Rabobank's analysts say that today’s main economic data release is the ISM manufacturing index for August, which is the longest running PMI for the U.S. and is seen as an important indicator of the U.S. business cycle.

• “After peaking at 60.8 in August last year the index has fallen to 51.2 in July. The Bloomberg consensus expectation is for the index to remain unchanged. However, the preliminary estimate for the ISM’s lesser-known alternative, the Markit US manufacturing PMI, already dropped below the neutral level of 50 in August, to 49.9. Today also sees the final estimate for this index in August.
• The Bloomberg consensus is 50.0. What is clear from both surveys is that the US manufacturing sector has come to a standstill, most likely because of the global economic slowdown and the uncertainty about international trade policy.”