Here's what the analysts at SpreadEx are saying about the key purchasing managers' data due at 09:30.

"From June’s 52.1 the manufacturing reading is forecast to plunge to a 44 month low of 47.8, while the services number is expected to see a similar drop to 48.9 from 52.3."

As for the markets:

"With both of its major Purchasing Managers Indices in contraction territory the FTSE could be in for a bit of a knock this morning, something already reflected in its early losses.

The pound, on the other hand, has crept a bit higher this Friday, now just below 1.325 against the dollar and a tad above 1.20 against the euro."

Today Programme
BBC Radio 4

Image source, Getty Images

Chancellor of the Exchequer Philip Hammond said the government's fiscal policy might be "reset" in the Autumn "if we deem it necessary to do so in the light of the data that will emerge in the coming months showing exactly what is happening in the economy, post the referendum decision".

What can we read into his use of the word "reset"?

"Certainly it's a significant word to use," says BBC economics editor Kamal Ahmed.

"He wants to be radical," Kamal adds.

It builds on Theresa's May's comments who, while campaigning to be Prime Minister, wanted to end the 2020 target to eliminate the UK's budget deficit, Kamal said.

Image source, Getty Images

Volkswagen will suspend sales of most of its models in South Korea from 25 July as pressure builds on the carmaker over the emissions testing scandal, Reuters reports.

VW sales have fallen sharply in South Korea, Asia's second-biggest market for diesel cars. Regulators in the country have launched an investigation into whether the German carmaker falsified tests.

Reuters quotes a spokesman for VW's South Korea operation: "We have decided to suspend sales of the affected models to reduce confusion among dealers and customers."

Kamal Ahmed
Economics editor

Among the warm words on Sino-British relations (the UK still wants to be a major investment partner with China) the new chancellor of the exchequer dropped a small grenade.

He said the government would be willing to "reset fiscal policy" if it was deemed necessary, given the decision on Brexit.

That opens up a host of possibilities.  

Read Kamal's blog.

Shares in Vodafone have risen almost 3% in early trading.

Investors obviously liked its trading update, external released earlier this morning.

Overall, the FTSE 100 is trading lower. Miners are down - BHP Billiton is down 1.7%. 

Back in 2014, Tesla and Panasonic joined up to build a giant battery factory in Nevada. The idea was to build batteries for cars and homes on such a large scale that costs would be brought down. Well, it opens next Friday.

Today Programme
BBC Radio 4

John Holland-Kaye, the chief executive of Heathrow, has been on the Today programme.

"It's too early to say what the impact of the vote to leave the EU is going to be."

He says "the majority" of MPs in parliament support the building of a new runway at Heathrow, and there's "good support" in cabinet for Heathrow to get the go-ahead.

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The number of passengers using Heathrow Airport rose 0.6% to 35.7 million people in the last six months. Cargo volumes increased 1.7%.

Heathrow said it delivered a "strong financial performance", with revenue up 1% to £1.32bn.

UK competition authorities have cleared, external Sainsbury's purchase of Home Retail Group, the owner of Argos.

The deal was cleared without conditions.

Image source, Vodafone

Vodafone sales fell, external 4.5% in the quarter which ended 30 June, compared with the same quarter in 2015.

In the UK sales fell 3.2%, which the company blamed on problems with a change in its billing system and lower revenue from customers outside its bundle deals.

The company also said that trials for its Vodafone TV service in the UK are underway.

Wolverhampton Wanderers have become China's latest football investment. The second-tier club has been bought by Chinese tycoon Guo Guangchang's Fosun Group for a reported £45m.

In the last year, Chinese investors have also bought Italian club Inter Milan and 13% of Manchester City, and top players are being lured to teams in China with big-money deals.

The Fosun conglomerate owns Club Med and other businesses in Europe and the US. Wolves have an illustrious history, but the club's last major trophy was the 1980 League Cup.

Meanwhile, Swansea's takeover by an American consortium has been completed. A consortium led by Steve Kaplan and Jason Levien has bought a 60% stake in the Premier League club for about £110m.

In Japan the Nikkei 225 is down 1.3%, hit by a strengthening yen, which hurts Japan's exporting firms.

In China, the Shanghai Composite was down 0.6% and Hong Kong's Hang Seng was 0.45% lower.

Image source, Reuters

One of the first pieces of economic data collected after the UK's vote to leave the European Union comes out at 09:30 BST.

Markit releases its flash, external PMI index for July. The figure is based on a survey of purchasing managers and reflects how they see the economy.

It is called the flash index because it is based on 70% of the usual replies to Markit's monthly survey.

BBC Radio 5 Live

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More from MP and Business Committee chairman Iain Wright, talking on Wake up to Money about his report into working practices at Sports Direct.

"This should not be the model for a modern innovative economy," he says. "This model has proved successful for Mr Ashley and there is a risk this will become much more the norm in Britain."

But working in fear is counter-productive, he adds. "Insecurity at work is bad for the economy. A modern and developed economy focused on innovation and supporting entrepreneurialism and enterprise cannot be allowed to operate like this."

Image source, Reuters

Boeing is taking a $2bn, external charge to cover costs related to the production of three if its aircraft: the 787, 747 and KC-46 (a tanker aircraft).

It is one of Boeing's biggest single write-offs in years and will be charged to the company's second quarter results, which are released Wednesday 27 July.

Image source, Reuters

Silicon Valley investor and Donald Trump supporter Peter Thiel has been speaking at the Republican National Convention to urge the country to discard petty cultural battles and turn its attention to solving the US economic decline. 

Billionaire Mr Thiel, the only big-name Silicon Valley entrepreneur to back Mr Trump, offered a full-throated endorsement of presidential hopeful, echoing the Republican candidate's themes of economic decline while lambasting economic and foreign policies.

"Our nuclear bases still use floppy disks. Our newest fighter jets can't even fly in the rain," Mr Thiel told the convention in Cleveland. "Instead of going to Mars, we have invaded the Middle East."

BBC Radio 5 Live

The head of the Pensions Protection Fund, Alan Rubenstein, has been talking to Wake up to Money about the huge hole in company retirement schemes.

Sorting out the shortfalls and deciding how "we should share the pain" will be a challenge that will take years, he says.

But Mr Rubenstein also points out that some companies choose to divert their profits into higher shareholder dividends and share buy-backs rather than put more money into pension funds.

"Although corporate profits have risen and dividends have risen, contributions have not," he says. 

BBC Radio 5 Live

MPs have delivered a damning verdict on working conditions in a warehouse at Mike Ashley's Sports Direct. But the man who led the report says no one should lose sight of the role of the employment agencies used by the retailer.

Labour MP Iain Wright, chairman of the Business, Innovation and Skills Committee, told Wake up to Money that "we found their evidence absolutely disgraceful. It was woeful".

He adds that the conditions found at Sports Direct have no place in Britain in 2016. But he fears they are more prevalent than people acknowledge. Greater insecurity at work and rising freelance work mean employers are in a position to treat workers more badly.