MNI EUROPEAN MARKETS ANALYSIS: Australian Inflation Eases

• Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's modest gains. This has helped support USD sentiment. USD/JPY has climbed, but remains sub Tuesday highs.
• JGB futures are weaker and at session lows, -17 compared to settlement levels. BoJ Governor Ueda has been before parliament today, but hasn't shed fresh light on the timing of the next hike.
• Aust Feb monthly CPI data suggests services inflation eased in Q1. AUD/USD is slightly firmer though, but has lagged NZD gains.
• Later the Fed’s Kashkari and Musalem appear and preliminary US February durable goods data print. The ECB’s Cipollone participates in a panel and UK February CPI and the government spring budget statement are released.

MARKETS

US TSYS: Yesterday’s Modest Gains Reversed In Today’s Asia-Pac Session

In today's Asia-Pac session, TYM5 is 110-19, -0-05 from closing levels.

• Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's modest gains.
• Us tsys ended in the green, recovering from early weakness, with fears over a slump in the economy underpinning a small haven bid. Bottom fishers also provided support.
• Wednesday's focus is on Durables/Cap Goods, Tsy 5Y Sale and Fed Speak: MN Fed Kashkari Fed listens event (no text, Q&A) at 1000ET, StL Fed Musalem on economy/policy (text, Q&A) at 1310ET.

JGBS: Fresh Cycle High For 10YY, 40Y Supply Tomorrow

JGB futures are weaker and at session lows, -17 compared to settlement levels.

• Japan’s leading economic indicator was revised to 108.3 in January, from 108.0 in the preliminary release.
• (MNI) BoJ Ueda told lawmakers that the BOJ is always paying attention to the risk that the pace of underlying CPI inflation will accelerate above forecasts, noting the Bank had weakened the degree of easy policy since March 2024 when it scrapped the negative interest rate policy.
• "The Bank of Japan may consider monetary tightening if a surge in food prices causes broader and stronger inflation, the central bank governor said Wednesday, adding fuel to expectations for a near-term rate hike." (per DJ via BBG)
• Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's modest gains. Wednesday's focus is on Durables/Cap Goods, Tsy 5Y Sale and Fed Speak from MN Fed Kashkari Fed and StL Fed Musalem.
• Cash JGBs are flat to 1bp cheaper across benchmarks. The benchmark 10-year yield is 0.9bps higher at 1.593%, a fresh cycle high.
• Swap rates are flat to 2bps higher, with a flattening bias.
• Tomorrow, the local calendar will see weekly International Investment Flow data alongside 40-year supply.

AUSSIE BONDS: Cheaper Despite CPI Beat

ACGBs (YM -4.0 & XM -4.0) are weaker and sit in the middle of today’s of today’s ranges. 

• February headline CPI rose 0.1% m/m to be up 2.4% y/y down from January’s 2.5%.
• Given it continues to be impacted by various state and federal electricity rebates, the focus is on the underlying trimmed mean which moderated 0.1pp to 2.7% y/y and has been under 3% now for three straight months.
• Q1 data is released on April 30 and the RBA is forecasting core at 2.7%, in line with the monthly data and below the target band’s ceiling, which will be the first time since Q4 2021. The outcome will be a key input into the May 20 RBA decision.
• Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's modest gains
• Cash ACGBs are 3-4bps cheaper with the AU-US 10-year yield differential at +13bps.
• Swap rates are 3bps higher.
• The bills strip contracts are -2 to -5, with a steepening bias.
• RBA-dated OIS pricing is flat to 5bps firmer across meetings today. A 25bp rate cut in April is given a 4% probability, with a cumulative 64bps of easing priced by year-end.
• The local calendar will be empty for the remainder of the week.

