Economic calendar: Focus on flash PMIs

• European indices set to open lower

• Flash PMIs from Europe and the United States

• IBM to report earnings after session close

European index futures point to a lower opening of today's cash trading session on the Old Continent. Expected weakness at the start of today's trading can be blamed on a downbeat Wall Street session on Friday and a mixed trading in Asia today. Tensions in the Eastern Europe are increasing with White House reportedly considering sending thousands of US troops to the region. Risk of Ukraine-Russia is rising but markets, outside of Russia and Ukraine, do not seem to be too concerned yet.

Taking a look at the economic calendar for the day ahead, one can see that flash PMIs from Europe and the US dominate today. Investors will be offered readings from France, Germany and the United Kingdom in the morning, followed by US release in the afternoon (2:45 pm GMT). Traders should keep in mind that markets may be somewhat subdue in the first half of the week as investors await decision from FOMC (Wednesday, 7:00 pm GMT).

8:15 am GMT - France, flash PMI indices for January.

• Manufacturing. Expected: 55.5. Previous: 55.6

• Services. Expected: 55.3. Previous: 57.0

8:30 am GMT - Germany, flash PMI indices for January.

• Manufacturing. Expected: 57.0. Previous: 57.4

• Services. Expected: 48.0. Previous: 48.7

9:00 am GMT - Euro area, flash PMI indices for January.

• Manufacturing. Expected: 57.5. Previous: 58.0

• Services. Expected: 52.2. Previous: 53.1

9:00 am GMT - Poland, retail sales for December. Expected: 18.5% YoY. Previous: 21.2% YoY

9:30 am GMT - UK, flash PMI indices for January.

• Manufacturing. Expected: 57.9. Previous: 57.9

• Services. Expected: 54.8. Previous: 53.6

2:45 pm GMT - US, flash PMI indices for January.

• Manufacturing. Expected: 56.8. Previous: 57.7

• Services. Expected: 55.0. Previous: 57.6

Top Wall Street earnings today

• IBM (IBM.US) - after market close