Economic calendar: ISM data and Powell testimony

• European markets seen opening higher

• Final PMI release from Europe

• ISM manufacturing data from the United States

• Fed Chair Powell testifies

Stocks in Europe are seen opening higher following a solid set of data from Asia. There are a lot of releases scheduled for release today, including manufacturing PMIs. However, some of them will be revisions to preliminary prints. ISM manufacturing data for November is certainly one of the top tier releases scheduled for today. Fed Chair Powell will testify before Congress today but text of his testimony was published yesterday therefore it may not have a big impact on the markets.

8:00 am GMT - Poland, manufacturing PMI for November. Expected: 50. Previous: 50.8

8:15 am GMT - Spain, manufacturing PMI for November. Expected: 50.5. Previous: 52.5

8:45 am GMT - Italy, manufacturing PMI for November. Expected: 52. Previous: 53.8

8:50 am GMT - France, manufacturing PMI for November (final). First release: 49.1

8:55 am GMT - Germany, manufacturing PMI for November (final). First release: 57.9

9:00 am GMT - Italy, GDP report for Q3 (revision). First release: 16.1% QoQ

9:00 am GMT - Poland, CPI inflation for November. Expected: 3% YoY. Previous: 3.1% YoY

9:30 am GMT - UK, manufacturing PMI for November (final). First release: 55.2

10:00 am GMT - Euro area, CPI inflation for November (flash). Expected: -0.3% YoY. Previous: -0.3% YoY

1:30 pm GMT - Canada, GDP report for Q3 (annualized). Expected: 47.6%. Previous: -38.7%

2:45 pm GMT - US, manufacturing PMI for November (final). First release: 56.7

3:00 pm GMT - US, ISM manufacturing for November. Expected: 57.9. Previous: 59.3

3:00 pm GMT - Fed Chair Powell testifies in Congress

9:40 pm GMT - API report on oil inventories. Expected: +0.7 mb

Central bankers' speeches

• 5:00 pm GMT - Fed Brainard

• 5:00 pm GMT - ECB President Lagarde

• 6:15 pm GMT - Fed Daly

• 8:00 pm GMT - Fed Evans