After Tuesday's recovery in stocks after Treasury Secretary Scott Bessent's reported comment about progress in US-China trade talks, investors are hoping for more news along these lines on Wednesday. Tuesday saw a reversal in the Sell America trade with the dollar bouncing back and US Treasury yields declining -- with the yield curve flattening -- to unwind Monday's curve-steepening trade. Investors will watch to see if this continues on Wednesday.

Due on Wednesday: Flash S&P purchasing managers reports for many countries including India, France, Germany, Eurozone and US will provide an early reading on how businesses are weathering the Trump tariffs. Consensus expectations for Eurozone PMI, due at 4 am ET, call for a 47.5 PMI manufacturing index, down from 48.6 in March. Services is expected down to 50.5 from 51.0. The US PMI, due at 9:45 am ET, is expected to decline to 49.4 for manufacturing from 50.2 in March. Services is seen at 52.5, down from 54.4.

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.