In Germany, no revisions are expected to the provisional CPI data, leaving a 0.2 percent monthly rise and a 2.9 percent annual inflation rate, the latter down from December's final 3.7 percent.

With a 3.4 percent surge needed just to keep fourth-quarter output flat, Italy's industrial production in December is expected to rise 0.7 percent on the month following a sharper-than-expected fall of 1.5 percent in November.

In Canada, employment in January is expected to rise 14,500 versus December's marginal 100 increase that compared with expectations for a gain of 10,000. January's unemployment rate is expected to rise to 5.9 percent from 5.8 percent.

Labor market conditions have eased, with the pace of job creation lagging behind population growth, but wages are still rising around 4 to 5 percent, too high for the Bank of Canada to consider a rate cut amid resilient economic growth.

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.