The European Central Bank meet tomorrow, previews earlier:

Ahead of the meeting, today will bring 'flash' (i.e preliminary) manufacturing PMIs from the Eurozone ... broadly speaking these are expected to show further business confidence and better conditions.

Previews via:

Barclays:

We expect further improvement in euro area business confidence, with PMIs reaching new highs in January primarily on the back of stronger manufacturing sentiment.

HSBC:

The eurozone PMIs surged in December, with the composite index rising from 57.5 to 58.1, pointing to a continuation of the strong momentum and another strong quarter of GDP growth. The manufacturing index increased by 0.5pt to 60.6, an all-time high, while the services index rose by 0.4pt to 56.6. The forward-looking components are strong and rising, with the services new business component (56.7) reaching its highest level since August 2007. For January, we expect both manufacturing and services PMI to edge down slightly by 0.2pt, as the export drag from the stronger euro builds up and global momentum eases off slightly.

Nomura:

We expect the euro area composite PMI to increase to 58.5 in January from 58.1 in December. At the sector level, we expect the regional manufacturing PMI to rise to 61.2 from 60.6 and the services PMI to increase to 56.8 from 56.6. Solid global growth should support the region's economic activity and manufacturing activity may be further supported by some re-stocking of inventory following some rapid destocking of finished inventory in recent months.

RBC:

The January IHS/Markit 'flash' PMIs will give us a first indication of how the euro area economy has begun 2018. To recap, the PMIs ended 2017 at their highest levels for the year as a whole, with the composite PMI at 58.1, underpinned by a manufacturing PMI which topped out at a record level of 60.6. With those December PMIs showing new orders remaining elevated, our expectation is that the latest release will show activity running at a similar level this month and we expect both to remain close to recent highs this month.