Economic calendar: Politics and PMI revisions

• European markets expected to open higher

• Silver rallies amid physical supply shortage

• Biden meets with Republican senators

European stock markets are seen opening higher at the beginning of a new week. Silver is on watch as weekend reports from dealers hinting at a shortage of physical commodity has sent the price 7% higher. Shortage reports come after US retail investors, who have sent GameStop shares into the sky, have now reportedly taken aim at silver. Today's economic calendar is flooded with manufacturing PMI releases but most of reports will be revisions and should not have a major impact on the markets. Joe Biden will meet with Republican senators in the evening to discuss compromise on the economic spending package.

8:00 am GMT - Poland, manufacturing PMI for January. Expected: 51.3. Previous: 51.7

8:15 am GMT - Spain, manufacturing PMI for January. Expected: 50.9. Previous: 51.0

8:45 am GMT - Italy, manufacturing PMI for January. Expected: 52.4. Previous: 52.8

8:50 am GMT - France, manufacturing PMI for January (final). First release: 51.5

8:55 am GMT - Germany, manufacturing PMI for January (final). First release: 57.0

9:30 am GMT - UK, manufacturing PMI for January (final). First release: 52.9

2.45 pm GMT - US, manufacturing PMI for January (final). First release: 59.1

3:00 pm GMT - US, construction spending for December. Expected: 0.9% MoM. Previous: 0.9% MoM

3:00 pm GMT - US, manufacturing ISM for January. Expected: 60. Previous: 60.5

10:00 pm GMT - Biden meets with Republican senators

Central bankers' speeches

• 7:00 pm GMT - Fed Bostic

• 8:10 pm GMT - Fed Rosengren