Factory orders and the State of the Union highlight the US economic calendar

The Iowa results will also be out at some point

The Democratic Iowa caucus turned into an embarrassing fiasco last night with the party unable to tally the results. Bernie Sanders and Pete Buttigieg both claimed victory while Joe Biden struggled. At some point today, the party has promised the results.

In economic data, the lone US item on the calendar is the December factory orders report at 1500 GMT. The consensus is for a +1.2% reading but revisions to durable goods will also be closely followed.

Politics are back on the agenda later with the State of the Union speech to begin around 9 pm ET (0200 GMT). Reports say it will have an optimistic tone.