Federal Reserve Governor Christopher Waller's speech on the economic outlook to the OECD at 8:30 am ET will be the key news event Wednesday. Waller is a thought leader at the Fed and his views carry a lot of weight in financial markets. Separately, minutes from the FOMC's December policy meeting are due in midafternoon.

Notable economic reports include Australia monthly CPI. In Europe, German manufacturers' orders and retail sales plus Eurozone EC economic sentiment are due for release.

In the US, the weekly Mortgage Bankers Association mortgage applications report has been getting a lot of attention. Weekly US jobless claims and EIA oil inventories data could move the market.

Early in the US afternoon, the US Treasury 30-year bond auction is scheduled, with yields rising lately to absorb heavy supply. Finally, the monthly US consumer credit report is due.

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.