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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

When? May 1^st at 10:00am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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During the early trading session, Asian stocks traded lower as investors sentiment weighed over company earning. Shareholders are concerned over earnings reports from major corporate companies and the overall economy following the Bank of Japan Press Conference, where officials downgraded the outlook of inflation and growth. The Nikkei share average closed with little movement at 19,531 points. Following the release of Data reports out of Japan, they JPY/USD reached a weekly high. The Unemployment rate, National Core CPI, Yearly and Monthly Household spending all showed better than expected figures, however, the Tokyo Core CPI for the month rose just 0.4%, lower than the forecast figure of 0.5%.

During the European session, The British pound dropped sharply against the Dollar following negative data. The UK Manufacturing PMI for the month of April showed a reading of 51.9, indicating expansion of activity, however, lower than the expected figure of 54.6. The GBP/USD is currently trading below 1.523 Currency traders are now awaiting the outcome of next week’s UK government elections. The Euro continues to trade close to 10 week highs as Greece laid out reforms in order to reach an agreement with its creditors by May 12th, if a deal is not agreed over the nation’s current debt, then the country could go into default.

Binary Options traders are now awaiting a number of important economic events from the U.S., including, the ISM Manufacturing PMI, Michigan Consumer Expectations and Current Conditions, furthermore, FOMC Member Williams will be speaking later on today.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Earnings galore

Chevron (CVX) and CVS (CVS) are among the key companies reporting ahead of the open.

Warren Buffett's Berkshire Hathaway (BRKA) is reporting after the close. Many of Berkshire's top investments are off to a lousy start this year, raising the possibility that shareholders will voice concerns about performance at the annual meeting in Omaha on Saturday.

2. Stock market movers -- LinkedIn, Lloyds

Shares of LinkedIn (LNKD, Tech30) plunged as much as 27% in extended trading after the company lowered its outlook for the year. This is the latest social media firm to see shares tank this week after reporting disappointing results.

Over in London, shares in Lloyds Banking Group (LYG) are jumping by 4% after the bank released positive quarterly figures showing falling debt and higher underlying profits.

3. Stock market overview

U.S. stock futures are looking relatively stable ahead of the open.

Most European markets are closed Friday as Europe celebrates the May Day holiday. London's FTSE 100, the only major European market that's open, was edging down in early trading.

Most Asian markets were closed Friday.

4. Thursday recap

It was a difficult day in the markets on Thursday.

The Dow Jones industrial average lost 195 points, the S&P 500 fell 1% and the Nasdaq closed with a 1.6% loss.

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Other top stories:

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