Economic calendar: ISM PMI data for services in focus

• European and U.S. stock index contracts show slight declines in early trading
• Alphabet results and customs updates spoil market sentiment
• On the calendar, among others: ISM data for services and ADP from the US, PMI data for major European economies.

We are about to start the European phase of Wednesday's session on the financial markets. Market sentiment is slightly down today after Alphabet shares lost more than 7.5% following the release of lower-than-expected quarterly results, and stocks in China lost on the removal of US tariff concessions on foreign packages entering the US below $800. 

Key macro reports of the day today include: final PMI for services and PPI for the Eurozone, ADP and ISM data for services in the US, potential reports on the Trump-Xi conversation, and the MPC's decision on interest rates in Poland.

Selected macro events of the day:

• All day, Poland, interest rate decision. Forecast: 5.75%. Earlier: 5.75%.
• 09:50, France, PMI data for services for January: Forecast: 48.9. Earlier: 49.3
• 09:55, Germany, PMI data for services for January: Forecast: 52.5 Previously: 51.2
• 10:30, United Kingdom, PMI data for services for January: Forecast: 51.2 Earlier: 51.1
• 14:15, USA, ADP data for January: Forecast: 150 thousand Previously: 122 thousand.
• 16:00, USA, ISM PMI data for services for January. Forecast: 54.3 Previously: 51.1
• 16:30, USA, oil inventories data. Forecast: 3.25 million. Earlier: 3.46 million.