the Fed's dovish rhetoric. The Bank of Japan's interest rate decision will also be monitored this week, and the messages of some Fed and ECB members will also be monitored. On Monday, December 18, the Central Bank of the Republic of Turkey will release housing price index data for October at 14:30. President Recep Tayyip Erdoğan will pay an official visit to Hungary upon the invitation of Hungarian Prime Minister Viktor Orban. The December data for the IFO expectation indexes, which measure business confidence in Germany, will be announced at 12:00. The AMB Fiscal Policy and EMU Governance conference, which the ECB organizes every two years in the field of fiscal policy and governance, will begin. ECB Member Isabel Schnabel will speak at this conference at 16:30 and Chief Economist Philip Lane will speak at 18:00. Fed member Austan Goolsbee will speak on CNBC at 16:30. On Tuesday, December 19, the Bank of Japan will announce its interest rate decision. Although speculation that the bank will end negative interest rates has caused a rally in the yen, the median expectation reflected in the Bloomberg survey is that interest rates will remain at -0.1 percent. Eurozone November final consumer price data will be released at 13:00. No revision is expected in the data, which showed a 0.5 percent monthly decline in the CPI, a 2.4 percent annual increase in the CPI, and a 3.6 percent annual increase in the core CPI. US November housing starts data will be released at 16:30. G7 finance ministers and central bank governors will come together in a virtual meeting. Fed member Raphael Bostic will speak on the US economic outlook at 20:30. On Wednesday, December 20, the Turkish Statistical Institute will announce the December Consumer Confidence Index data at 10:00. The UK November CPI data will be announced at 10:00. The annual CPI is expected to decline from 4.6 percent to 4.3 percent. ECB Chief Economist Lane will speak at the Eurozone Outlook panel in Dublin at 17:00. US second-hand home sales data for November will be announced at 18:00. US Conference Board consumer confidence index December data will be announced at 18:00. On Thursday, December 21, the CBRT will announce its final interest rate decision of the year at 14:00. The median expectation in the Bloomberg survey is that the one-week repo rate will be increased by 250 basis points from 40 percent to 42.50 percent. The Banking Regulation and Supervision Agency (BDDK) will announce the weekly change in the total size of Exchange Rate Protected Turkish Lira Deposit and Participation accounts within the scope of weekly banking sector data at 14:00. The TCMB will publish the securities statistics of foreign residents for the week ending December 15, the change in foreign exchange deposit accounts of domestic residents, and the Central Bank's gross reserve data at 14:30. The US final third quarter growth data will be announced at 16:30. No revision is expected in the annualized quarterly growth, which was previously announced as 5.2 percent. In the US, unemployment benefit applications, December Philadelphia Fed business activity index, and November Conference Board leading index data will be published at 16:30. On Friday, December 22, the Ministry of Culture and Tourism will publish foreign entry and exit statistics for November at 11:00. The UK final third quarter growth data will be announced at 10:00. No revision is expected in the 0.6 percent annual growth. November personal income, spending, and core PCE data will be released in the US at 16:30. Core PCE, one of the Fed's preferred inflation indicators, is expected to decline from 3.5 percent annually in October to 3.3 percent in November. November preliminary durable goods orders data will also be released at the same time. US November new home sales data and the University of Michigan Consumer Confidence will be released at 18:00.