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The institute for supply management released the Manufacturing ISM Report on Business this morning. "Economic activity in the manufacturing sector expanded in October for the third consecutive month, and the overall economy grew for the sixth consecutive month" said the Institute. The Primary Manufacturing Index was reported at 55.7, better than economist estimates for a read of 53.0 and improved from last month's 56.6. The manufacturing ISM report is at it's highest level since April 2006. The prices paid index 65.0 vs. consensus 64.0 vs. 63.5 in September. The Employment Index came in at 53.1 vs. 46.2 in September and the New Orders Index registered a print of 58.5 vs. 60.8 in September ...

Euro zone PPI and the UK construction PMI and consumer confidence index for August will dominate the European session as U.S. markets brace for the ISM's manufacturing report for August.

At 4:30 a.m. EDT, Markit Economics will release the UK's construction PMI for August. The headline index is expected to decline to a reading of 36.0 from July's 36.7 level.

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The ISM's manufacturing index for the United States will highlight a relatively light day of economic news and events. In Europe, markets will be receiving comments from European Central Bank President Jean-Claude Trichet.

At 10 a.m. EDT, the U.S. Institute for Supply Management will release its manufacturing index for May. Economists are expecting the headline indicator to decline to 48.5 from the previous month's 48.6 level.

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