Futures on major U.S. stock indices point to a flat opening on Monday ahead of a busy week of economic data including Federal Open Market Committee statement (FOMC) on Tuesday.

Futures on the S&P 500 are up 0.02 percent, futures on the Dow Jones Industrial Average are up 0.07 percent and Nasdaq100 futures are up 0.06 percent.

As no major economic data is due for release on Monday, investors are likely to focus on FOMC meeting and interest rate decision on Tuesday. The interest rate is expected to remain unchanged at 0.25 percent.

Investors are likely to focus on what the Fed will say about the developments in the economy, from the tax-cut effects to the decision whether to extend QE beyond $600 billion.

Global markets and commodities advanced after China’s strong economic data and a lack of interest rate hike by policymakers this weekend to cool growth in the region. China retail sales rose at an 18.7 per cent annualized rate in November, while inflation rose by a higher than expected 5.1 per cent, up from 4.4 per cent in October.

On Friday, US stocks drifted higher, with the S&P 500 approaching a two-year high, as traders seemed pleased with a narrowing trade deficit and higher consumer confidence.

The euro advanced 0.13 percent to 1.3244 against the dollar and the yen declined 0.07 percent against the greenback.

Crude oil futures advanced 1.29 percent to $88.92/barrel and gold futures advanced 0.47 percent.

European stock markets are currently trading higher with FTSE 100 up by 42.66 points, DAX30 up by 22.26 points and CAC 40 up by 30.17 points.