Fallout in financial markets from the apparent start of a trade war over the weekend involving the US and its closest trading partners will be the focus today. Secondarily, markets will be keen to see how US ISM manufacturing report comes in and whether any resurgence in business activity will be reported at the start of the year.

Several Fed speakers are on the calendar. Markets will be keen for any comment on last week's FOMC decision and for views on the Trump tariffs. The first speaker will be Boston Fed President Susan Collins, to be interviewed on CNBC at about 11 am ET. Next is Atlanta Fed President Raphael Bostic in a moderated conversation hosted by the Rotary Club of Atlanta at 12:30 EST.

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.