Singapore's CPI data due before the US markets open is expected to show the annual inflation rate moderated slightly to 3.5 percent in December from 3.6 percent in November, when it decelerated sharply from October's 4.7 percent.

In the UK, overall net borrowing (PSNB) is seen at £12.5 billion, down from November's £13.41 billion. Excluding public sector banks, the red ink is put at £13.4 billion.

Consumer confidence compiled by the European Commission is expected to improve to minus 14.0 in January from December's minus 15.1, which was more than a point better than expectations but still well short of the minus 11.3 long-run average.

In New Zealand, consumer prices are expected to rise a quarterly 0.5 percent in the fourth quarter for year-over-year growth of 4.7 percent. These would compare with respective third-quarter rates of 1.8 and 5.6 percent, the latter down from 6.0 percent in the second quarter.

Japanese export values are forecast to rebound 9.0 percent on year in December, led by automobiles, after marking their first drop in three months in November (minus 0.2 percent). Import values are expected to fall for the ninth straight month on lower energy prices but the pace of decrease is seen slowing to 5.2 percent from 11.9 percent. The trade balance is forecast to record a third straight deficit but at a narrower ¥98.9 billion (some forecast a small surplus), compared to a revised ¥780.35 billion deficit in November and a ¥1.50 shortfall a year earlier.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.