Analysts at TD Securities think the U.S. data highlight will be the manufacturing ISM index for December, which is expected to rise slightly, to a still-low 49.5 from 48.1. The consensus is 49.0.

• "A slight rise would be consistent with the regional surveys that have been released. The cut-off point for the regional surveys is generally earlier in the month than for the ISM survey, but there is no sign thus far of the U.S.-China trade deal announcement leading to a major change in tone.
• Minutes to the December FOMC meeting will also be released; Fed officials have consistently been signaling that a policy change will require a "material reassessment" of the outlook, but "policy is not on a preset course."