Economic calendar: All eyes on ADP employment report

• ADP employment report in the spotlight

• Final services PMIs from Europe

• General Motors (GM.US) among earnings reporters

Moods on the global stock markets are mixed ahead of the European session open. European and US futures trade more or less flat. Poor German factory orders data for March (-15.6% MoM vs expected -10% MoM) could weigh on regional equities today. However, one should also keep in mind that stocks were ignoring bad data recently. ADP report is a key release scheduled for today and will serve as a hint ahead of Friday's NFP. It is expected to show employment falling by an unprecedented 20 million!

8:55 am BST - Germany, services PMI for April (final). First release: 15.9 pts

9:00 am BST - Euro area, services PMI for April (final). First release: 11.7 pts

9:30 am BST - UK, construction PMI for April. Expected: 22 pts. Previous: 39.3 pts

10:00 am BST - Euro area, retail sales for March. Expected: -10.5% MoM. Previous: 0.9% MoM

1:15 pm BST - US, ADP employment change for April. Expected: -20,000k. Previous: -27k

3:30 pm BST - DOE report on oil inventories.

• Change in oil inventories. Expected: +8.1 mb

• Change in gasoline inventories. Expected: +0.3 mb

• Change in distillate inventories. Expected: +2.9 mb

Noteworthy earnings releases

• General Motors (GM.US) - before market open

• PayPal (PYPL.US) - after market close

• CVS Health (CVS.US) - before market open

• T-Mobile US (TMUS.US) - after market close

• Fox Corp (FOXA.US) - after market close