In the US session GDP and Pending Home Sales data was published. Real gross domestic product (GDP) increased at an annual rate of 2.5 percent in the fourth quarter of 2017, according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, residential fixed investment, state and local government spending, and federal government spending that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

After seeing a modest three-month rise in activity, pending home sales cooled considerably in January to their lowest level in over three years, according to the National Association of Realtors. All major regions experienced monthly and annual declines in contract signings last month. The Pending Home Sales Index fell 4.7 percent to 104.6 in January from a downwardly revised 109.8 in December 2017. After last month’s retreat, the index is now 3.8 percent below a year ago and at its lowest level since October 2014 (104.1).

Tomorrow's session will bring UK Manufacturing PMI figures. Small decrease to 55.1 is anticipated. In the US session Unemployment Claims and ISM Manufacturing PMI data will be published. Unemployment Claims are expected to rose to 226,000 while Manufacturing PMI should decline to 58.7.

Figures to watch:

Manufacturing PMI (Thursday 10:30)

Unemployment Claims (Thursday 14:30)

ISM Manufacturing PMI (Thursday 16:00)