Highlights
Attention focuses on the US-Israeli war with Iran with economic reports including the monthly US ISM purchasing managers survey on manufacturing due at 10 am ET taking a distinctly backseat. President Trump and other US officials say US and Israeli attacks are continuing and more US military assets are moving into the Mideast. Meanwhile, Iran and its proxies continue to attack US forces and US allies in the Mideast. All suggests the war may go on for an extended period, with the risk of a wider regional war.
Crude oil prices are up nearly 10 percent as Iran's retaliatory strikes include attacks on oil tankers transiting the Persian Gulf. The dollar is up about 1 percent while US Treasuries are weaker and yields slightly higher as the market evidently focuses on inflationary fallout from rising energy costs. Major stock indexes are 1-2 percent lower, not a dramatic move in the circumstances.
For the ISM report, expectations call for a retreat to 51.8 in February from 52.6 in January, suggesting ongoing very modest growth.
Definition
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.
Description
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.