In focus Friday: the US personal income and spending report featuring the Fed's favorite inflation measure, personal consumption expenditures prices. The Econoday consensus looks for PCE prices up 0.4 percent on the month and up 2.5 percent on the year. Core prices are seen up 0.3 percent and up 2.6 percent on year. Personal income is expected up 0.3 percent and personal spending up 0.2 percent on the month.

The other focus for global markets will be whatever President Trump has to say about tariffs, as the clock ticks down to his March 4 deadline for 25 percent tariffs to take effect against Canada and Mexico and for an additional 10 percent tax on Chinese goods, and whatever else Trump comes up with on the topic. Markets are holding onto hope that Trump will strike a deal to avoid going ahead.

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.