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The next few days hold some finger-on-the-trigger moments that could amp up the angst in global markets or, instead, help calm those frayed nerves.

Key is the hump-day report on U.S. inflation, the trigger for last week's wild swings that drove the S&P 500 down 5.2 per cent, the S&P/TSX composite down 3.7 per cent, and the volatility index known as the VIX, a.k.a. the fear gauge, up.

Remember that this all started with a U.S. jobs report, just over a week ago, that showed stronger wage gains among American workers, suggesting inflationary forces that could prompt the Federal Reserve to raise its benchmark interest rate up to four times this year.

Among other things, treasury yields spiked, raising the spectre of a bond market that could be more appealing than stocks. Still, some observers see stocks gaining this year when it all calms down.

"What's important to note is that this selloff was not triggered by weak economic data either for the U.S. or global economy," noted Toronto-Dominion Bank economist Katherine Judge.

Thus, analysts believe that a hot inflation report could raise pressure, but a cool one ease the angst.

"In the U.S., core CPI inflation could see a bit firmer monthly gain, but the 12-month rate will still look tame," said CIBC World Markets chief economist Avery Shenfeld, referring to the consumer price index measure that strips out volatile items, so you get a better sense of what lies underneath.

"That might remind nervous Nellies that inflation is only warming up to room temperature, not running away from the Fed."

Economists expect Wednesday's report to show that prices at the gas pump helped push consumer prices up 0.3 or 0.4 per cent in January.

They also forecast an annual inflation rate of 1.9 or 2 per cent, down from December's 2.1 per cent.

Here's what to watch for over the next few days.

Monday: Can't trust that day

The Mamas & the Papas had it right when they sang "Monday, Monday, can't trust that day" in 1966.

The Tokyo market is closed, and there are some Chinese economic indicators on tap. But, obviously, what everyone wants to know is what happens across fragile and uncertain markets.

And here's why you can't trust that day.

Of the 25 ugliest days in the history of the S&P 500, 12 were Mondays, noted Brian Belski, chief investment strategist at BMO Capital Markets.

"Monday is the only negative day of the week on average since 1928 and has the highest percentage of down days," said Mr. Belski, who, for the record, is among the analysts who believe the market will rebound and who urges calm throughout the turmoil.

There are also corporate results to watch for, including quarterly numbers from Loews Corp., Sherritt International Corp. and T-Mobile US Inc.

Oh, and Restaurant Brands International Inc., whose Tim Hortons unit has been the target of labour protests after some franchises cut perks so that, you know, their employees could help pay for higher minimum wages.

Tuesday: Well, that depends on how Monday went

There aren't any major economic indicators to get excited about, so we'll take our cue from whatever happened Monday.

There are, though, several corporate earnings reports: Barrick Gold Corp., Goldcorp Inc., Hydro One Ltd., Kinross Gold Corp., MetLife Inc., Occidental Petroleum Corp., PepsiCo Inc., RioCan Real Estate Investment Trust, TMX Group Ltd. and Under Armour Inc.

Wednesday: The VIXth Sense

As someone pointed out in a tweet, even the calendar refers to the next three days as WTF.

This is U.S. inflation day, as noted, but it may be worth looking a little further out.

"A little wage growth alone will not topple equities," said Andrew Hollenhorst of Citigroup, who referred to last week's swings in a report titled "The VIXth Sense," but "strong price inflation in the next couple months may push the treasury and equity selloff further."

Royal Bank of Canada economists agreed, suggesting annual inflation could push toward 3 per cent in the third quarter.

"This should prove transitory and headline prices will likely be back on either side of 2 per cent by year-end," RBC said. "But the potential for the market to overreact to an inflation scare is non-trivial."

Markets will, at the same time, get the latest report on U.S. retail sales, which economists expect to show an increase of 0.2 per or 0.3 cent in January from December.

Also on tap is the latest look at fourth-quarter economic growth in Japan, which Capital Economics expects will come in at a slower pace of 0.4 per cent.

There's also the second estimate of fourth-quarter growth in the euro zone, and a fresh look at the economies of the countries that make up the monetary union.

