Getting the new year off to a bang today with the US purchasing managers report for manufacturing from the Institute for Supply Management. The ISM index, due at 10 am ET, is expected to come in at 48.3 for December, pretty flat from 48.2 in November. That would show ongoing slow contraction in business activity. New orders, the forward-looking sub-index, dropped to 47.4 in November from 49.4 in October, and employment lost two points too at 44.0 from 46.0. Those figures don't suggest confidence in manufacturing has recovered from the tariff shock and other sources of uncertainty.

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.