ECB Rate Hike Expected Amid Rising Energy Prices and Uncertainty

This week will be relatively quiet on the economic front as several countries observe bank holidays, including the U.S. and Canada.

On Tuesday, Japan's GDP quarterly data will be released, while Australia will publish its Westpac consumer sentiment numbers.

On Wednesday, the ADP weekly employment change in the U.S. will be announced, accompanied by two simultaneous releases as last week's data was skipped.

The European Central Bank (ECB) is expected to raise its deposit rate by 25 basis points to 2.50% at its meeting this week, citing resilient Q3 activity and elevated headline inflation, according to analysts from Wells Fargo.