Economic calendar: ISM manufacturing in the spotlight

• Markets seem cautious at the beginning of a new week

• ISM manufacturing to be release in the afternoon

• No DAX cash session due to Whit Monday holiday

Stocks in Asia gained during today's session but moods elsewhere are rather cautious. As it is usually the case for Mondays, there is not much data scheduled for release with ISM being the only noteworthy print (European PMIs are revisions mostly). Moreover, France, Germany and some other EU countries are observing holiday today therefore liquidity may be thinner and DAX cash session will not be held.

Two topics worth watching are China-US relations and riots in the United States. Trump refrained from announcing major actions against China on Friday providing some relief to nervous investors. However, riots in US cities are escalating with looting and arsoning taking place. In case the situation prolongs, significant damage to the US economy will be made and quick post-Covid recovery would be put under question.

Data scheduled for release today:

8:15 am BST - Spain, manufacturing PMI for May. Expected: 38 pts. Previous: 30.8 pts

8:45 am BST - Italy, manufacturing PMI for May. First release: 37.1 pts. Previous: 31.1 pts

8:50 am BST - France, manufacturing PMI for May (final). First release: 40.3 pts

8:55 am BST - Germany, manufacturing PMI for May (final). First release: 36.8 pts

9:00 am BST - Euro area, manufacturing PMI for May (final). First release: 39.5 pts 

9:30 am BST - UK, manufacturing PMI for May (final). First release: 40.6 pts

2:45 pm BST - US, manufacturing PMI for May (final). First release: 39.8 pts

3:00 pm BST - US, ISM manufacturing for May. Expected: 43.5 pts. Previous: 41.5 pts