ASIA-PAC In Japan, the data calendar is thin in the coming week, with trade figures due out on Wednesday. It's also a quiet week

in Australia but an important one as the minutes of the RBA's last board meeting are released on Tuesday.

EUROPE - In core-Europe, the highlight of the week for data will likely be the German Ifo due on Tuesday. The Riksbank delivers it's

policy decision on Tuesday. The Bank will probably make no adjustments to its current policy. By this time of year, central bank activity

normally quiets down until after the New Year. However, with the euro zone crisis continuing, it opens the possibility of more surprise

announcements like that related to central bank swap lines that took place on November 30.

US - The week ahead leads up to the Christmas holiday and the US bond market will close early on Friday, December 23, and will

remain closed on Monday, December 26. The proximity to the holidaymeans that the second-tier US data releases will get scant attention,

and markets will concentrate on the few big reports for the week - namely housing starts, existing home sales and new orders for durable

goods. Some of the data will be released slightly sooner than usual to allow for holiday schedules. Durable goods data for November is set for release on Friday. The transportation component is widely anticipated to provide a big boost to the overall number. New orders for Boeing aircraft were exceptionally strong at the Dubai Airshow in that month, and demand for new motor vehicles indicates that orders to replenish inventories could be solid. Also, third quarter GDP for 2011 is due on Thursday, although markets will quickly digest the last look at July-September period as the fourth quarter is already well-advanced.