MNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut 25bps

• Early focus was on US-Japan trade discussions, but little detail was provided. USD/JPY did rise when it emerged FX wasn't discussed. The two sides will talk again soon. US equity futures are higher after sharp Wednesday cash losses.
• The USD has regained some ground, while the US 10-year yield has moved higher, dealing around 4.31% from a close around 4.27%.
• NZ CPI was slightly above expectations, but core pressures still eased. Australian jobs growth was also near market forecasts.
• Later the Fed’s Barr speaks and US March housing data, jobless claims and April Philly Fed print. The ECB decision is announced and it is expected to cut rates another 25bp (see MNI ECB preview).

MARKETS

US TSYS: Asia Wrap - Yields Try Find A Base

TYM5 has traded heavy with a range of 111-05+ to 111-16 during the Asia-Pacific session. It last changed hands at 111-06, down 0.07 from the previous close.

• The US 10-year yield has moved higher, dealing around 4.31% from a close around 4.27%.
• The market is trying to see positives emanating from the US-Japan trade talks, with stocks holding onto their session gains.
• Jerome Powell crushed the hopes of any traders still expecting the Fed to rescue them with cuts. Signalling a wait-and-see approach and tipping price stability over employment, thus removing any notion of a Fed Put.
• “Japanese investors sold 512 Billion Yen worth of foreign bonds in the week ended April 11, a slower pace than the previous week.”(per BBG)
• “This marks the sixth straight week of outflows from overseas debt, amid a 2.4% drop in treasuries, the biggest decline since 2001.”(per BBG)
• Dips back towards 4.25% support for the 10-year have found sellers first up.
• Data/Events: Housing starts, Initial Jobless claims

Fig 1: Jap Foreign Bond Flows

Source: MNI - Market News/Bloomberg

JGBS: Cheaper, US-Japan Trade Talks In Focus, Natl CPI Tomorrow

JGB futures are sharply weaker, -48 compared to the settlement levels, hovering just above session lows.

• (MNI) BoJ Governor Ueda warned on Thursday that uncertainties linked to US tariffs have increased sharply and the bank will assess their impact on the economy and prices without preconditions, and conduct policy appropriately. Ueda told lawmakers that the tariffs will put downward pressure on the Japanese economy through exports, while uncertainty worsens corporate and consumer sentiment and spending, and has an adverse impact on the financial markets.
• (MNI) BoJ Board member Nakagawa warned on Thursday that uncertainties from tariff policies have risen and the Bank will conduct monetary policy appropriately while carefully monitoring the evolving economy, prices and financial markets at home and abroad.
• Cash US tsys are 1-4bps cheaper, with a flattening bias, in today's Asia-Pac session after yesterday's solid rally. US tsys have been pressured by risk-on sentiment emanating from the US-Japan trade talks, with stocks showing gains.
• The cash JGB curve is showing a bear-flattener, yields flat to 6bps higher, with the futures-linked 7-year leading the way.
• Swap rates are +4bps to -1bps, with a flattening bias. Swap spreads are mostly tighter.
• Tomorrow, the local calendar will see National CPI data.

JAPAN DATA: Offshore Investors Buy Both Local Stocks & Bonds

In the week ending April 11, offshore investors added to Japan stocks for the second straight week, see the table below. The first week of April ended a run of 9 weeks of consecutive selling by offshore investors. Japan equities did bounce through past week, albeit with still a good deal of volatility. Movement away from US stocks may have also benefited offshore inflows into this space. Cumulative outflows since the start of the year are near -¥2.8trln, so there is still scope for a further recovery in offshore sentiment. 

• Offshore investors also added to local bond holdings in decent size for the second straight week. Since mid March net inflows into local bonds from offshore investors has been over ¥6.2trln. Safe have demand factors are likely to be a driver.  
• In terms of Japan outbound flows, local investors sold offshore bonds for the second straight week, albeit in reduced size. Still this market the 6th straight week of net selling by local investors for this segment.
• Local investors bought offshore stocks, continuing the generally positive trend seen in this space. 

Table 1: Japan Weekly Offshore Investment Flows 

Source: MNI - Market News/Bloomberg 

AUSSIE BONDS: Bull-Steepener Heading Into Easter Long W/E

ACGBs (YM +2.0 & XM +6.5) are holding richer on the day, little changed after the release of the March Employment Report.

