Economic calendar: Flash PMIs dominate calendar

• China-US relations in the spotlight

• Preliminary PMIs from Europe and US

• NVIDIA to report earnings after session close

Markets await more news on China-US relations. Everyone seems to be asking themselves - how much more criticism will China take before it retaliates against the US? This is a key theme in the markets now and once China retaliates, things may turn really ugly.

When it comes to data scheduled for today, a lot of preliminary PMIs will be released. Services are expected to show improvement while manufacturing lags. However, both sectors of the global economy seem to be deep in contraction.

8:15 am BST - France, PMI indices for May (flash).

• Services. Expected: 27.8 pts. Previous: 10.2 pts

• Manufacturing. Expected: 36.1 pts. Previous: 31.5 pts

8:30 am BST - Germany, PMI indices for May (flash).

• Services. Expected: 26.6 pts. Previous: 16.2 pts

• Manufacturing. Expected: 39.2 pts. Previous: 34.5 pts

9:00 am BST - Euro area, PMI indices for May (flash).

• Services. Expected: 25 pts. Previous: 12 pts

• Manufacturing. Expected: 39 pts. Previous: 33.4 pts

9:30 am BST - UK, PMI indices for May (flash).

• Services. Expected: 25 pts. Previous: 13.4 pts

• Manufacturing. Expected: 36 pts. Previous: 32.6 pts

12:00 pm BST - CBRT rate decision. Expected: 8.25%. Previous: 8.75%

1:30 pm BST - US, initial jobless claims. Expected: 2400k. Previous: 2981k

2:45 pm BST - US, PMI indices for May (flash).

• Services. Expected: 30 pts. Previous: 26.7 pts

• Manufacturing. Expected: 38 pts. Previous: 36.1 pts

Noteworthy US earnings releases

• Agilent Technologies (A.US) - after market close

• NVIDIA (NVDA.US) - after market close

• Ross Stores (ROST.US) - after market close