Five things to note as the market trades this week, Nov 24-30

A shopping mall in Rehoboth Beach, Delaware, on Nov 22, 2014. The second half of the week marks the start of the key holiday shopping season in the US, with Black Friday likely to generate all sorts of anecdotes about the strength or weakness of the
A shopping mall in Rehoboth Beach, Delaware, on Nov 22, 2014. The second half of the week marks the start of the key holiday shopping season in the US, with Black Friday likely to generate all sorts of anecdotes about the strength or weakness of the US consumer, most of which, says economist Paul Ashworth of Capitol Economics, should be ignored until actual data comes in. -- PHOTO: AFP

Many key events will impact markets this week:

1. How did Singapore's economy fare? The second and final figures for Singapore's third quarter GDP on Tuesday is likely to confirm that the economy is struggling for momentum.

Advance estimates released last months said the economy grew a disappointing 2.4 per cent in the third quarter from a year ago, missing the median market forecast for a 2.8 per cent increase. The 3Q economic survey will also give a detailed picture of economy's sectoral performance.

For the rest of Asia, economists are mixed on whether India's 3Q GDP data (Friday) will show that the post-election improvement in business sentiment is starting to lift investment, with some predicting the economy slowed to 5.0 per cent year-on-year from to 5.7 per cent in Q2.

For the Philippines, Q3 GDP (Thursday) is expected to show the economy recorded another quarter of solid growth on the back of rising export demand and buoyant consumption.

2. Thanksgiving in the US. This big North American holiday means that all important economic releases are scheduled for the first few days of this week.

US Q3 GDP growth (Tuesday) is likely to be revised down to 3.2 per cent from 3.5 per cent due to a smaller positive contribution from trade. Economists are also expecting a fall in durable goods orders (Wednesday) in October due to another drop in aircraft bookings.

The second half of the week marks the start of the key holiday shopping season in the US, with Black Friday likely to generate all sorts of anecdotes about the strength or weakness of the US consumer, most of which, says economist Paul Ashworth of Capitol Economics, should be ignored. Until actual data comes in.

3. China shows weakness. How will markets react to Friday's move by the People's Bank of China, which unexpectedly cut its main interest rates for the first time in more than two years, underlining concern that a slowdown in the world's second-largest economy is deepening? The PBOC has cut reserve requirements for the nation's largest lenders three times and lowered benchmark rates three times since late 2011.

Lucy Qiu, an emerging markets analyst at UBS Wealth Management, told Bloomberg News that stocks will bounce when trading starts this week: "In the short term, it's positive, but in the long term, the economic slowdown is probably the main driver of the market," she said.

Forbes said Friday's cheap-money move "signals desperation" and may not stimulate corporate demand due to overcapacity and anemic household spending.

4. Slew of data from Japan: This will provide insight into the fourth quarter growth there. Japan's 3Q GDP results released last week show it fell back into recession, prompting Prime Minister Shinzo Abe to delay a second round sales tax hike and call for snap elections.

According to Moody's Analytics, consumer price inflation and retail sales data from Japan this week is likely to show that the post-tsunami boost to residential construction has faded, and that a lack of wage growth and concerns about another sales tax hike are deterring consumer spending.

5. D-Day for OPEC: The oil cartel's clout will be on the line as a decisive meeting this week. Leaders of the Organization of Petroleum Exporting Countries - which includes Saudi Arabia, Kuwait, Iran, Iraq and Venezuela - will meet Thursday in Vienna to consider cutting output to shore up prices.

The key question is whether Saudi Arabia, which signalled last month it was comfortable with lower oil prices, accelerating a plunge in the price of crude to a third since June, will stick to that view. Some economists say rapidly-increasing U.S. oil production, coinciding with shaky demand from China and Europe, is likely to keep a lid on the price no matter what the OPEC decides.