• While the employment numbers were volatile in Q1 due to an increase in the number of retirees, other labour data, including underutilisation, are showing that the labour market remained tight over the quarter, with steady conditions. The RBA is unsure how tight the labour market is, given that price and wage inflation is moderating, and thus this data will continue to be watched closely.
• While to one decimal place, the unemployment rate rose 0.1pp to 4.1%, looking deeper, it was almost unchanged at 4.05% after 4.04% in February, which was revised down only 0.01pp.
• Cash ACGBs are 2-7bps richer on the day with the AU-US 10-year yield differential at -3bp.
• Bill strip pricing has twist-flattened, with pricing -3 to +2.
• RBA-dated OIS pricing is mixed today, with 2025 meetings 1-3bps firmer and 2026 1-3bps softer. A 50bp rate cut in May has been scaled back to a 20% probability, with a cumulative 118bps of easing priced by year-end (based on an effective cash rate of 4.09%).
• The local market is closed until Tuesday for the Easter weekend.

AUSTRALIA DATA: Data Show Little Change In Q1 Labour Market Conditions

While the employment numbers have been volatile in Q1 due to an increase in the number of retirees, other labour data, including underutilisation, are showing that the labour market remained tight over the quarter with steady conditions. The RBA is unsure how tight the labour market is given that price and wage inflation is moderating and thus this data will continue to be watched closely.

• While to one decimal place, the unemployment rate rose 0.1pp to 4.1%, looking deeper it was almost unchanged at 4.05% after 4.04% in February, which was revised down only 0.01pp. On average Q1 was up 0.06pp to 4.07%. The number of unemployed rose 3k in March and 12.6k in Q1 after falling 11.7k in Q4.

Australia unemployment rate %

• Employment rose 32.2k in March after falling a downwardly-revised 57.5k, but over 12 months it was 308k higher and +2.2% y/y, above the series average pre-pandemic. 88% of the increase in the labour force over that time found work. 

Australia employment vs labour force y/y%

Source: MNI - Market News/ABS

• The participation rate was steady in March at 66.76% after 66.75%, both are 0.5pp below January implying that the fall in the number of older people returning to work in February was sustained.
• One tentative sign of a slight easing in labour conditions is both the annual and 3-month growth in part-time (PT) employment exceeding full-time (FT). In March both were higher with PT +17.2k and FT +15k resulting in growth of 3.3% y/y & 0.7% 3m/3m saar and 1.6% y/y & 0.7% 3m/3m saar respectively.
• Hours worked fell 0.3% m/m but the ABS noted that there was a “higher than usual number of people reported working reduced hours this month due to bad weather, coinciding with ex-Tropical Cyclone Alfred”. The decline was concentrated in FT falling 0.5% m/m, third consecutive decline, while PT rose 0.7%. 

BONDS: NZGBS: Closed With A Bull-Flattener Ahead Of Easter W/E

NZGBs closed showing a bull-flattener, with benchmark yields flat to 6bps lower. While the 10-year closed near bests, the 2-year finished 6bps cheaper than the session's best levels.

• The NZ-US 10-year yield differential finished 4bps tighter at +22bps.
• Cash US tsys are 2-4bps cheaper in today's Asia-Pac session after yesterday's solid rally.
• Domestically, Q1 inflation printed higher than expected at 0.9% q/q, bringing the annual rate to 2.5% up from 2.2% in Q4. However, the RBNZ's measure of underlying inflation from its sector factor model printed at 2.9% in Q1 after 3% in Q4, which was revised 0.1pp lower. Core inflation is now just under the top of the RBNZ's 1-3% target band and its lowest rate since Q2 2021.
• Today’s sale of NZ$275mn of the 3.00% Apr-29 bond and NZ$225mn of the 4.25% May-36 bond showed cover ratios of 3.20x to 4.00x, respectively.
• Swap rates closed flat to 4bps lower, with the 2s10s curve flatter.
• RBNZ dated OIS pricing closed flat to 2bps firmer across meetings after the release of Q1 CPI data. 27bps of easing is priced for May, with a cumulative 79bps by November 2025. The local market is closed until Tuesday for the Easter weekend.

