Morgan Stanley Research previews the UK labor report and the US industrial production print for the month of July due on Tuesday.

"UK Labour Market: We expect the jobless rate at 4.8% (risks of rounding up to 4.9%), participation at 63.9% and employment growth of 100k 3M/3M, and unchanged HMRC payrolls in July — the labour market adding slack only very gradually,"MS notes.

US Industrial production: We expect manufacturing IP excluding motor vehicles and parts to fall slightly by 0.02%, as aggregate hours worked in nonauto manufacturing remained broadly unchanged in July (+0.016% m/m)," MS adds/