Markets continue to focus on the developing situation in the Iran-Israel war, and the question of whether the US will join the fray. After a series of bellicose statements earlier in the week that suggested he was poised to order US strikes on Iran's nuclear facilities, President Trump on Thursday said he sees a substantial chance of negotiations with Iran and will allow two weeks for diplomatic efforts to unfold.

Now investors are watching as Iran's foreign minister is scheduled to meet Friday in Geneva with foreign ministers from Britain, France, Germany, and the EU. These are the same countries that did the heavy lifting in reaching the agreement to limit Iran's nuclear program in 2015, the accord that Trump renounced. Iran's foreign minister, Abbas Araghchi, told Iranian state television that Tehran will not negotiate over its nuclear program until Israel ceases to strike the Islamic Republic. Israel and Iran continued to exchange strikes on 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.