AUSTRALIA DATA: Monthly Data Suggest Services Inflation Eased In Q1

February headline CPI rose 0.1% m/m seasonally adjusted to be up 2.4% y/y down from January’s 2.5%, it has been around this point for three months now. Given it continues to be impacted by various state and federal electricity rebates, the focus is on the underlying trimmed mean which moderated 0.1pp to 2.7% y/y and has been under 3% now for three straight months. Q1 data is released on April 30 and the RBA is forecasting core at 2.7%, in line with the monthly data and below the target band’s ceiling, which will be the first time since Q4 2021. The outcome will be a key input into the May 20 RBA decision.

Monthly CPI y/y%

• Sticky services inflation has worried the RBA and Q4 core services ticked up 0.1pp to 4.2% y/y. However, the monthly data is suggesting that it moderated at the start of 2025. It has averaged 3.6% y/y in Q1 to date after 4.2% y/y in Q4. It is not an exact fit with quarterly headline services but signals direction.  

Services CPI y/y%

• Goods and tradeables inflation moderated to 1.3% y/y and 0.9% y/y respectively, while non-tradeables fell to 3.2% y/y from 3.5%.
• CPI ex volatile items and travel moderated 0.2pp to 2.7% y/y and fell 0.1% m/m seasonally adjusted.
• The ABS said that electricity prices fell 13.2% y/y in February down from January’s -11.5% y/y and excluding all government rebates it would have been down 1.2% y/y. The federal scheme has been extended 6 months to end-2025. It also notes that some Victorian households will receive two rebate payments in April.
• Rents moderated to 0.3pp to 5.5% y/y and new dwellings rose 1.6% y/y after 2.0%, the lowest since May 2021.
• Auto fuel prices fell 5.5% y/y after -1.9% but rose 1.9% m/m. Food and beverages eased to 3.1% y/y from 3.3%.

AUSTRALIA: Inflation Trending Lower, Wages Starting To Look Sticky

The next RBA decision is on April 1 and it is likely to keep rates at 4.1% after cutting them 25bp on February 18. Inflation-related data since the last meeting have generally been consistent with inflation returning sustainably to target, which could mean another rate cut in May. Q1 CPI data is released on April 30 and will be a key input into the meeting but the trimmed mean will remain the focus as headline continues to be distorted by government electricity rebates. 

• February trimmed mean moderated to 2.7% y/y from 2.8%. It has now been below the top of the RBA’s band for three straight months. Headline also eased 0.1pp to 2.4% y/y.
• The RBA has been concerned about sticky services inflation. Monthly data suggest that it may have eased in Q1 with the January/February average at 3.6% y/y down from 4.2% in Q4.
• Q4 WPI showed that wage growth continued to moderate rising 0.7% q/q & 3.2% y/y down from 3.6% y/y. However, Q4 average compensation in the national accounts rose 1.1% q/q & 3.2% y/y up from 2.5% y/y, the highest quarterly increase since Q3 2023. ULC growth also picked up to 1.8% q/q & 4.7% y/y from 4.5% y/y.
• Monthly data suggest that there may not have been any further easing in wage growth with SEEK advertised salaries up 3.6% y/y in January & February, in line with Q4, and February NAB business labour costs up 1.5% 3m/3m, also in line with Q4. PMI respondents also noted that higher wage costs added to cost inflation in February.

Australia labour costs 3m/3m %

• The February NAB business survey reported a pickup in purchase costs to 1.5% 3m/3m from 1.1% in January and the composite PMI saw input cost inflation at its highest in seven months. But NAB final product prices rose 0.5%, slowest in four years, and PMI output inflation was at a fourth-month low.
• March Melbourne Institute inflation expectations fell 1pp to 3.6%, lowest since August 2021, and the February inflation gauge moderated 0.1pp to 2.2%.  

Australia trimmed mean inflation vs MI inflation gauge %

AUSTRALIA: Little Change To Deficit & Economic Projections Going Into Election

The FY 2026 budget was an election budget that included sweeteners for voters with the main surprise a 1pp cut in the lowest tax rate. The fiscal and economic projections though are little changed with the material deficit revisions made in December’s MYEFO. The deficit projection for this financial year is unchanged at 1% of GDP with FY26 rising to 1.5% down 0.1pp from the MYEFO estimate.

• The underlying cash deficit is forecast to improve from 1.5% of GDP in FY26 to 1.1% in FY29 but no expected surplus. The total deficit over the forecast horizon narrows around $2bn from the MYEFO estimates. Total policy decisions since MYEFO contributed $7.2bn to the FY26 deficit on top of the $5bn from FY25 budget to MYEFO.
• The gross debt ratio has been revised down in FY25 by 0.3pp to 33.7% and in FY26 by 0.5pp to 35.5%. It continues to trend higher reaching 36.9% in FY28. Net debt was revised higher with FY25 up 0.3pp to 19.9% and reaching 22.7% in FY28. Net interest payments should creep up reaching 0.9% in FY28 from 0.5% of GDP in FY25.
• FY25 GDP growth was revised down 0.25pp to 1.5% but the rest of the forecast horizon was unchanged with growth peaking at 2.75% from FY28. Private demand is unchanged at 1% in FY25 but revised up 0.25pp to 2.5% in FY26, while FY25 public demand was revised up 1.25pp to 5% and FY26 +0.75pp to 3%. Capex remains lacklustre while consumption reaches 2.25% in FY26. Trading partner growth was revised down 0.25pp to 3.25%.
• Employment was revised up this financial year and then lower thereafter, while the unemployment rate was revised down with it remaining steady at 4.25% in line with FY25. Wage growth expectations were little changed and are expected to trend higher to 3.75% in FY29. The removal of non-compete clauses for mid-income earners is assumed to boost wage growth and productivity.
• Headline CPI for FY25 has been revised 0.25pp lower to 2.5% while FY26 was revised 0.25pp higher to 3%. The remaining years are unchanged at 2.5%, the RBA’s band mid-point. The government has extended the electricity rebate 6 months to end-2025. 

BONDS: NZGBS: Closed At Session Bests But Only Slightly Richer

NZGBs closed on a strong note, with benchmarks flat to 1bp richer after being 2bps cheaper early. 

• The NZGB 10-year outperformed its $-bloc counterparts, with the NZ-US and NZ-AU yield differentials respectively 1bp and 3bps tighter. Nevertheless, at +21bps, the NZ-US 10-year differential  hovers just below the widest level for the year and back at November 2024 levels.
• Cash US tsys are ~2bps cheaper in today's Asia-Pac session after yesterday's modest gains.
• Swap rates closed flat to 1bp lower.
• RBNZ dated OIS pricing closed flat to 3bps softer across meetings, with February 2026 leading the move. 24bps of easing is priced for April, with a cumulative 67ps by November 2025.
• The local calendar was empty today and will remain so until Friday's ANZ Consumer Confidence and Filled Jobs data release.
• Tomorrow, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$200mn of the 4.25% May-36 bond and NZ$50mn of the 5.00% May-54 bond.
• The NZ Treasury also plans to offer NZ$2bn of bonds in April, NZ$500mn each week. By April 30, a syndicated tap of the existing May 2032 nominal bond will be undertaken.

FOREX: Yen Underperforms Amid US Yield Rise, Ueda In Parliament

The USD BBDXY index sits higher, last around 1271.5, up +0.10%. This is mostly reflective of a weaker yen backdrop, which has unwound some of Tuesday's outperformance. 