NEW ZEALAND: Higher Headline, Non-Tradeables Inflation Continues To Moderate

Q1 inflation printed higher than expected at 0.9% q/q bringing the annual rate to 2.5% up from 2.2% in Q4. There was a pickup in both the tradeables and domestically-driven non-tradeables components, which is likely to mean that the RBNZ will continue easing in 25bp increments and there may be pauses at some meetings depending on the data. Global developments and significant uncertainty around their impact cloud this outlook but NZ inflation remains within the band. 

• Non-tradeables rose 1.1% q/q but Q1 is a seasonally high quarter thus the annual rate eased to 4.0% y/y from 4.5% y/y. This was the slowest since Q2 2021. Tertiary education made a large quarterly contribution.
• The largest contributor was rent rising 3.7% y/y, it has one of the largest weights in the basket. But they have moderated from a peak of 4.8% y/y in Q2 2024 and this was the first reading below 4% since Q1 2022. Lower immigration is easing pressure on the housing market. Local authority rates rose 12.2% y/y. Construction prices only increased 1.9% y/y.
• Tradeables have been driving disinflation but in Q1 rose 0.8% q/q, the highest quarterly rate since Q3 2023, which drove the annual rate back into positive territory at 0.3% from -1.1% in Q4. Petrol prices rose 4.6% q/q, the largest quarterly contributor, and higher excise added to tobacco.
• Statistics NZ noted that at less than a quarter “we are seeing the lowest proportion of the CPI basket increase in price by more than 5 percent over the last four years,” but it remains above the share pre-Covid, which should reassure the RBNZ but also make it cautious.
• CPI weights were updated.
• The RBNZ will release underlying inflation from its sectoral factor model at 1500 NZST/1300 AEST. 

NZ CPI y/y%

NEW ZEALAND: Core Inflation Trending Lower

The RBNZ’s measure of underlying inflation from its sector factor model printed at 2.9% in Q1 after 3% in Q4, which was revised 0.1pp lower. Core inflation is now just under the top of the RBNZ’s 1-3% target band and its lowest rate since Q2 2021, which should reassure the central bank that inflation is sustainably within the corridor. We expect another 25bp rate cut at its May 28 meeting.

NZ headline vs core CPI y/y%

• Core non-tradeable remains elevated but moderated 0.2pp to 4.3% y/y, the lowest in three years but still only 1.3pp below the Q2 2023 peak. The RBNZ would likely want to see this series ease further.
• Underlying tradeables inflation remains very low at 0.5% y/y (Q4 0.3% y/y) and in line with where it has been since Q2 2022.

NZ non-tradeables inflation y/y%

Source: MNI - Market News/LSEG/RBNZ

FOREX: FX Wrap - USD Bounces With Risk

The BBDXY had an Asian range of 1224.11 - 1228.83. The USD is bouncing as the market is trying to see positives emanating from the US-Japan trade talks with US equity futures holding onto their session gains. The USD has looked has fallen sharply in recent weeks as a rotation out of US assets seems to be gathering momentum and normal correlations with yield are breaking down. There may be scope to pare back some of these positions as we move into the long weekend. 

• EUR/USD -  Asian range 1.1356 - 1.1409, has drifted lower most of our session. Traders are targeting a move back to 1.2000 in the Euro as the USD’s safe haven role is reassessed. Do not discount some dips on route.
• GBP/USD - Asian range 1.3203 - 1.3254, dealing near the session lows. GBP seems to have finally found some offers back towards 1.3300, expects buyers to reemerge on dips back to 1.30/31.
• USD/CNH - Asian range 7.2978 - 7.3163, the USD/CNY fix printed lower at  7.2085. BBG reports, “ The Yuan could find support from Chinese importers as they start selling USD longs that they took out as hedges against the impact of trade wars.”
• USD/JPY -  Asian range 141.62 - 142.86, went bid as the market chose to view comments coming out of the US-Japan talks as positive, price has not been able to hold onto the break sub 142.00, expect sellers back towards the 144/145 zone with some 145.00($1.4bln) expiries tonight. Huge support level around 140, a break here could see yen gains accelerate.
• Cross asset : SPX futures +0.75%, Gold 3340, US 10yr 4.30%, BBDXY 1228, Crude oil 63.37.
• Data/Events : Ger PPI, ECB rate, US Housing starts, Initial Jobless claims. 

