MNI EUROPEAN MARKETS ANALYSIS: US Tsys Up On Safe Haven Flows

• Asia Pac markets have seen a strong risk off tone, following Thursday's remarks from US President Trump that tariffs on Mexico and Canada would be enacted on March 4, while on the same day tariffs on China imports would also rise by a further 10%.
• Regional equity markets have slumped, with the softer tech undertone also weighing. US Tsys have seen a safe haven bid, while higher beta FX plays have underperformed. Gold continues to track weaker, while Bitcoin is off a further 5%.
• Later US January income/spending, PCE prices, merchandise trade and February MNI Chicago PMI are released. Elsewhere January German retail sales/unemployment, German/French/Italian February CPIs and Canadian December/Q4 GDP print. BoE’s Ramsden speaks.

MARKETS

US TSYS: Tsys Futures Edges Higher As Investors Look For Safe Haven

• Treasury futures have rallied as investors sought safe-haven assets amid growing expectations of earlier Federal Reserve rate cuts. Despite Fed officials maintaining their stance on an extended pause in rate changes, global markets are reacting to an looming trade war sparked by U.S. policies, particularly tariffs. 
• TU is trading +03+ at 103-13⅝, while TY is trading +13+ at 111-02. TY has now broken through 110-31 (1.00 proj of the Jan 13 - Feb 7 - Feb 12 price swing) and 111-00 (Round number resistance)
• Cash tsys are trading 2-4bps richer, with the belly outperforming. The 2s7s30s fly is -1.5bps at -26.623 and has dropped about 16bps over the past week or so. The  2yr is -2.7bps at 4.024%, 7yr outperforming -3.8bps at 4.131%, while the 10yr is -3.3bps at 4.227%
• Fed-dated OIS was broadly unchanged on the day, around 57bp of rate cuts remains priced by the December FOMC with approximately 7bps of easing priced into the May policy meeting
• Later today we have Personal Spending/Income, PCE, Wholesale Inventories & MNI Chicago PMI

STIR: $-Bloc Markets Soften Sharply, Outside NZ, Over the Past Week

In the $-bloc, rate expectations through December 2025 have softened sharply over the past week, except in New Zealand, where pricing remains largely unchanged. The US and Canada are down 25bps and 23bps, respectively, while Australia has eased 17bps. 

• In Australia, the key development was the release of January’s Monthly CPI. Headline inflation came in slightly lower than expected at 2.5% y/y, matching December’s figure. However, the underlying trimmed mean edged up 0.1pp to 2.8%, still below the upper bound of the RBA’s 2-3% target range. Given that the first month of the quarter provides limited updates on services inflation, the seasonally adjusted data suggests the RBA will remain cautious, reiterating that “upside risks remain.”
• That said, the biggest driver of pricing shifts this week was the broader risk-off sentiment in markets as US trade policies continued to be rolled out. President Trump confirmed a March 4 tariff timeline for Canada, Mexico, and China, with the latter facing an additional 10% tariff on top of the existing 10% levy.
• Looking ahead to December 2025, the projected official rates and cumulative easing across the $-bloc are as follows: US (FOMC): 3.71%, -63bps; Canada (BOC): 2.40%, -60bps; Australia (RBA): 3.49%, -61bps; and New Zealand (RBNZ): 3.04%, -71bps.

Figure 1: $-Bloc STIR (%)

Source: MNI – Market News / Bloomberg

GLOBAL MACRO: Asia Exposed Directly & Indirectly To Increased US Tariffs

As we have discussed previously, Canada and Mexico are extremely vulnerable to US tariffs which President Trump has said will be implemented at 25% from March 4. He also said there will be an additional 10% on imports from China following 10% imposed earlier in February. Other Asian countries are yet to be targeted but most have large export shares to China and could be indirectly impacted. However, China may support its own growth with subsidies and stimulus, thus muting the impact of the US’ trade policy on itself and APAC.

• Both AUD & NZD are sensitive to the global growth outlook, which is expected to be negatively impacted by increased protectionism, but are also highly exposed to China. In 2024, not only was China their largest destination but it accounted for around 34% of Australian goods exports and almost 20% of NZ’s.  

2024 exports to China %

• Australia has one of the lowest exposures to the US in APAC at only 4.6% of 2024 exports. NZ is a lot more exposed at 12.7% but given it predominantly exports agricultural products it should find alternative markets.
• While Indonesian exports have a lower exposure to the US, they are one of the most exposed to a downturn in China with 24% of 2024 shipments going there. Taiwan and Korea are also vulnerable.
• Taiwan and Thailand overtook Japan and Korea as the traders with the highest export share to the US. They also account for over 10% of their economies. The US is a higher share of total exports in all four countries than in the euro area, which Trump has attacked. Taiwan is a large chip manufacturer and Trump has said that the sector will be targeted. 

