Economic calendar: PMI data and German inflation in focus

Futures point to a higher opening of the cash session in Europe. This comes after a relatively weak session in Asia, where both Chinese and Japanese indices posted sizable declines. DAX contracts are currently gaining 0.32%, while French CAC40 contracts are up nearly 0.6%.

Investor attention today turns to services PMI data from the world's major economies. Inflation from Germany for December may also prove to be an important reading. In the opening hours of the Wall Street session, we will also learn readings on US durable goods orders.

Detailed macro calendar (GMT time):

08:15 - Spain, services PMI data for December. Forecast: 54 Previously: 53.1

08:45 -Italy, PMI data for services for December. Forecast: 50 Previously: 49.2

08:50 -France, PMI data for services for December. Forecast: 48.2 Previously: 46.9

08:55 - Germany, PMI data for services for December. Forecast: 51 Previously: 49.3

09:00 - Eurozone, PMI data for services for December. Forecast: 51.4 Previously: 49.5

09:30 - United Kingdom, PMI data for services for December. Forecast: 51.4 Previously: 50.8

13:00 - Germany, CPI data for December. Forecast: 2.4% y/y. Previously: 2.2% y/y.

14:45 - USA, PMI data for services for December. Forecast: 58.5. Previously: 56.1

15:00 - USA, durable goods orders for December. Forecast: -1.1% m/m. Previously: 0.8% m/m