Fig 1: USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg

FOREX: Antipodean Wrap - AUD & NZD Struggling At Their Highs

The market is trying to see positives emanating from the US-Japan trade talks with equity futures holding onto their session gains (Eminis +0.75%). USD/CNY Fix prints 7.2085, the PBOC showing they are not in any hurry to get this cross higher. 

• AUD/USD - Asian range 0.6345 - 0.6377, AUD has traded heavy for most of the Asian session. Australia’s jobless rate rose to 4.1% in March, employment increased by 32k, less than the forecast of 40k. The market will be watching for signs of exhaustion in the A$ as the move higher finally stalls towards the 0.6400 area. Dips back to the 0.6250 area should find buyers once more.
• AUD/JPY - Asian range 90.25 - 90.81, AUD/JPY has bounced alongside risk as the market prefers to see put a positive spin on feedback from the US-Japan talks. Price goes into the London open around 90.50 firmly within its range of the week 0.8950/0.9150. The market wants a positive outcome, should it get this outcome expect the highs of 91.50/92.00 to be tested. Any negative slant though and we will see price action similar to yesterday and the JPY will be a favourite to own once more.
• NZDUSD - Asian range 0.5909 - 0.5944, an upside surprise in CPI rules out a 50bps cut ? The market initially tried to bounce but once again traded poorly back towards the 0.5950 area and has fallen quickly back to go into London near the overnight lows. Price action like the AUD is pointing to momentum stalling and potential for some reversion back to the mean. Expect buyers to return first around 0.5800/30, then around 0.5750.
• AUD/NZD - Asian range 1.0725 - 1.0761, the cross has drifted sideways in the Asian session, not shifting greatly following the data outcomes. 

Fig 1 : AUD/USD Spot 15min Chart

Source: MNI - Market News/Bloomberg
 

ASIA STOCKS: A Broadly Positive Day Ahead of Holidays

A mostly positive day across the region after the US and Japan trade negotiations showed positive signs, with President Trump suggesting progress was happening.  Tariff risks and trade talks are quick to drive sentiment at present as the trade war looms large over the region. 

• China’s Hang Seng was one of the strongest in the region, rising +1.62%, following yesterday’s declines.  The Hang Seng has risen in seven out of eight trading sessions capping off a remarkable period.  The CSI 300 didn’t follow suit today finishing where it started whilst Shanghai Comp was up +0.20% and Shenzhen up +0.75%.
• The KOSPI rose +0.64% today, following the BOK’s decision to remain on hold, clawing back half of yesterday's losses.
• In Singapore the Straits Times has had a very strong day rising +1.35%, whilst in the Philippines the PSEi was one of the few fallers today, down -0.80%.
• Malaysia’s FTSE Malay KLCI was up +0.53% to almost erase yesterday’s losses.
• Indonesia’s Jakarta Composite was up +0.20% recouping a third of yesterday's losses.
• India’s NIFTY 50 is opening weaker today, down -0.20% following a very strong start to the week. 

ASIA STOCKS: India Has First Inflow In Eight Trading Days. 

After eight straight trading days of meaningful outflows totaling nearly $4bn, India finally had a significant inflow on the 15th  as Korea’s outflows year to date top $12bn and Taiwan tops $19bn.   

• South Korea: Recorded outflows of -$413m as of yesterday, bringing the 5-day total to -$900m. 2025 to date flows are -$12,211m. The 5-day average is -$180m, the 20-day average is -$369m and the 100-day average of -$157m.
• Taiwan: Had outflows of -$707m as of yesterday, with total outflows of -$459m over the past 5 days. YTD flows are negative at -$19,063. The 5-day average is --$92m, the 20-day average of -$253m and the 100-day average of -$245m.
• India: Had inflows of +$793m as of the 15th, with total outflows of -$1,583m over the past 5 days.  YTD flows are negative -$15,956m.  The 5-day average is -$317m, the 20-day average of -$14m and the 100-day average of -$148m.
• Indonesia: Had outflows of -$488m as of yesterday, with total outflows of -$831m over the prior five days.  YTD flows are negative -$2,953m.  The 5-day average is -$166m, the 20-day average -$77m and the 100-day average -$43m
• Thailand: Recorded inflows of +$20m as of yesterday, outflows totaling -$45m over the past 5 days. YTD flows are negative at -$1,376m. The 5-day average is -$9m, the 20-day average of -$24m the 100-day average of -$18m.
• Malaysia: Recorded outflows of -$35m as of yesterday, totaling -$81m over the past 5 days. YTD flows are negative at -$2,859m. The 5-day average is -$16m, the 20-day average of -$58m the 100-day average of -$40m.
• Philippines: Saw inflows of +$0m as of yesterday, with net inflows of +$5m over the past 5 days. YTD flows are negative at -$287m. The 5-day average is +$1m, the 20-day average of -$4m the 100-day average of -$5m.