• USD/JPY was last near 150.45/50, off around 0.40% in yen terms. Tuesday highs at 150.94 remain intact, while the 50-day EMA is nearby to this high as well. Earlier we had the PPI services for Feb, which were slightly below market estimates, but still suggest an elevated inflation backdrop.
• BoJ Governor Ueda has also been before parliament today, giving wide ranging remarks. On policy, with real rates still negative there is more room for the BOJ to adjust policy, if the economic evolves as expected. Still uncertainty is more elevated compared to when the central bank tightened in Jan, Ueda noted.
• Market pricing for the next BoJ hike is around 25bps by the Sep policy meeting.
• In the cross asset space, US yields are up around 2bps across the Tsy benchmarks, which has likely aided USD sentiment, particularly against the yen.
• AUD/USD dipped under 0.6300 but was supported, last near 0.6305/10, up slightly for the session. The Feb monthly CPI was just under market estimates, but didn't shift sentiment much in the FX space.
• Regional equities are mostly higher, albeit with Indonesia the standout. This has added a risk on feel to markets, but US futures are close to flat.   
• NZD/USD has risen back towards 0.5750, outperforming the AUD at the margins. AUD/NZD hasn't been able to sustain +1.1000 levels and is now back at 1.0980 (the weaker Feb CPI a likely factor). NZD/JPY is back above its 50-day EMA, last close to 86.50.
• Later the Fed’s Kashkari and Musalem appear and preliminary US February durable goods data print. The ECB’s Cipollone participates in a panel and UK February CPI and the government spring budget statement are released.

ASIA STOCKS:  Regional Stocks Deliver Positive Gains Today

 Alibaba Group Holding Ltd. and BMW AG will team up to produce AI for cars in China, as the tech giant looks to monetize its emerging products and reach more customers. 

China’s No. 1 smartphone maker Vivo wants to increase sales from overseas markets like Southeast Asia to as much as 70% of revenue in two years, accelerating its global push as the world’s biggest handset market saturates.

Indonesia’s Bank Mandiri’s price was up over 8% after a larger than expected dividend was approved.

 LG Energy Solution signed a strategic partnership with Delta Electronics to expand into the US residential energy storage system (ESS) market, according to a company statement.

China Merchants Bank shares fall as much as 6.6% after reporting FY net income that met the average analyst estimate. Bloomberg Intelligence analyst warned of its jump in non-performing loans and expected weak outlook due to narrowing margins.

• China’s Hang Seng led the way today rising +0.25% after yesterday’s dramatic fall.  The CSI 300 didn’t follow suit and oscillated around where it started for the trading day whilst the Shanghai Composite rose +0.20% and Shenzhen was the outperformer up +0.70%.
• The KOSPI bounced back to deliver a positive day today, rising +1.20% and erasing the last two days of losses.
• Having delivered a positive day yesterday despite regional falls, the FTSE KLCI is up again today by +0.80%.
• The eyes of the region remain on Indonesia with the Jakarta Composite rising +3.35% following positive banking sector news.
• Singapore continues it’s good run rising +0.31% today in what has been a good period for the Straits Times Index, whilst the Philippines bucked the regional positivity today falling -0.26%
• India’s NIFTY 50 is opening marginally down this morning but has been on a very good run of gains in recent days. 

ASIA STOCKS: India Has Yet Another Day of Big Inflow.  

There has been a change in sentiment in recent days in India with another day of big inflows,  with flow elsewhere mixed. 

• South Korea: Recorded outflows of -$26m yesterday, bringing the 5-day total to +$1,016m. 2025 to date flows are -$3,909m. The 5-day average is +$203m, the 20-day average is -$100m and the 100-day average of -$95m.
• Taiwan: Had inflows of +$65m yesterday, with total outflows of -$1022m over the past 5 days. YTD flows are negative at -$15,106. The 5-day average is -$204m, the 20-day average of -$625m and the 100-day average of -$231m.
• India: Saw inflows of +$723m as of the 24th, with a total inflow of +$1,665m over the previous 5 days. YTD outflows stand at -$14,694m. The 5-day average is  +$333m, the 20-day average of -$178m and the 100-day average of -$170m.
• Indonesia: Posted inflows of +$13m yesterday, bringing the 5-day total to -$224m. YTD flows are negative at -$2,022m. The 5-day average is -$45m, the 20-day average is -$50m the 100-day average of -$36m.
• Thailand: Recorded outflows of -$81m yesterday, totaling -$175m over the past 5 days. YTD flows are negative at -$1,091m. The 5-day average is -$35m, the 20-day average of -$36m the 100-day average of -$19m.
• Malaysia: Experienced outflows of -$58m yesterday, contributing to a 5-day outflow of -$370m. YTD flows stand at -$2,104m. The 5-day average is -$74m, the 20-day average of -$57m the 100-day average of -$37m.
• Philippines: Saw outflows of -$11m yesterday, with net inflows of +$13m over the past 5 days. YTD flows are negative at -$194m. The 5-day average is +$3m, the 20-day average of 0 the 100-day average of -$7m.

