On the first day of President Trump's new trade regime, risk assets have weakened but the reaction has been relatively muted as new higher tariff rates were announced on the high side of expectations, to take effect on Thursday. Investors expect frantic trade talks to yield more agreements to lessen the blow a bit.

Meanwhile, focus remains on US economic reports, in particular the monthly jobs data due at 8:30 am ET and the manufacturing purchasing managers report due at 10 am ET. Both are top-tier indicators for markets assessing the outlook for the economy and the prospect of rate cuts this year.

For employment, the Econoday consensus looks for an increase of 110K for payrolls on the month in July, with the jobless rate ticking up to 4.2 percent from 4.1 percent in June. For the purchasing managers index, the consensus looks for 49.5, indicating basically no change in business activity from the prior month when the index was marginally weaker at 49.0.

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.