(fxcue news) - European stocks are likely to open on a subdued note Tuesday as investors look ahead to key central bank meetings across the globe. A total of 22 central banks are set to announce their monetary policy decisions this week, including the U.S. Federal Reserve, Bank of Japan and Bank of England. The Fed will announce its last move on interest rates for the year on Wednesday and it is likely that the main rate will be cut for a third straight time. Much will depend on what Fed Chair Powell says after the announcement. The projections will reveal where officials see the federal funds rate ending 2025. Reports on U.S. retail sales and industrial production due later in the day and Friday's report on inflation as measured by Personal Consumption Expenditures may also offer additional clues on the Fed's rate trajectory. Policymakers in Japan, Britain and Norway are seen holding rates steady this week while economists expect a consensus 25bp rate cut in Sweden. Asian stocks traded mixed, with Chinese and Hong Kong markets declining despite Chinese Premier Li Qiang urging government officials in a meeting Monday to swiftly carry out key economic tasks for the coming year. The dollar held near a three-week high in Asian trade while oil and gold were marginally lower. U.S. stocks closed mostly lower overnight as Treasury yields paused amid Fed rate cut expectations and ahead of interest-rate decisions by major central banks across the globe. In economic news, a survey revealed U.S. economic output hit its highest level in nearly three years to close out 2024. The tech-heavy Nasdaq Composite rallied 1.2 percent to hit a new record closing high. The S&P 500 gained 0.4 percent while the Dow slid 0.3 percent to extend losses for the eighth consecutive session and reach its lowest closing level in almost a month. European stocks closed lower on Monday amid political turmoil in Germany and France and an unexpected decision by Moody's to downgrade France's credit rating. The pan European STOXX 600 eased 0.1 percent. The German DAX and the U.K.'s FTSE 100 both dipped around half a percent while France's CAC 40 shed 0.7 percent.