No change is expected from the initial estimate of 0.6 per cent, but markets will be looking for the first sense of "how well the German economy and ergo the EU economy performed at the end of last year," said Michael Hewson, chief analyst at CMC markets.

"The prognosis looks positive and moreover it appears that the positive momentum from 2017 has carried over into 2018 if recent economic surveys have been any guide," he added.

"Expectations are for a strong end to the year, and, as such, an annualized number of 2.7 per cent is expected, as the negative rate environment continues to act as a tailwind to the economic uplift."

And a whack of earnings reports: Agnico Eagle Mines Ltd., Canopy Growth Corp., Cisco Systems Inc., Equifax Inc., Home Capital Group Inc., Marathon Oil Corp., Sun Life Financial Inc., Teck Resources Ltd. and West Fraser Timber Co.

A truck passes a sign advertising Molson beer in Halifax.

Um, and Molson Coors Brewing Co. And depending on how the day goes, you may want to hoist one or wallow in it.

Thursday: Second verse, same as the first

There's another inflation reading for markets, the U.S. producer price index, which economists expect to show a monthly increase of 0.4 per cent in January, and an annual jump of 2.4 per cent, actually down from 2.7 per cent in December.

There's also the fact that it's Thursday, and, as BMO's Mr. Belski also calculated, history tells us it's the worst day next to Monday.

"Thursday, Feb. 8, 2018, was the fastest 10-per-cent-plus correction from a price peak in the S&P 500 Index since 1950," he added.

Speaking of angst, the Canadian Real Estate Association is also expected to release a monthly report showing a drop in sales and a slower pace of price inflation.

"The fear heading into January was that the housing market would slow sharply with the introduction of stricter mortgage rules," said Benjamin Reitzes, Bank of Montreal's Canadian rates and macro strategist, referring to measures from the commercial bank regulator, the Office of the Superintendent of Financial Institutions.

"While activity did indeed slow, the market didn't appear to be too badly hit."

A ‘For Sale’ sign is shown in front of west-end Toronto homes in this file photo.

Already having seen monthly numbers from some local real estate boards, Mr. Reitzes projected the CREA report will show national sales down 0.5 per cent in January from a year earlier, average house price increases slowing to 4.5 per cent, and the MLS home price index, which is considered a better measure, easing to a two-year low of 8 per cent.

Ontario looks to have been harder hit given additional measures by the province to cool down the Toronto area, and its numbers have already been released.

"Toronto home sales plunged 22 per cent year over year, as Canada's largest market continues to adjust to Ontario's Fair Housing Plan, rising interest rates and now the mortgage rule changes," Mr. Reitzes said.

"The chunky decline isn't a surprise though, as buyers moved forward purchases into 2017 to get in ahead of the new rules," he added.

"London and Windsor also saw hefty declines, but sales in much of the rest of the country are still above year-ago levels. Sales were up double-digits in Fraser Valley, Vancouver, Edmonton, and Montreal among others, with the latter continuing its solid run."

There some major earnings reports through the day, as well: Bombardier Inc., Brookfield Asset Management In., CI Financial Corp., Canadian Tire Corp., Cenovus Energy Inc., Deere & Co., Encana Corp., Fairfax Financial Holdings Inc., Fortis Inc., Precision Drilling Corp., Shopify Inc. and TransCanada Corp.

Friday: Obviously, you need a breather by now

Not so fast.

First up is the monthly Statistics Canada report on manufacturing sales. TD expects to see a rise of 0.7 per cent for December, while CIBC projects a decline of 1 per cent.

Either way, it's a big comedown from a 3.4-per-cent gain in November.

"Capacity use is high in the manufacturing sector, and worries on the trade front will likely delay needed investment," said CIBC's Nick Exarhos. "As a result, we see only modest manufacturing growth in the months and quarters ahead."

There are also readings on the U.S. housing market and import prices, and earnings reports from Air Canada, Coca-Cola Co., Enbridge Inc. and Kraft Heinz Co.

Okay, go home, have a great weekend, and rest up. The following Monday already looms large.