Economic calendar: Services ISM, sanctions on Russian oil

• European indices set for flat opening

• Sanctions on Russian oil go live

• Non-manufacturing ISM index for November at 3:00 pm GMT

Futures markets suggest that major European stock market indices will launch now week little changed, compared to Friday's cash closing prices. European indices failed to benefit from improved sentiment seen during the Asian session, that was triggered by relaxing of Covid restrictions in China. Oil is trading around 0.5% higher on the day and will be on watch today as well as in the coming days as Western sanctions on Russian oil, including price cap, are going live today (December 5, 2022). 

Economic calendar for the day ahead includes some interesting data releases, but most of those will be revisions to November's services PMI data. However, non-manufacturing ISM reading at 3:00 pm GMT will not be a revision and may trigger some market moves, especially after manufacturing ISM dropped into contraction territory in November. Last but not least, investors will not get to hear from Fed members in the coming days as the pre-meeting blackout period has begun. ECB members - Villeroy and Wunsch - will deliver their speeches today.

8:15 am GMT - Spain, services PMI for November. Expected: 50.5. Previous: 49.7

8:30 am GMT - Riksbank minutes

8:45 am GMT - Italy, services PMI for November. Expected: 48.0. Previous: 46.4

8:50 am GMT - France, services PMI for November (final). First release: 49.4

8:55 am GMT - Germany, services PMI for November (final). First release: 46.4

9:00 am GMT - Euro area, services PMI for November (final). First release: 48.6

9:30 am GMT - UK, services PMI for November (final). First release: 48.8

10:00 am GMT - Euro area, retail sales for October. Expected: -1.8% MoM. Previous: +0.4% MoM

1:30 pm GMT - Canada, building permits for October. Expected: 2.2% MoM. Previous: -17.5% MoM

2:45 pm GMT - US, services PMI for November (final). First release: 46.1

3:00 pm GMT - US, non-manufacturing ISM for November. Expected: 53.1. Previous: 54.4

3:00 pm GMT - US, factory orders for October. Expected: 0.6% MoM. Previous: 0.3% MoM

Central bankers' speeches

• 8:00 am GMT - ECB Villeroy

• 4:00 pm GMT - ECB Wunsch