Economic calendar: Flash PMIs for April in the spotlight

• European markets seen opening lower

• US capital gains tax increase reports weight on sentiment

• Flash PMIs for April from Europe and the United States

European stock markets are set to open lower today following a downbeat session on Wall Street yesterday. Media reports say that Biden plans to increase capital tax rate to 39.6% for wealthy individuals (earnings above $1 million). This would be a massive increase given the current capital tax rate is 20%. Top income tax rate is also expected to be increased from 37 to 39.6%.

While possible US tax changes are likely to be a major driver of today's moves, investors should not forget about macro releases. Flash PMIs from Europe and the United States will be released throughout the day and in most cases a small drop is expected. ECB President Lagarde will attend Bloomberg Climate Panel in the afternoon (US Treasury Secretary Yellen will also attend).

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

• Manufacturing. Expected: 59.0. Previous: 59.3

• Services. Expected: 44.0. Previous: 48.2

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

• Manufacturing. Expected: 65.9. Previous: 66.6

• Services. Expected: 50.8. Previous: 51.5

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

• Manufacturing. Expected: 62.0. Previous: 62.5

• Services. Expected: 49.1. Previous: 49.6

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

• Manufacturing. Expected: 58.8. Previous: 58.9

• Services. Expected: 59.0. Previous: 56.3

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

• Manufacturing. Expected: 60.5. Previous: 59.1

• Services. Expected: 61.7. Previous: 60.4

3:00 pm BST - US, new home sales for March. Expected: 885k. Previous: 775k

Central bankers' speeches

• 3:35 pm BST - ECB President Lagarde

Noteworthy US earnings reports

• American Express (AXP.US) - before market open

• Honeywell International (HON.US) - before market open

• Schlumberger (SLB.US) - before market open