Economic calendar: Markets are waiting for US flash PMI readings

• European indices point to opening in mixed sentiment
• Market expects slight improvement in Ifo reading from Germany
• Preliminary US services and manufacturing PMIs in the macro spotlight

European index futures point to a flat opening, following a weaker trading session in Asia. Chinese indices faced a wave of declines, following yesterday's successful session, which was supported by news of more aid packages for the real estate market. Meanwhile, the stock market suggests that the situation in China is a much deeper problem that is hard to 'patch up' with fiscal programs. As a result, each of the recent rallies in Hong Kong's benchmarks ultimately resulted in the realization of gains. 

Today, volatility in the stock market and currencies may increase in the afternoon, due to the preliminary releases of S&P PMI indexes from the US economy. Manufacturing benchmark expectations are expected to fall marginally below the positive level of 50 points, indicating slightly contraction. Investors expect weaker readings from services as well. A possible positive surprise, strong PMI readings, could potentially strengthen the dollar and favor yields.

Other secondary data from the major economies today will be Canadian retail sales data and the Ifo index from Germany, which will shed some more light on the overall sentiment and business momentum of the eurozone's largest economy after the annual growth rate of final GDP readings today pointed to a larger -0.4% decline on top of the previous -0.3%.

9 AM GMT - Germany, Ifo indexes for November

• Expectations: Forecast 85.8 vs. 84.7 previously
• Current conditions: Forecast 89.5 vs 89.2 previously
• Business climate: Forecast 87.5 vs 86.9 previously

1:30 AM GMT - Canada, retail sales

• Core reading: Forecast 0 vs -0.1% previously
• Core sales: -0.1% vs 0.1% previous

2:45 PM GMT - U.S., flash S&P PMI for November

• Services. Expected: 50.3 Previous: 50,6
• Manufacturing: expected 49.9 vs. 50 previously
• Composite: Expected 50.4 vs. 50.7 previously

Central bankers' speeches

• ECB Lagarde - 11:00 am
• ECB de Cos - 4:00 pm