With not much on the economic calendar, attention remains focused on trade with investor hopes lingering for at least the outline of a US-EU deal soon. Market reaction to President Trump's latest tariff announcements has been relatively calm with Asian equity markets actually higher Tuesday. That reflects the view that Trump has effectively granted another delay to Aug. 1 in imposing the higher tariff levels and that face-saving trade deals are coming, if not by the latest deadline, then sometime. The delays and reverses keep the uncertainty going longer, which is unfortunate for business decision-makers seeking clarity. On the other hand, it does give firms more time to rush cheap goods into the country in time to stock up for the holidays.

Separately, US Treasury note auctions will be in focus starting with 3-year notes on today followed by 10-year notes on Wednesday and long bonds on Thursday. Yields rose Monday ahead of the auctions, which should help attract better buying this week.

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.