Items to watch on today's economic calendar

The ISM manufacturing survey last week fell to the worst since 2009 but the service sector hasn't shown any sign of weakness. Today is another test with the non-manufacturing report due at 1500 GMT and expected to improve to 54.5 from 53.9.

First we get trade balance data from the US and Canada at the bottom of the hour. The US report is forecast to show a deficit of $43.7B in November while Canada's report is forecast to show a $1.2B deficit.

At 1500 GMT the factory orders report is forecast to show continuing gloom including a 0.8% contraction. Note that this report contains revisions to durable goods orders, which fell 2.0% in the preliminary report including a 0.1% rise in capital goods orders non-defense ex-air.

The final item on the agenda is a 3-year Treasury auction.

For more, check the economic calendar.