Dec 16 (Reuters) - Rate decisions in the U.S., Japan, the UK, Norway, and Sweden, with a full data schedule make a very busy week for financial markets.

The Federal Reserve is widely expected to cut rates 25 basis points to 4.25%-4.50% on Wednesday; markets have almost fully priced it in. The economic projections, statement, and press conference will drive expectations.

The busy U.S. data schedule has Empire state manufacturing, manufacturing and services PMIs, retail sales, industrial production, building permits, weekly jobs, final GDP, Philly Fed Manufacturing Index, existing home sales, core PCE price index and Michigan consumer sentiment and inflation expectations.

The Bank of Japan rate decision is due December 19th, along with its Monetary Policy Statement, followed by a press conference. While conditions for another hike to 0.5% are falling into place, policymakers appear to be in no rush. Markets are currently pricing an approximate 24% probability of a rate increase. Japanese data includes core machinery orders, manufacturing PMI, trade figures and CPI.

The Bank of England rate decision is also due Thursday, but continued wage pressures and the new government's tax and spending plans suggest it will maintain the 4.75% Bank Rate. UK data includes PMIs, jobs, CPI and PPI, and retail sales.

The Euro Zone has a light data week with regional PMIs, labour costs and final CPI. German Ifo business climate and ZEW Economic Sentiment surveys are due. European Central Bank President Christine Lagarde speaks on Monday.

China's busy calendar includes November house prices, retail sales, IP, urban investment, and unemployment on Monday. The one-year and five-year loan prime rates are expected to be left unchanged on Friday.

While Australia releases its consumer inflation expectations, New Zealand will publish food price index, current account, Q3 GDP, business and consumer confidence surveys and trade balance. Canada CPI on Tuesday will be watched after the Bank of Canada cut rates by 50 bps last week but flagged a more gradual approach; Governor Tiff Macklem speaks on Monday.

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(Andrew Spencer and Krisha Kumar are Reuters market analysts. The views expressed are their own. Edited by Ewen Chew)

((Andrew.m.spencer@thomsonreuters.com; krishna.k@thomsonreuters.com; ewen.chew@thomsonreuters.com))