Economic calendar: ISM manufacturing, core PCE inflation in focus

• European indices set for higher opening

• ISM manufacturing for November, PCE inflation for October

• Revisions of November's manufacturing PMIs

Fed Chair Powell sent equity markets flying yesterday in the evening when he strongly hinted at a moderation in pace of policy tightening, making investors believe that 50 bp rate hike is now the base case scenario for December meeting. Equities gave back some gains as European cash session open approached. Nevertheless, DAX futures still suggest German index will open around 150 points above yesterday's cash close. Dovish Powell also had a heavy impact on the US dollar which remains the worst performing G10 currency today.

The day ahead is packed with economic releases but most of those will be revision to November's manufacturing PMI data. However, there will also be readings of note that may spur market moves. US core PCE inflation will be released at 1:30 pm GMT along with personal income and spending data. Release of US manufacturing ISM index will follow hour-and-a-half later (3:00 pm GMT). Last but not least, there is a number of ECB and Fed speeches scheduled for today but it is rather unlikely that any of those will trigger moves of similar magnitude as Powell did yesterday.

8:00 am GMT - Poland, manufacturing PMI for November. Expected: 42.9. Previous: 42.0

8:15 am GMT - Spain, manufacturing PMI for November. Expected: 45.7. Previous: 44.7

8:45 am GMT - Italy, manufacturing PMI for November. Expected: 47.1. Previous: 46.5

8:50 am GMT - France, manufacturing PMI for November (final). First release: 49.1

8:55 am GMT - Germany, manufacturing PMI for November (final). First release: 46.7

9:00 am GMT - Euro area, manufacturing PMI for November (final). First release:  47.3

9:00 am GMT - Italy, unemployment rate for October. Expected: 8.0% YoY. Previous: 7.9% YoY

9:30 am GMT - UK, manufacturing PMI for November (final). First release: 46.2. Previous: 46.2

1:30 pm GMT - US data pack for October.

• Personal income. Expected: 0.4% MoM. Previous: 0.4% MoM

• Personal spending. Expected: 0.6% MoM. Previous: 0.6% MoM

• PCE core. Expected: 5.0% YoY. Previous: 5.1% YoY

1:30 pm GMT - US, weekly jobless claims. Expected: 234k. Previous: 240k

2:45 pm GMT - US, manufacturing PMI for November. Expected: 47.6. Previous: 50.4

3:00 pm GMT - US, ISM manufacturing index for November. Expected: 49.8. Previous: 50.2

3:00 pm GMT - US, construction spending for October. Expected: -0.2% MoM. Previous: 0.2% MoM

3:30 pm GMT - EIA natural gas storage. Expected: -82 bcf. Previous: -80 bcf

Central bankers' speeches

• 2:15 pm GMT - Fed Dobbeck

• 2:20 pm GMT - Fed Logan

• 2:30 pm GMT - Fed Bowman

• 4:45 pm GMT - ECB Lane

• 5:30 pm GMT - ECB Elderson

• 8:00 pm GMT - Fed Barr