The unfolding global trade war will remain the focus Wednesday as investors scramble to understand the economic fallout and whether global markets will stabilize. As tariffs rise, supply chains are choked, prices rise and spending pulls back expectations for stagflation are rising. Markets appear to be focusing on the hit to growth likely from the trade war and the attendant deflationary effects, which means expectations for the Federal Reserve to cut rates this year are increasing. The CME FedWatch tool looks for three rate cuts by year end, up from expectations for two as of last week.

Of the data releases due Wednesday, ISM services is most notable, with expectations centering on a stable reading at 53.0 compared with 52.8 in January. The February data seem dated given the changes in the economic environment this week, though note that a soft reading on ISM manufacturing on Monday added to risk-off worries.

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.