In an otherwise relatively quiet start to the week for markets, it is China that takes centre stage.

Later today, the People’s bank of China (PBoC) releases its interest rate decision. This has a far-reaching impact on the Chinese economy, the world’s second largest. As with monetary policy decisions in any of the major countries, this decision by PBoC has the potential to cause market volatility. With economic growth slowing to its lowest in 25 years and with a lower revised growth target of 6.5% in 2017, will the Chinese central bank keep interest rates on hold, or will we see lower interest rates implemented in order to spur growth?

Europe has a few pieces of information set for release later tonight. This includes: European Sentix Investor Confidence, European Retail PMI, Spanish House Price Index, Italian Wage Inflation and Greek GDP. The investor confidence figure is a good measure of consumer sentiment within Europe. The PMI data reflects the strength of the retail sector within Europe. The house price data shows the change in house price values within Spain. Wage Inflation data is important to the Italian economy has a higher inflation figure means that wages are keeping up with the increase in costs for products and services within the economy. Wage inflation that decreases or stays stagnant for too long can increase the risk of pushing more people into poverty. Wage inflation can also increase disposable income, therefore allowing it to be spent by consumers and letting money flow through the economy. The GDP figure is crucial in determining the growth of the Greek economy, which has teetered on the brink of collapse on many occasions. It is vital for the long-term stability of Europe that Greece starts to show signs of economic recovery and growth.

Elsewhere, the US is publishing Factory Orders data. Finally, UK MPC Member Charlotte Hogg is due to speak later tonight, meanwhile FOMC Member Neel Kashkari is due to speak in the early hours of tomorrow morning.