OIL: Crude’s Rally Continues On Iran Supply Outlook & US Stock Data

Oil prices have continued Wednesday’s rally during today’s APAC trading driven by the US stating it will be stricter on Iranian exports and will pressure them to zero if needed. The fall in crude stocks at Cushing and the better risk tone have also contributed to the rally. They rose over 2% yesterday and are around 1% higher today. 

• WTI is up 1.4% to $63.37/bbl, close to the intraday high, after rising 2.1% yesterday. Brent is 1.1% higher at $66.59/bbl following Wednesday’s 2.15% increase. Both remain below initial resistance.
• The EIA reported that US crude stocks rose 515k barrels last week, the third consecutive weekly rise, but they fell 650k at Cushing and product inventories continued to decline with distillate down 1.85mn and gasoline 1.96mn, the seventh straight fall. The 0.4pp drop in refinery utilisation to 86.3% likely contributed to the trends but fuel demand looks solid.
• The US Treasury has penalised a second refinery in China for allegedly accepting Iranian crude, according to Bloomberg, but both countries have found ways to avoid detection. But Iran has warned that nuclear talks could be derailed if the US “moves the goalposts”.
• OPEC decided to reduce its output cuts this month more than expected in exchange for greater quota compliance. However, Russia, Iraq and especially Kazakhstan continue to overproduce.
• Later the Fed’s Barr speaks and US March housing data, jobless claims and April Philly Fed print. The ECB decision is announced and it is expected to cut rates another 25bp (see MNI ECB preview).
• Oil won’t trade on Good Friday. 

Gold Retreats from New Highs. 

• Gold leapt above all prior highs overnight, smashing through the US$3,300 barrier and challenging all forecasts at the beginning of 2025
• Federal Reserve Chairman Powell warned that the trade tension and tariff war could result in inflation and hence the US Central Reserve is in no rush to cut rates whilst the WTO cut is forecast for merchandise trade as uncertainty reigns on tariffs.  This  equities lower and gold higher overnight which carried into the opening of the trading day in Asia.
• Opening at  $3,342.19 and moving higher initially to $3,357.78, gold retreated in the afternoon in Asia to reach $3,339.75. 

SOUTH KOREA: Country Wrap : BOK on Hold – Cuts to Come 

• As forecast, the BOK left rates unchanged at 2.75% with five out of six members voted to keep rates on hold today in what was seen by the market as a close call.  In the press statement following, Governor Rhee indicated some concerns about downward pressure on growth and that the political uncertainties lasted longer than the members expected.  Rhee indicated that the extra budget should have a modest impact on growth   He also reiterated his belief in forward guidance.  The governor expects FX volatility to remain driven by US tariffs and political uncertainty but would not be drawn on a level for the Won.  Rhee was clear that all six voting members were open to the idea of a further rate cut in the next 3 months.  (source MNI – Market News)
• The KOSPI rose +0.64% today, following the BOK's decision to remain on hold, clawing back half of yesterday's losses.
• KRW was weaker today falling -0.12% to 1,417.31 to take it back to unchanged for the week.
• Bonds – the KTB 10Yr was modestly higher in yield post the BOK at 2.64% whilst short bonds turned lower in yield by up to 1bp

