Thursday's official figures should show that eurozone industrial production rose in October, reversing September's fall. National data should show that output in France and Germany showed the same pattern. Although this would leave output just over 1 per cent higher than a year ago, it would mean output is only at the same level as in June. This suggests the recovery is weak and choppy.
Chinese figures will look much stronger. They are expected to show that industrial production has risen by around 10.5 per cent in the last 12 months, which is a slightly faster rate of expansion than in the spring. However, this growth rate would be well below the rates seen in 2009-11, which would confirm expectations that the economy is shifting to a slower pace of trend growth.
In the US, meanwhile, Thursday's retail sales should show another small monthly rise, leaving them up by around 0.6 per cent (before inflation) in the three months to November compared with the previous three. This would be consistent with continued modest GDP growth, of around 2 per cent annualised.
UK figures should point to continued growth. On Tuesday, the ONS should report a small rise in manufacturing output, following a big increase in September. The same day, the NIESR is likely to estimate that real GDP grew by around 0.8 per cent in the three months to November, maintaining the recent pace of expansion - although this will be flattered by a big rise in September.
However, this good news will be accompanied by two worrying developments. The RICS is expected to say on Tuesday that the balance of surveyors reporting rising house prices is now at an 11-year high, which could add to fears that the housing market is approaching bubble territory; this helps explain why the Bank of England recently withdrew mortgages from the Funding for Lending scheme.
Also, Tuesday's figures are likely to show that although the trade deficit narrowed a little in October after a £9.8bn gap in September, it is much higher in the latest three months compared with the previous three. This cannot be blamed merely upon the weak eurozone, as exports to non-EU countries have fallen in the last 12 months. This suggests the UK's recovery is being fuelled by increased borrowing from overseas.
