The Bank of England's monetary policy decision is the day's top scheduled macro news event, on the calendar at 7 am ET. Markets are priced for a 25 basis point rate cut in the bank base rate to 4.5 percent. Look for a vote of 8-1 with arch-hawk Catherine Mann the lone dissenter. Expectations call for the BOE to signal more rate cuts to come, as in a total of four in 2025. The BOE is likely to revise down its forecast for growth this year even as inflation remains stickier than it would like.

In economic data Thursday, reports on German manufacturing orders and Eurozone retail sales are due. In the US, weekly jobless claims and monthly productivity and unit labor costs are scheduled.

In the US afternoon, Fed Governor Christopher Waller is scheduled to speak. Ordinarily markets follow Waller closely but the topic is"payments" so this looks less compelling. Finally, Dallas Fed President Lorie Logan is on the calendar at 17:10 ET on a panel discussing"Future Challenges for Monetary Policy in the Americas."

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.