The economic calendar early next week is full of manufacturing PMI updates. On Monday, four countries will release indices of activity in the manufacturing sector - China, Germany, Great Britain and the United States. In all four countries, activity is expected to remain at or above the January level which lays bullish foundation for prospective equity markets performance on Monday.

On Tuesday, investors will be watching the RBA's monetary policy decision, the German unemployment report and the Eurozone consumer price index. Upbeat changes in the key EU economic indicators should ease risks of prolonged downside in European shares after substantial bearish pressure this week.

On Wednesday and Thursday, the ADP report on the US labor market, the ISM activity index in the non-manufacturing sector and change in initial jobless claims are due. Employment component of the ISM index is of particular interest, as, together with ADP, it should help investors to prepare for the NFP report next Friday.

Recall also that the growth of initial jobless claims this week slowed down sharply, indicating a welcome improvement in the US labor market. Considering recent incoming data which indicated that the US economy gains recovery momentum, it makes sense expect an upside surprise in the February NFP update.

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