The European Central Bank policy announcement due at 8:15 am ET and the ECB press conference at 8:45 am ET are the featured events on the schedule for Thursday. Markets widely expect another 25 basis point rate cut. The ECB may suggest rates are reaching neutral but as tariffs add to growth risks, investors look for more cuts.

US data on Thursday includes housing starts, weekly jobless claims, and the Philadelphia Fed's manufacturing report, all at 8:30 am ET. Housing starts are expected at an annual 1.420 million unit rate in March, down from 1.501 million in February. Claims are expected to edge up to 225K from 223k in the prior week, a relatively stable showing. The Philly Fed index is seen at 6.7 for April, down from 12.5 in March.

In financial markets, traders will watch US Treasury yields to see whether they move down if stocks sell off again, as they did on Wednesday. That would be reassuring as it would suggest Treasuries are regaining some of their safe-haven status, which has been in question with yields actually rising when stocks fall lately. Markets will also watch to see if the dollar continues to weaken, as it did on Wednesday, as a barometer of the appeal of US assets.

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.