Economic calendar: PMI day in Europe and US!

• Futures point to a flat opening of European session

• Flash PMIs for May from Europe and the United States

• Speeches from Fed, ECB and BoE members

European index futures point to flat or slightly lower opening of today's cash session for major benchmarks from the Old Continent. This comes after a mixed trading on Wall Street yesterday and a rather downbeat Asian session earlier today. Some risk-off moves can be spotted on the commodity markets as well with oil trading little changed and industrial metals pulling back. Precious metals also drop with stronger USD being the main driver of the move.

There is still no agreement on US debt ceiling but both sides to the negotiations say that default is off the table. This story will continue to be watched closely in the markets in the coming days. When it comes to economic calendar for today, traders will be offered flash PMI readings for May from Europe and the United States. French and German releases at 8:15 am and 8:30 am BST, respectively, will draw the most attention in the morning. Apart from PMIs, traders will also be offered speeches from central bankers, including a number of BoE speakers.

8:15 am BST - France, flash PMIs for May.

• Manufacturing. Expected: 46.0. Previous: 45.6
• Services. Expected: 54.2. Previous: 54.6

8:30 am BST - Germany, flash PMIs for May.

• Manufacturing. Expected: 45.0. Previous: 44.5
• Services. Expected: 55.5. Previous: 56.0

9:00 am BST - Euro area, flash PMIs for May.

• Manufacturing. Expected: 46.2. Previous: 45.8 
• Services. Expected: 55.5. Previous: 56.2

9:00 am BST - Poland, retail sales for April. Expected: 3.8% YoY. Previous: 4.8% YoY

9:30 am BST - UK, flash PMIs for May.

• Manufacturing. Expected: 47.9. Previous: 47.8 
• Services. Expected: 55.5. Previous: 55.9

2:45 pm BST - US, flash PMIs for May.

• Manufacturing. Expected: 50.0. Previous: 50.2
• Services. Expected: 52.6. Previous: 53.6

3:00 pm BST - US, new home sales for April. Expected: 665k. Previous: 683k

3:00 pm BST - US, Richmond Fed index for May. Expected: -8.0. Previous: -10.0

9:40 pm BST - US, API report on US oil inventories. Expected: -1.2 mb. Previous: +3.7 mb

Central bankers' speeches

• 8:15 am BST - ECB Jochnick
• 8:15 am BST - ECB De Guindos
• 9:00 am BST - ECB Muller
• 10:15 am BST - BoE Governor Bailey, Pill, Tenreyro & Mann
• 11:25 am BST - ECB Enria
• 2:00 pm BST - Fed Logan
• 3:45 pm BST - BoE Haskel
• 4:00 pm BST - ECB Villeroy
• 6:50 pm BST - ECB Nagel

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