Economists polled by Bloomberg are looking for PMI to stay flat at 48.2. A reading below 50 indicates contraction.
We will be watching the inventory of finished goods sub-index to get a better gauge of China's excess capacity woes as well.
Chinese economic data disappointed markets in June and caused many to panic about the economic slowdown as Q2 GDP came in at 7.5%. Premier Li Keqiang helped calm markets on Monday by saying that 7.5% is the growth floor for 2013.
Today's Flash PMI report will give us more of an insight into the slowdown in China's economy.