The Bank of Canada is widely expected to lower its policy interest rate by 50 basis points to 3.75% in the process of normalizing the tight monetary conditions created from March 2022 until July 2023 to tame inflation. After holding the overnight rate target at 5% for six meetings, the bank conducted its first rate cut since March 2020 in June by lowering the rate to 4.75% and followed with two more 25-basis point cuts.

The bank will also release its quarterly Monetary Policy Report, in which it updates its medium-term growth and inflation projections as well as risk analysis.

U.S. existing home sales are expected to rise at a seasonally adjusted 3.9 million units at an annualized rate in September, a slight uptick from August's 3.86 million units.

In the Eurozone, the European Commission's consumer confidence index is expected to be minus 12.3 for October, a slight improvement from September's minus 12.9.

Federal Reserve Board Governor Michelle Bowman will give opening remarks on the second day of the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia at 9 a.m. EDT (1300 GMT).

Richmond Federal Reserve Bank President Thomas Barkin will speak on"Recognizing the Impact of Community Colleges" before the 2024 Virginia Education and Workforce Conference at 12 p.m. EDT (1600 GMT).

South Korea's GDP for the July-September quarter is forecast to post a 2.1% rise on year, slowing from the 2.3% growth seen in April-June.

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.