The ongoing clash between Iran and Israel remains the focus Monday as Israel stepped up efforts to remove Iran's military capabilities and Iran fires missiles into Israel. Oil prices have risen again but they have not soared in a way that suggests the market expects significant supply disruption, as in a closure of the Straits of Hormuz, or a widening conflagration. That said, there is no evident way out of the conflict for either side.

In conventional economic news, the main event is the US Empire State manufacturing report due at 8:30 am ET. Expectations for the manufacturing business conditions index are set at minus 7.0 for June versus minus 9.2 in May. That would suggest continued slow deterioration in business conditions.

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.