Economic calendar: German CPI and US manufacturing ISM in the spotlight

• Upbeat Chinese PMIs support moods on the markets

• German CPI print expected to show deceleration

• Final manufacturing PMIS for February, US manufacturing ISM index

Futures markets point to a slightly higher opening of the European cash session today. Moods on the markets improved following release of much better-than-expected official PMIs from China, that fuelled gains on indices from Asia-Pacific earlier today. Official Chinese manufacturing PMI climbed to the highest level in more than a decade, triggering an over-4% rally on CHNComp index.

Economic calendar for today is packed with final manufacturing PMI indices from Europe and the United States. Those seldom tend to have a large impact on the markets as they will be revisions. However, there are also some releases scheduled that are highly likely to have impact on the markets. German CPI print for February, scheduled for 1:00 pm GMT, is a potential EUR mover while ISM manufacturing index for February, scheduled for 3:00 pm GMT, could be a USD mover. Oil traders will focus on the weekly DOE report after yesterday's API release showed bigger-than-expected build in US oil inventories.

8:00 am GMT - Poland, manufacturing PMI for February. Expected: 47.8. Previous: 47.5

8:15 am GMT - Spain, manufacturing PMI for February. Expected: 49.1. Previous: 48.4

8:45 am GMT - Italy, manufacturing PMI for February. Expected: 51.0. Previous: 50.4

8:50 am GMT - France, manufacturing PMI for February (final). First release: 47.9

8:55 am GMT - Germany, manufacturing PMI for February (final). First release: 46.5

9:00 am GMT - Euro area, manufacturing PMI for February (final). First release: 48.5

9:30 am GMT - UK, manufacturing PMI for February (final). First release: 49.2

1:00 pm GMT - Germany, CPI inflation for February. Expected: 8.5% YoY. Previous: 8.7% YoY

2:45 pm GMT - US, manufacturing PMI for February (final). First release: 47.8

3:00 pm GMT - US, manufacturing ISM for February. Expected: 48.0. Previous: 47.4

3:00 pm GMT - US, construction spending for January. Expected: 0.1% MoM. Previous: -0.4% MoM

3:30 pm GMT - DOE report on US oil inventories.

• Oil inventories. Expected: +1.0 mb (API: +6.20 mb)

• Gasoline inventories. Expected: +0.5 mb (API: -1.77 mb)

• Distillate inventories. Expected: -0.5 mb (API: -0.34 mb)

Central bankers' speeches

• 8:30 am GMT - ECB Villeroy

• 10:00 am GMT - ECB Nagel

• 10:00 am GMT - BoE Governor Bailey

• 2:00 pm GMT - Fed Kashkari

• 3:00 pm GMT - ECB Visco