A heavy dose of economic data will descend on investors this week. The data will give clues on price trends so important in ECB deliberations along with manufacturing sentiment from various purchasing managers' surveys. Manufacturing has been hit hard by the global slowdown despite the weak euro. The slumping euro gives manufactured goods a competitive price advantage in overseas markets while making imports into Europe more expensive. The Federal Reserve Open Market Committee meets Tuesday and Wednesday. With analysts expecting that interest rates will remain on hold, the FOMC's statement at the meeting's close will be subject to even more scrutiny than usual, if that is possible.

With a series of bellwether stocks reporting earnings this week, British and European investors will again be taking a demanding look at those who can deliver quality earnings and are showing genuine signs of recovery. Conflicting signals from the fourth quarter earnings season in the United States and Europe are making it clearer than ever that there's no broad-based market recovery in the offing. Instead of riding the tide, investors have to pick winners among the sectors.

Introduction   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead