Why does today begin a crucial week for the markets?

Markets today enter a key week, dominated by central bank meetings that are already monopolizing the attention of investors around the world.
As the Asian session draws to a close, Chinese stocks slipped and then recovered in late trading.
By contrast, Japan's Nikkei jumped on growing bets that its central bank may not raise interest rates next week.
On Wall Street Friday night, all three major U.S.
indexes rose, including the S&P 500 which hit a new high for the year, after the November jobs report and University Consumer Survey data of Michigan reported a resilient economy and cooling inflation, raising hopes for a so-called soft landing scenario.
The week is marked by meetings of a quintet of central banks and US inflation, events that could bring closer or further away market hopes for a rapid round of rate cuts next year.
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Investors' attention is now focused on the US inflation data due on Tuesday, where expectations are that consumer prices will continue to fall on an annual basis, followed by the Federal Open policy decision Market Committee (FOMC) on Wednesday's agenda after a two-day meeting.
“The big influence on the US dollar this week will be the FOMC meeting, especially Chairman (Jerome) Powell's comments in his press conference,” according to CBA analyst Capurso.
“If he is hawkish, I think the markets will probably ignore him and the US dollar will remain stable.
But if it's accommodative, then I think the US dollar and bond yields will fall, so it's an asymmetric reaction,” he added.
It is believed that the Fed will keep rates at 5.25-5.50% this week.
Attention will be focused on the so-called dot plots for rates and on President Jerome Powell's press conference.
read also Fed, why the rate cut is moving away after these US data The European Central Bank, the Bank of England (BoE), the Norges Bank and the Swiss National Bank (SNB) will meet on Thursday.
The spotlight is already on the ECB.
Markets expect a somewhat accelerated path to reducing rates, after investors gave a dovish tone to some recent comments on reducing inflation from politicians.
This dynamic risks weighing on the euro, which in November recorded the biggest gain of the year against the greenback.
Lagarde's words, with the updated macroeconomic projections on inflation and GDP in the Eurozone, will be listened to very carefully.
Any clues about possible cuts in the cost of borrowing will be invaluable.
For the meeting on 14 December, however, expectations are for rates still stable at 4.5%.