Happy ECB day! Investors expect the ECB to announce another 25 basis point rate cut at 14:15 CET/8:15 am ET Thursday. Less clear is what the ECB will signal about its intentions for additional rate cuts beyond saying it will remain data-dependent. That means attention will focus on comments from ECB President Christine Lagarde as she meets reporters after the rate announcement at 14:45 CET/8:45 am ET.

Separately, after a batch of disconcertingly weak US data Wednesday, attention will focus on the Challenger layoffs report due at 7:30 am ET and weekly jobless claims at 8:30 am ET. The question is whether the job market is starting to crack under the pressure of tariffs and other policy uncertainty. Expectations for jobless claims call for 235K, down from a surprisingly high 240K the week before. Thursday jobs data are attracting extra attention as markets brace for the monthly jobs report due Friday.

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.