Economic calendar: ISM manufacturing, PMI revisions

• European markets set for slightly lower opening

• GBP gains as UK government drops plan of tax cut for high earners

• ISM manufacturing index for September at 3:00 pm BST

US and European index futures launched a new week with a drop but have managed to recover the majority or all of the losses ahead of the European cash session open. DAX futures now point to an opening around 100 points below Friday's cash close. USD is pulling back, providing support for precious metals. Oil gains on reports that OPEC+ may go for a 1 or even 1.5 million bpd output cut this week. GBP is one of top performing G10 currencies after BBC reported that Truss government may drop idea of tax cut for high earners amid party insider backlash.

Economic calendar for the day ahead is dominated by releases of manufacturing PMIs for September. However, most of those will be revisions and are unlikely to have a major impact on the market. Nevertheless, US ISM manufacturing index for September at 3:00 pm BST will not be a revision and will be watched closely, especially employment and prices subindices.

8:00 am BST - Poland, manufacturing PMI for September. Expected: 40.1. Previous: 40.9

8:15 am BST - Spain, manufacturing PMI for September. Expected: 49.2. Previous: 49.9

8:45 am BST - Italy, manufacturing PMI for September. Expected: 47.5. Previous: 48.0

8:50 am BST - France, manufacturing PMI for September (final). First release: 47.8

8:55 am BST - Germany, manufacturing PMI for September (final). First release: 48.3

9:00 am BST - Euro area, manufacturing PMI for September (final). First release: 48.5

9:30 am BST - UK, manufacturing PMI for September (final). First release: 48.5

2:45 pm BST - US, manufacturing PMI for September (final). First release: 51.8

3:00 pm BST - US, ISM manufacturing index for September. Expected: 52.2. Previous: 52.8

3:00 pm BST - US, construction spending for August. Expected: -0.3% MoM. Previous: -0.4% MoM

Central bankers' speeches

• 8:10 pm BST - Fed Williams