The US Institute for Supply Management's manufacturing business conditions survey will take center stage Thursday as markets continue to assess the economic impact of the Trump administration's chaotic rollout of its tariff policies. The ISM's manufacturing index is expected to slip further into contraction at 47.9 any number below 50 indicates deteriorating business from 49.0 in March and 50.3 in February. A series of weaker than expected outcomes in economic reports lately, including regional manufacturing surveys, suggests a decent risk of a lower than expected result from the ISM. Judging from the initial market reaction to lower than expected US ADP employment and US GDP reported on Wednesday, risk assets appear vulnerable to signs that recession may be coming.

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.