2024 exports to US (ex NAFTA) %

Source: MNI - Market News/Refinitiv

JGBS: Lower Than Expected Tokyo CPI & Risk-Off Drive Rally

JGB futures are stronger but slightly off session bests, +26 compared to settlement levels.

• Japan's Feb Tokyo CPI print came in below expectations. The headline printed at 2.9% y/y, against a 3.2% forecast and prior outcome of 3.4%. Ex fresh food was 2.2%y/y (forecast of 2.3% and 2.5% prior). The ex-fresh food, energy measure was 1.9%y/y, unchanged from Jan, but under the 2.0% forecast.
• "The BoJ will keep tapering its government bond purchases despite recent rises in yields, deputy governor Shinichi Uchida said on Friday, stressing its huge bond holdings continue to exert a strong stimulus effect on the economy." (per RTRS)
• Risk appetite has deteriorated in today’s Asia Pac session. Regional equity losses are being led by the tech sensitive plays in terms of Japan's Nikkei and the South Korean Kospi. The HSI in HK is also down. Tariff concerns and the Thursday tech plunge in US markets are weighing.
• Cash US tsys are 3-4bps richer in today’s Asia-Pac session.
• Cash JGBs are 2-4bps richer across benchmarks out the 20-year, and flat to 3bps cheaper beyond. The benchmark 10-year yield is 2.7bps lower at 1.374% versus the cycle high of 1.466%.
• Swap rates are 2-3bps lower. Swap spreads are mixed.
• On Monday, the local calendar will see Jibun Bank PMI Mfg.

STIR: BoJ-Dated OIS Pricing Softens Over Past Two Weeks

BoJ-dated OIS pricing has softened over the past two weeks, including today's reaction to weaker-than-expected Tokyo CPI across all measures. 

• Japan's Feb Tokyo CPI print came in below expectations. The headline printed at 2.9% y/y, against a 3.2% forecast and prior outcome of 3.4%. Ex fresh food was 2.2%y/y (forecast of 2.3% and 2.5% prior). The ex-fresh food, energy measure was 1.9%y/y, unchanged from Jan, but under the 2.0% forecast.
• BoJ Deputy Governor Shinichi Uchida reiterated in Parliament today that the BoJ will raise interest rates and adjust the degree of monetary easing if its price outlook materialises. He emphasised that the central bank's policy aims at price stability, not at accommodating government financing needs (per BBG).
• The move over the past two weeks leaves pricing little changed compared to late January levels.  
• Markets currently assign a 0% probability to a 25bp hike in March, a cumulative 47% chance by June, and fully price in a 25bp increase by October— two ago a hike was fully priced by September.

Figure 1: BoJ-Dated OIS – Today Vs. Friday 14 February

Source: MNI – Market News / Bloomberg

JAPAN DATA: Tokyo CPI Below Forecasts On Lower Food & Utility Prices

Japan's Feb Tokyo CPI print came in below expectations. The headline printed at 2.9%y/y, against a 3.2% forecast and prior outcome of 3.4%. Ex fresh food was 2.2%y/y (forecast of 2.3% and 2.5% prior). The ex fresh food, energy measure was 1.9%y/y, unchanged from Jan, but under the 2.0% forecast. The trends of these indices are presented in the chart below.

•  In m/m terms headline CPI fell 0.3% (seasonally adjusted), with goods prices down -0.6%, after a 1.2% gain prior. Services rose 0.1%, after a modest fall in Jan. The core ex all food and energy measure also rose 0.2%m/m, offsetting Jan's 0.2% dip. This is not in seasonally adjusted terms though.
• Food prices fell -0.8% m/m (with fresh food down -5.6%), while utilities were off by -4.9%m/m. This owed to government subsidies impacting energy prices.
• Other components were mixed, with household goods and clothing recovering from Jan dips. Entertainment rose 0.5% after falling 1.7%m/m in Jan. Medical care and transport were flat though.
• In y/y terms, most components saw softer y/y outcomes relative to the Jan print. The strongest y/y pace remains food and utilities, education the weakest.
• The softer food print will likely be welcome by the authorities, with BoJ Governor Ueda noting it was a watch point recently. Underlying trends still look favorably for broader inflation (the core-core print was still close to 2%), but today's outcome is unlikely to generate a hawkish market reaction in terms of the BoJ outlook. 

Fig 1: Tokyo CPI Y/Y Trends - Feb Momentum Slowed, Aided By Lower Food & Utility Prices 

Source: MNI - Market News/Bloomberg 

AUSSIE BONDS: Richer With Risk-Off Sentiment, Q4 GDP Partials On Monday

ACGBs (YM +4.0 & XM +4.0) are stronger and near session highs. 

