The US takes centre stage for markets as a number of important announcements are set for release later tonight and in the early hours of tomorrow morning.

The US is publishing a few pieces of data which could have an influence on markets. This includes: Building Permits, Philly Fed Manufacturing Index, Unemployment Claims, Housing Starts and Natural Gas Storage.

Building Permits data is seen as quite crucial in gauging construction activity within the country. Construction is a vital cog to a growing economy – things are being built, jobs are being created and government receives tax receipts from construction-related costs. The Manufacturing Index is vital in indicating the strength of the manufacturing sector, a much maligned sector of the US economy. President Donald Trump has promised to revive the manufacturing sector, so it will be interesting to see if those promises are already being realised. Unemployment Claims is important as it indicates the number of individuals who filed for unemployment insurance for the first time during the past week. This is another important piece of employment-related data that helps paint an overall picture of the jobs market in the US.

Elsewhere around the world, Europe is reporting the Italian Trade Balance and ECB Monetary Policy Meeting Accounts (detailed report relating to previous monetary policy meeting).