Economic calendar: Flash PMIs for August in focus!

• European stock markets set for lower opening

• Flash PMIs from Europe and the United States

• Weekly API report on US oil inventories

Futures markets point to a slightly lower opening of the European cash session today. EURUSD continues to trade at a 20-year low below the psychological 1.00 mark. Big event of the day is the release of flash PMI indices for August from Europe and the United States. As is usually the case with PMIs, European releases are expected to have a bigger impact on the markets. Note that poor readings may cement further drop of EURUSD below parity levels. Manufacturing indices from major eurozone countries are expected to drop further into contraction territory while the situation in the services sector is also expected to deteriorate.

8:15 am BST - France, flash PMI indices for August

• Manufacturing. Expected: 48.9. Previous: 49.5

• Services. Expected: 52.5. Previous: 53.2

8:30 am BST - Germany, flash PMI indices for August

• Manufacturing. Expected: 48.3. Previous: 49.3

• Services. Expected: 49.0. Previous: 49.7

9:00 am BST - Euro area, flash PMI indices for August

• Manufacturing. Expected: 49.0. Previous: 49.8

• Services. Expected: 50.5. Previous: 51.2

9:30 am BST - UK, flash PMI indices for August

• Manufacturing. Expected: 51.3. Previous: 52.1

• Services. Expected: 52.0. Previous: 52.6

2:45 pm BST - US, flash PMI indices for August

• Manufacturing. Expected: 51.9. Previous: 52.2

• Services. Expected: 49.1. Previous: 47.3

3:00 pm BST - US, new home sales for July. Expected: 575k. Previous: 590k

9:40 pm BST - API report on US oil inventories. Expected: +1.0 mb. Previous: -0.45 mb