Investors will focus again on how risk assets and debt markets, especially US Treasuries, trade on Friday amid ongoing turmoil linked to President Trump's trade war. Everyone is on tenterhooks for any more surprises from Trump after his remarkable reversal on tariffs on Wednesday, which underlined the unpredictability of the economic situation.

Meanwhile, in more conventional macro news, US PPI-FD figures for March are due for release at 8:30 am ET, with expectations centering on a monthly rise of 0.2 percent and an increase of 0.3 percent for PPI-FD excluding food and energy. CPI came in on the low side on Thursday, welcome news, but the March figures do not capture the inflationary impact of tariffs, which is widely expected to show up in a big way starting with April data.

Separately, the first reading on US consumer sentiment for April is due from the University of Michigan at 10 am ET. Sentiment has been plunging and inflation expectations have been surging in recent reports. The Econoday consensus looks for sentiment down to 55.0 in April from an already dismal 57.0 in the March final. The consensus also looks for 1-year inflation expectations to rise again to an ugly 5.1 percent from 5.0 percent in March. Given the tariff spectacle, the risk is for another downside surprise in sentiment and an upside surprise on inflation expectations.

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.