Economic calendar: ISM manufacturing, final PMIs for April

• European markets expected to open lower

• ISM manufacturing index for April

• Final manufacturing PMIs from Europe

Futures markets point to a lower opening of the European cash session, following a mixed  Asian session. Trading in Asia was muted as Chinese traders were off for holidays. As UK traders are also off for holiday today, somewhat lower liquidity may be present during the European morning.

Economic calendar is light today. Investors will be offered manufacturing PMI indices from Europe but those will be revisions to April's data and therefore are unlikely to have a major impact on the market. On the other hand, ISM manufacturing index for April at 3:00 pm BST may trigger some short-term volatility on the US dollar. While the FOMC is expected to announce its next monetary policy decision this Wednesday, ISM data is unlikely to change central bankers' view, who are expected to deliver a 50 basis point rate hike.

8:15 am BST - Spain, manufacturing PMI for April. Expected: 54.0. Previous: 54.2

8:45 am BST - Italy, manufacturing PMI for April. Expected: 55.0. Previous: 55.8

8:50 am BST - France, manufacturing PMI for April (final). First release: 55.4

8:55 am BST - Germany, manufacturing PMI for April (final). First release: 54.1

9:00 am BST - Euro area, manufacturing PMI for April (final). First release: 55.3

9:00 am BST - Italy, unemployment rate for March. Expected: 8.4%. Previous: 8.5%

2:45 pm BST - US, manufacturing PMI for April (final). First release: 59.7

3:00 pm BST - US, ISM manufacturing index for April. Expected: 57.6. Previous: 57.1

3:00 pm BST - US, construction spending for March. Expected: 0.8% MoM. Previous: 0.5% MoM

Wall Street earnings releases

• Bigcommerce (BIGC.US) - after market close

• Devon Energy (DVN.US) - after market close

• Global Payments (GPN.US) - before market open

• Clorox (CLX.US) - after market close