May economic data reports will get under way on Thursday with flash purchasing managers reports for major countries including France, Germany, Eurozone, UK and the US. For the Eurozone, due at 4 am ET, expectations call for an index reading of 49.4 for the May flash versus 49.0 in the April final. Services is expected to stay marginally positive at 50.5 versus 50.1 in April. The US PMI report, due at 9:45 am ET, is expected to show manufacturing in contraction at 49.8 in the May flash, down from 50.2 in April, and services at 50.6, nearly flat from 50.8 in April.

Germany Ifo business sentiment figures are due for May as well at 4 am ET Thursday. Expectations for the Ifo business climate index call for an uptick to 87.5 in May from 86.9 in April.

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.