Economic calendar: ISM manufacturing index, EIA natural gas storage data

• European stock markets set for lower opening

• PMI revisions, ISM manufacturing for August

• Tensions in the Taiwan Strait

Futures markets point to a lower opening of the European cash session today. Moods on the global market remain sour with Wall Street indices booking the fourth downbeat session in a row yesterday. Risk aversion can also be spotted on the cryptocurrency market where all the major coins are pulling back, with Bitcoin testing $20,000 area.

Economic calendar for today is packed with data release but most of those will be revisions to August manufacturing PMI data. However, there are also some readings of note. US jobless claims and ISM manufacturing may provide an update on the US economy and US labor market. Apart from that, gas traders will watch EIA data closely. Investors should also pay attention to news headlines - Reuters reported this morning that Taiwanese forces shot down a Chinese civilian drone near Kinmen islands. Chinese state media warned in recent days against targeting Chinese drones and said that it could provoke a response from People's Liberation Army even if the drone was civilian, not military.

8:00 am BST - Poland, manufacturing PMI for August. Expected: 41.8. Previous: 42.1

8:15 am BST - Spain, manufacturing PMI for August. Expected: 48.5. Previous: 48.7

8:45 am BST - Italy, manufacturing PMI for August. Expected: 48.0. Previous: 48.5

8:50 am BST - France, manufacturing PMI for August (final). First release: 49.0

8:55 am BST - Germany, manufacturing PMI for August (final). First release: 49.8

9:00 am BST - Euro area, manufacturing PMI for August (final). First release: 49.7

9:30 am BST - UK, manufacturing PMI for August (final). First release: 46.0

10:00 am BST - Euro area, unemployment rate for July. Expected: 6.6%. Previous: 6.6%

10:00 am BST - Italy, GDP report for Q2 2022 (revision). First release: 1.0% QoQ

1:30 pm BST - US, jobless claims. Expected: 250k. Previous: 243k

1:30 pm BST - Canada, building permits for July. Expected: -0.7% MoM. Previous: -1.5% MoM

2:45 pm BST - US, manufacturing PMI for August (final). First release: 51.3

3:00 pm BST - US, ISM manufacturing for August. Expected: 52.8. Previous: 52.0

3:00 pm BST - US, construction spending for July. Expected: -0.3% MoM. Previous: -1.1% MoM

3:30 pm BST - EIA natural gas storage. Expected: 58 bcf. Previous: 60 bcf