Analysts at Danske Bank note that today's data highlight is U.S. ISM manufacturing.

• “ISM manufacturing is weak but the regional indices and the Markit PMI manufacturing index point to an increase. We will also keep a close eye on the employment sub-index, which has been quite weak recently.
• ECB President Lagarde appears at her first Parliament hearing today after her term began in November. We do not expect any signs of monetary policy implications, but focus will be on the monetary policy strategy review.”