After an as-expected policy hold from the Federal Reserve Wednesday, the European Central Bank is widely tipped to cut rates by 25 basis points on Thursday and to signal multiple rate cuts to follow this year. ECB President Christine Lagarde is expected to be quizzed on the bank's willingness to continue cutting rates while the Fed stays on hold. That policy divergence risks further weakness in the euro, which would raise import costs. Meanwhile, Lagarde has not been been shy about criticizing US President Trump for threatening big new tariffs, which could lead to a trade war, with negative implications for global growth.

In economic data, flash GDP figures are due for the Eurozone, France and Germany. All are expected to show marginal growth in the fourth quarter, or for Germany, a slight contraction. The first reading on US GDP for Q4 is also due, and the US continues to outperform. The Econoday consensus looks for a 2.6 percent annual growth rate. The risk of a slightly weaker figure went up Wednesday as the US merchandise trade deficit topped expectations at a whopping $121 billion in December.

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.