OIL: US Stock Drawdown Supports Crude In Uncertain World, EIA Data Out Later

Oil prices are moderately higher following data showing a large crude stock drawdown in the US last week. Markets tentatively sold off on news of a partial Ukraine-Russia ceasefire deal but the trend hasn’t continued today as Russia has conditions and US President Trump said that the Russians may be “dragging their feet” on settling an agreement. Positive risk sentiment has also supported crude today.

• WTI is up 0.3% to $69.18 after a high of $69.45 earlier. The benchmark is struggling to hold breaks above the 50-day EMA at $69.33. Brent is off its intraday peak of $73.37, but is hovering around initial resistance at $73.17 to be 0.2% higher at $73.18. The USD index is 0.1% higher.
• Oil price moves have been muted and the market is likely waiting for what US tariffs are actually imposed on April 2. It has been concerned that increased trade protectionism will reduce global demand. Trump has said that he’s likely to be more lenient than reciprocal but doesn‘t want too many exceptions. Thus uncertainty remains heightened.
• Bloomberg reported that there was a US crude inventory drawdown of 4.6mn barrels last week, according to people familiar with the API data. Products continued to decline with gasoline down 3.3mn and distillate 1.3mn. The official EIA data is out today.
• Later the Fed’s Kashkari and Musalem appear and preliminary US February durable goods data print. The ECB’s Cipollone participates in a panel and UK February CPI and the government spring budget statement are released.

GOLD:  Early Gains Given Back as Gold Retreats.

• Following the first three successive down days of the year, gold resumed its rally overnight gaining +0.30% yet couldn’t hold onto those gains in the Asian trading session .
• Whilst a short-term spike towards the middle of the Asian trading day saw gold touch US$3,027.12.00, gold fell below it’s opening level of $3,020.08 to $3,016.10
• Overnight weaker than expected US consumer confidence was a contributor to risk sentiment, which carried over into the Asian trading session.  .
• The bid by South African miner Gold Fields for Australian miner Gold Road Resources has been rejected.
• All key moving averages remain upward sloping, indicating that the bullish momentum remains in place for gold as it remains above the 20-day EMA of $2,974.50

INDIA: Country Wrap: US Trade Delegation in India. 

• India intends to maintain its sugar export quote of one million tonnes this season as an assessment of the current stockpiles suggests ample domestic supply (source BBG)
• A US trade delegation arrives in India to begin negotiations on a bilateral trade agreement (BTA) focused on market access, tariffs, and supply chain integration, aiming for completion by year-end. (source: Financial Express)
• India’s NIFTY 50 is opening marginally down this morning but has been on a very good run of gains in recent days
• INR:  The rupee is having a strong week with positive sentiment from FDI into the equity market.  The Rupee is broadly flat at the open today at 85.79
• Bonds:  Yesterday the RBI purchased INR443bn of bonds with maturities from 2029-2037, less than originally planned and bonds are largely unchanged with the IGB 10YR 6.62% (-1bp) 

CHINA: Country Wrap:  Bond Connect to Expand. 