CHINA: Country Wrap:  Goldmans Flags US$800bn of China Outflows

• US investors may be forced to sell around $800 billion of Chinese equities in an extreme scenario of financial decoupling between the US and China.  In the same scenario, Chinese investors might need to unload their US financial assets, which could amount to $1.7 trillion.  Goldman Sachs estimates that US institutional investors currently own about $250 billion worth of Chinese ADRs, or 26% of the total market value. (source BBG)
• Chinese refiners are importing record amounts of Canadian crude after slashing purchases of US oil by roughly 90% amid escalating trade tensions.   A pipeline expansion in Western Canada that opened less than a year ago has presented China and other East Asian oil importers with expanded access to the vast crude reserves in Alberta’s oilsands region.   (source BBG)
• China's Hang Seng was one of the strongest in the region, rising +1.62%, following yesterday's declines. The Hang Seng has risen in seven out of eight trading sessions capping off a remarkable period. The CSI 300 didn't follow suit today finishing where it started whilst Shanghai Comp was up +0.20% and Shenzhen up +0.75%.
• CNY:  Yuan Reference Rate at 7.2085 Per USD; Estimate 7.3121
• Bonds had a very quiet day with the CGB 10YR unchanged at 1.64%

INDIA: Country Wrap:  India Accelerates FTA Discussions with EU

• India’s central bank has again held back its primary cash management operation, stoking speculation about a possible shift in how the authority handles bank liquidity.  The Reserve Bank of India said Wednesday it would not conduct its usual 14-day cash operations for the fortnight April 17 to May 2 based on a review of evolving liquidity conditions. That would mark the third straight fortnight it has cancelled the window.   (source BBG)
• In the backdrop of global trade being rocked by tariffs imposed by the US and threats of more coming soon, India and the European Union (EU) have stepped on the accelerator on their long-in-the-works free trade agreement (FTA).  In the latest round of talks between the two sides in Brussels on 10-14 March, a move to reduce duties on textile exports from India and premium alcoholic beverages from the EU has emerged as a key negotiation manoeuvre, three people aware of the matter told Mint on the condition of anonymity.   (source BBG)
• NIFTY 50 is opening weaker today, down -0.20% following a very strong start to the week.
• INR has had another strong day rising +0.183% to 85.52.
• Bonds continue their grind lower with the IGB 10YR at 6.38%  (- 1bps today)

MALAYSIA: Country Wrap:  Xi in Malaysia

• At a state dinner on Wednesday, President Xi emphasized the need for Asian nation cooperation, promoting the notion of an ‘Asian family’ stating that ‘ China and Malaysia will stand with countries in the region to combat the undercurrents of geopolitical and bloc-based confrontation" and "Together we will safeguard the bright prospects of our Asian family." (source BBG)
• Malaysia’s Prime Minister Anwar held discussions with Japan’s Ishiba concerning US reciprocal tariffs.  Anwar emphasised “Malaysia has held discussions with the leadership of Asean countries besides expressing agreement and solidarity to continue negotiations with the United States on this matter.”  (source BBG)
• Malaysia's FTSE Malay KLCI was up +0.53% to almost erase yesterday's losses.
• MYR was marginally weaker today by -0.05% at 4.4135
• Bonds were higher in yield at shorter end with worst performer the 7YR at 3.66% (+3bps)

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
17/04/2025	0600/0800	**	DE	PPI
17/04/2025	1100/0700	***	TR	Turkey Benchmark Rate
17/04/2025	1215/1415	***	EU	ECB Deposit Rate
17/04/2025	1215/1415	***	EU	ECB Main Refi Rate
17/04/2025	1215/1415	***	EU	ECB Marginal Lending Rate
17/04/2025	1230/0830	***	US	Jobless Claims
17/04/2025	1230/0830	**	US	WASDE Weekly Import/Export
17/04/2025	1230/0830	*	CA	International Canadian Transaction in Securities
17/04/2025	1230/0830	***	US	Housing Starts
17/04/2025	1230/0830	**	US	Philadelphia Fed Manufacturing Index
17/04/2025	1245/1445		EU	ECB Monetary Policy press conference
17/04/2025	1400/1000	*	US	US Bill 08 Week Treasury Auction Result
17/04/2025	1400/1000	**	US	US Bill 04 Week Treasury Auction Result
17/04/2025	1430/1030	**	US	Natural Gas Stocks
17/04/2025	1530/1130	**	US	US Treasury Auction Result for TIPS 5 Year Note
17/04/2025	1545/1145		US	Fed Governor Michael Barr
17/04/2025	1700/1300	**	US	Baker Hughes Rig Count Overview - Weekly
17/04/2025	1700/1300	**	US	Baker Hughes Rig Count Overview - Weekly
18/04/2025	2330/0830	***	JP	CPI