Before the open - 22/08

After the Federal Reserve's minutes failed to provide markets with any clarity, markets are expected to open lower this morning in Europe.

That Fed update didn't give investors any clues, with Todd Schoenberger of LandColt Capital saying that "traders are angry and confused by today's release". Strong Chinese manufacturing is unlikely to provide enough of a boost to see a positive start to the morning.

Now we look forward to a string of Eurozone purchasing manager's index (PMI) flash estimates. We're expecting improvements across the board as manufacturing is set to grow faster while the services sector returns to growth for the currency bloc as a whole.

Key events today:

  • French August manufacturing PMI at 07.58. Expected to rise from 49.7 to 50.3.
  • French August services PMI at 07.58. Expected to rise from 48.6 to 49.0.
  • German August manufacturing PMI at 08.28. Expected to rise from 50.7 to 51.1.
  • German August services PMI at 08.28. Expected to rise from 51.3 to 51.7.
  • Eurozone August composite PMI at 08.58. Expected to rise from 50.5 to 50.9.
  • Eurozone August manufacturing PMI at 08.58. Expected to rise from 50.3 to 50.6.
  • Eurozone August services PMI at 08.58. Expected to rise from 49.8 to 50.2.
  • US intial jobless claims at 13.30. Expected to rise from 320,000 to 322,000.
  • US August manufacturing PMI at 13.58. Expected to rise from 53.7 to 53.8.
  • US July house prices at 14.00.