• A government advisor to the China Government has suggested that China should raise consumption to a level close to that of developed countries over the next decade (source:  BBG)
• The HKMA has announced that an approval in principle agreement has been reached to expand the southbound bond connect for non-bank institutions giving more investors access to Chinese Government bonds.  (source: BBG).
• China’s Hang Seng led the way today rising +0.25% after yesterday’s dramatic fall. The CSI 300 didn’t follow suit and oscillated around where it started for the trading day whilst the Shanghai Composite rose +0.20% and Shenzhen was the outperformer up +0.70%.
• CNY: Yuan Reference Rate at 7.1754 Per USD; Estimate 7.2581
• Bonds: liquidity injection via the OMO remained supportive of bonds with the CGB 10YR  -0.07bp lower today at 1.81%

MALAYSIA: Could We Reach Oversupply in Data Centres

• Alibaba’s Chairman Joel Tsai has warned of a potential bubble forming in the construction of data centres across the region. The construction of new bases for servers to support the AI boom in Asia looks in his opinion ‘indiscriminate.’ The warning comes as Alibaba itself has announced plans to invest CNY380bn over the next three years.
• As ‘server farms’ are being constructed from Malaysia to India questions are starting to arise as to whether there is oversupply, particularly when (it appears) some of the decision making is driven by fears of a tariff war, not practical assumptions as to the benefits of AI going forward.
• Countries like Malaysia are rapidly becoming a leading data centre hub in Southeast Asia, driven by significant investments from tech giants and the government's focus on digital infrastructure to become a substantial digital economy by 2025.
• Malaysia has had an investment surge of significant digital infrastructure investments in 2024, solidifying its position as Southeast Asia's top data centre hub. Malaysia has secured investments from tech companies such as  Microsoft, Amazon Web Services, Google, and Oracle all of whom are focused on AI yet are their motivations driven equally by the avoidance of trade wars?
• The Malaysian government is actively supporting the data centre industry through various schemes, including Malaysia Digital, Kulai Fast Lane, and Data Centre Planning Guidelines, to facilitate business and ensure project quality.  Malaysia also has Cyberjaya, a major tech hub, developed to attract large scale data centre operators, with 15 data centres already established.
• Recently Malaysia announced a further ‘special zone’ in Johor which is strategically located near Singapore. The Malaysia government is aiming to generate RM 3.6 billion (US$ 781 million) in revenue by 2025, up from RM2.09 billion (US$462 million) in 2022.
• The key to the strategy rests with whether the forecast demand will meet the supply coming online with many projects being built in advance of contracts, and many billions of capital flowing into the concept.
• It is very early in the appreciation of the benefits of AI models, especially with DeepSeek’s claim that their open-source AI model was built at a fraction of the cost of US rivals. Wall Street analysts too are beginning to question whether there is the volume of ‘real world’ applications for AI.
• Bubbles form in financial markets as history shows and just as the dotcom boom overheated, any new technology-based expansion has the risk it could too. Malaysia has positioned itself heavily in this sector and as its fortunes evolve, so too will the fortunes for the Malaysian economy. 

ASIA FX: USD/CNH Above 7.2700, USD/KRW Dips Supported

Dips in USD/CNH and USD/KRW have been supported so far today. USD/CNH has crept to fresh highs above 7.2700, levels last seen in early March. TWD is close to unchanged. A firmer UST yield backdrop has weighed on yen, which has likely been a factor in other NEA FX today. 

• The near term uptrend in USD/CNH remains in place. We were last near 7.2730, just off session highs of 7.2750. Further upside momentum in the pair may see early March highs just above 7.3000 targeted. The USD/CNY fixing came down modestly, but this hasn't given CNH any respite. Local equities are also struggling for upside. Headlines from the FT around energy curbs potentially weighing on Nvidia chip sales to China were also out earlier. Focus remains on potential US-China trade talks, particularly as the early April reciprocal tariff deadline approaches.
• Spot USD/KRW is up around 0.25, last in the 1466/67 region. We sit off recent highs just above 1471, but dips have remained fairly shallow for the pair. Earlier we had manufacturing sentiment data. It improved modestly to 91.9 from 90.1 for manufacturing, while non-manufacturing rose to 82.9 from 81.7. The non-manufacturing index is barely above recent lows, which still suggests a challenging local economic backdrop. This follows yesterday's downtick in consumer confidence.  We still await Yoon's impeachment outcome. Local equities are up over 1% but this hasn't aided the won so far today.
• Spot USD/TWD is holding close to 33.10, maintaining its recent uptrend. Early Feb highs close to 33.16 are within striking distance. 

