A view shows the New York Stock Exchange (NYSE) Wall Street entrance in New York City, U.S., April 7, 2025. REUTERS/Kylie Cooper

LONDON, Dec 4 (Reuters) - The long-awaited December U.S. Federal Reserve meeting is almost here.

But it's not the only game in town for financial markets with Canadian, Swiss, Australian and Turkish central banks also meeting and the latest China data to pore over.

Here's your one-stop shop for the week ahead in world markets from Alden Bentley in New York, Rae Wee in Singapore and Dhara Ranasinghe, Amanda Cooper and Karin Strohecker in London.

1/ FINALLY

Speculation about whether the Fed will ease rates for a third time next week has come full circle since an October rate cut.

After a rough patch, Wall Street is again buoyed as if another reduction is a done deal.

Policymakers were not unanimous about the last one and differences remain. Several lean dovish, and President Donald Trump will keep up pressure to drop rates.

Fed Chair Jerome Powell highlighted "strongly differing views about how to proceed," chilling market certainty by saying that a December cut was not a foregone conclusion.

And opaqueness on the economy remains. November inflation data is out in the week to come. Some data has trickled in since the government reopened on November 13, still October and November jobs data only comes out after the Fed meeting.

Rate futures reflect confidence in a quarter point cut, but traders are mercurial. Odds recently were less than 50/50.

2/ STILL IN THE WOODS

China's struggle with a years-long property slump and anaemic domestic demand shows little sign of recovery even as the year's end draws closer, with the clock ticking for Beijing to deliver more stimulus to shore up its economy.

Trade data due Monday and inflation figures on Wednesday could paint a similarly downbeat picture, keeping investors focused on the economic agenda for the year ahead to be unveiled later this month.

Defaults are also in the spotlight, as China Vanke, once the country's top home builder by sales, seeks a one-year extension on its onshore bond repayment.

A bondholder meeting is set for December 10.

Down Under, Australia's central bank meets Tuesday and is likely to leave rates unchanged in an economy that's still running hot.

3/ STUCK AT ZERO

The Swiss National Bank will almost certainly keep rates at 0% when it meets on Thursday. They are expected to stay stuck there in 2026, even though inflation has slipped towards the lower end of the SNB's range.

Officials expect inflation to rise, but also say they would tolerate a temporary blip below 0%. U.S. tariffs aren't helping, but one of the SNB's biggest headaches is homegrown: the currency.

The franc has appreciated nearly 12% against the dollar this year, set for its strongest year since 2002. The Swissie has barely moved against the euro in 2025, but over the last five years, it has gained 14%.

Bearing in mind that Europe is Switzerland's largest market, accounting for around half of total exports, this strength is hurting everyone from watchmakers to wealth managers.

4/ THE ONLY WAY IS DOWN (IF YOU ARE TURKEY)

Turkey's central bank will set rates on Thursday - there's little doubt it will cut, but by how much is hotly debated.

November inflation, at just over 31%, has come in surprisingly soft on the headline number thanks to declining food prices, but rising pressures from services, including rent, make inflation stickier than hoped.

The central bank's end-2025 inflation target stands at 24%, with its forecast range at 31%-33%. Markets are watching this final policy meeting of the year for signals on the pace of future easing, with the main rate now at 39.5%. JPMorgan expects a 100 basis point cut, but doesn't rule out a 150-bps trim.

Meanwhile, Brazil's central bank is expected to keep its rates at 20-year highs of 15% on Wednesday, but a sharper than expected economic slowdown has fuelled bets a cut could come in January.

5/ THE RE-ACCELERATION TRADE

With bitcoin's recent wobble (it suffered its biggest monthly fall in November since February) and Japanese bonds taking a whack, you'd think alarm bells of caution would be ringing.

Yet, the smart people in the room seem decidedly upbeat on the year ahead, judging by some of the 2026 outlooks emerging. They're largely sticking with bullish bets on equities - especially in the tech-driven U.S. market.

Lombard Odier calls it the re-acceleration trade, with global economic growth expected to drive a "diversified" stocks rally. BNP Paribas has an above-consensus forecast for euro zone growth.

The euro is rallying again, and even talk of an AI bubble bursting hasn't really dented stocks.

Perhaps the degree of optimism itself - in markets where consensus trades have not always got it right - warrants some caution.

(Compiled by Dhara Ranasinghe; Graphics by Prinz Magtulis; Editing by Joe Bavier)