Economic calendar: Flash PMIs to steal the show today

• Flash PMIs from France, Germany, the United Kingdom and the United States

• High-profile speakers to attend Davos panel on Global Economic Outlook

• American Express (AXP.US) to report earnings today

8:15 am GMT - France, PMI indices for January. France is the first major European economy to report flash PMIs today. Manufacturing gauge is expected to jump from 50.4 to 50.6 pts while services index should slide from 52.4 to 52.2 pts.

8:30 am GMT - Germany, PMI indices for January. German release is always the key PMI reading from the euro area. Manufacturing index is expected to remain within contraction territory but should jump from 43.7 to 44.5 pts. Services are forecasted to tick higher to 53 pts (previous 52.9 pts).

9:30 am GMT - UK, PMI indices for January. Today’s PMI release may set the tone for the Bank of England rate decision next week (January 30). Strong reading combined with solid data published earlier this week may push back rate cut decision. Manufacturing index is expected to jump from 47.5 to 48.8 pts while services should rise from 50 to 51.1 pts

10:30 am GMT - Global Economic Outlook panel in Davos. This year’s World Economic Forum in Davos was not a market moving event. Today’s panel is unlikely to trigger major moves as well but it may be an interesting event due to speakers involved: BoJ Governor Kuroda, IMF Chief Georgieva, US Treasury Secretary Mnuchin, ECB President Lagarde and the German Finance Minister Scholz.

1:30 pm GMT - Canada, retail sales for November. Expected: +0.5% MoM. Previous: -1.2% MoM

2:45 pm GMT - US, PMI indices for January. US PMIs hold firm and do not even look to break below crucial 50 pts threshold. Manufacturing index is expected to remain unchanged at 52.4 pts while services gauge should strengthen from 52.8 to 53 pts

Central bankers’ speeches

• 9:30 am GMT - BoE’s Haskel

• 9:30 am GMT - ECB’s Villeroy & Knot

Major earnings releases

• American Express (AXP.US)