ASIA FX: SEA FX Trends Mixed, USD/IDR Back Sub 16600, PHP Weakens

In South East Asian FX, trends have been mixed, with focus remaining on Indonesian markets. PHP has also given back some recent outperformance. 

• USD/IDR probed above 16600 in the first part of dealings, but now sits back at 16580/85, up close to 0.10% in IDR terms. The 3.3% gain in local equities has helped stabilize FX sentiment. Efforts to stabilize equity sentiment have helped over the past 24 hours. 16600 may be a short term line in the sand from the authorities standpoint. Still, USD/IDR remains above all key EMAs.
• USD/THB has been supported since the open, last near 34.00 (we opened close to 33.80). PM Paetongtarn Shinawatra has survived a no confidence vote in local parliament, with a comfortable majority. This should lower the odds of fresh near term political instability in Thailand, although the local economic growth backdrop remains fairly fragile at this stage.
• USD/PHP has played catch up to recent USD index gains in the first part of trade today. We were last 57.70/75, off around 0.20% in PHP terms. This puts us back near the 200-day EMA resistance zone. The lowered BoP forecast from the start of the week by the BSP has been cited as a headwind for PHP as well.  
• USD/MYR is lower, last close to 4.4270, up around 0.20% in MYR terms. We remain within recent ranges for this pair though. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
26/03/2025	0700/0700	***	GB	Consumer inflation report
26/03/2025	0700/1500	**	CN	MNI China Money Market Index (MMI)
26/03/2025	0745/0845	**	FR	Consumer Sentiment
26/03/2025	0800/0900	**	SE	Economic Tendency Indicator
26/03/2025	0800/0900	***	ES	GDP (f)
26/03/2025	1000/1000	**	GB	Gilt Outright Auction Result
26/03/2025	1100/0700	**	US	MBA Weekly Applications Index
26/03/2025	-		GB	OBR Spring Forecasts
26/03/2025	1230/0830	**	US	Durable Goods New Orders
26/03/2025	1230/1230		GB	Chancellor Reeves to deliver Spring Statement
26/03/2025	1330/1330		GB	DMO to announce FY25/26 financing remit (approx time)
26/03/2025	1400/1000		US	Minneapolis Fed's Neel Kashkari
26/03/2025	1430/1030	**	US	DOE Weekly Crude Oil Stocks
26/03/2025	1530/1530		GB	DMO agenda for quarterly consultation
26/03/2025	1530/1130	**	US	US Treasury Auction Result for 2 Year Floating Rate Note
26/03/2025	1700/1300	*	US	US Treasury Auction Result for 5 Year Note
26/03/2025	1710/1310		US	St. Louis Fed's Alberto Musalem
26/03/2025	1730/1330		CA	BOC Meeting Minutes
26/03/2025	1800/1900		EU	ECB's Cipollone in panel on Digital Finance
27/03/2025	-		NO	NorgesBank Meeting
27/03/2025	0830/0830		GB	BOE's Dhingra on inflation targeting in the UK post pandemic period
27/03/2025	0900/1000	***	NO	Norges Bank Rate Decision
27/03/2025	0900/1000	**	EU	M3
27/03/2025	1000/1000	**	GB	Gilt Outright Auction Result
27/03/2025	-		FR	Insee publishes General Govt balance
27/03/2025	1230/0830	*	CA	Payroll employment
27/03/2025	1230/0830	***	US	Jobless Claims
27/03/2025	1230/0830	**	US	WASDE Weekly Import/Export
27/03/2025	1230/0830	***	US	GDP
27/03/2025	1230/0830	**	US	Advance Trade, Advance Business Inventories
27/03/2025	1300/1400		EU	ECB's De Guindos at 2025 IIF European Summit