• While the RBA noted in its December meeting minutes that “financial conditions remained restrictive”, it observed that there “were indications that financial conditions were not restraining credit growth as much as had been expected”. The January RBA private credit data were consistent with this view as total credit increased a further 0.5% m/m to be up 6.5% y/y, in line with December and the fastest in almost two years. The February RBA minutes are published on March 4.
• Cash US tsys are 3-4bps richer in today’s Asia-Pac session after yesterday’s modest twist-steepener.
• Cash ACGBs are 4-5bps richer with the AU-US 10-year yield differential at +7bps.
• The bills strip has bull-flattened with pricing flat to +6.
• RBA-dated OIS pricing shows a 25bp rate cut in April as a 9% probability, with a cumulative 59bps of easing priced by year-end (based on an effective cash rate of 4.09%).
• On Monday, the local calendar will see CoreLogic Home Values, S&P Global PMI Mfg and Melbourne Institute Inflation data alongside Q4 GDP partials, namely Company Operating Profit and Inventories.  
• Next week, the AOFM plans to sell A$800mn of the 4.25% 21 March 2036 bond on Wednesday and A$700mn of the 1.00% 21 December 2030 bond on Friday. 

AUSTRALIA DATA: Credit Growth Trending Higher Despite Restrictive Policy

While the RBA noted in its December meeting minutes that “financial conditions remained restrictive”, it observed that there “were indications that financial conditions were not restraining credit growth as much as had been expected”. The January RBA private credit data were consistent with this view as total credit increased a further 0.5% m/m to be up 6.5% y/y, in line with December and the fastest in almost two years. The February RBA minutes are published on March 4.

• Major sectors have recovered since 2023 with non-financial business credit up 8.8% y/y in January up from 6.7% y/y a year ago and housing +5.6% y/y up from 4.2% y/y. Personal credit remains positive but slowed to 2.2% y/y in January from 2.8% but is in line with January 2024.
• Broad money growth has slowed but is still at 5.2% y/y after 5.3% in December and in line with the 2024 average. 

Australia private credit 12m % change

BONDS: NZGBS: Closed Richer, Risk-Off, Cons Conf Off Lows But HH Exp Subdued

NZGBs closed at session bests, with benchmark yields 9bps lower. 

• Risk appetite has deteriorated in today’s Asia Pac session. Regional equity losses are being led by the tech sensitive plays in terms of Japan's Nikkei and the South Korean Kospi. The HSI in HK is also down. Tariff concerns and the Thursday tech plunge in US markets are weighing.
• Cash US tsys are 3-4bps richer after yesterday’s modest twist-steepener.
• ANZ consumer confidence rose 0.6% m/m to 96.6 in February and is materially above April 2024’s 82.1 but consumers remain cautious, especially about the outlook.
• While confidence is off its recent lows, it is signalling subdued household expenditure for now as the labour market remains soft. The RBNZ is expected to cut rates by 25bp in April and May.
• Housing Minister Chris Bishop announces proposed changes to infrastructure funding, as part of plans to accelerate construction, in a speech Friday in Wellington (per BBG).
• Swap rates closed 6-7bps lower.
• RBNZ dated OIS pricing closed showing 26 bps of easing priced for April, with a cumulative 69 bps by November 2025.
• On Monday, the local calendar will see Q4 Terms of Trade Index data.

NEW ZEALAND: Households Remain Cautious

ANZ consumer confidence rose 0.6% m/m to 96.6 in February and is materially above April 2024’s 82.1 but consumers remain cautious, especially about the outlook. Also, sentiment in Q1 remains below Q4 and December’s recent peak of 100.2. The RBNZ rate cuts have helped to boost current conditions, which rose almost 3 points to 86.7, but they are also below December’s level. While confidence is off its recent lows, it is signalling subdued household expenditure for now as the labour market remains soft. The RBNZ is expected to cut rates 25bp in April and May.

• The RBNZ is forecasting the unemployment rate to begin falling in H2 2025 and that along with further monetary easing should help support consumer confidence and spending over the year.
• The “good time to buy a major household item” rose 1 point but remained negative at -15.
• Inflation expectations were fairly stable at 4.0% up from 3.9% in January. ANZ suggests that this indicator may have stabilised in line with petrol prices.
• Some of the details were very subdued with only 21% expecting to be better off in a year, down 2pp, perception on the economy in 12 months fell 1pp to -16% and current personal finances are down 5pp to -12%. 

NZ consumer

NEW ZEALAND: Early Signs Of Labour Market Stabilisation

January filled jobs rose 0.3% m/m but are still down 1.2% y/y, which was an improvement from December’s -1.5% y/y. 3-month momentum posted a small annualised rise, the first since April 2024, suggesting the labour market may be stabilising. The monthly rise was driven by the services sector. The RBNZ expects the unemployment rate to decline to 4.9% by year end after peaking at 5.2% in H1.

• Services filled jobs rose 0.5% m/m, while primary and goods-producing industries both fell 0.2% m/m.
• Over the last year, the construction and admin services sectors drove the weakness in employment with filled jobs down 6.6% y/y and 7% y/y respectively. Education, manufacturing and health care have all seen increases.
• The weakness in the jobs market has been broad based by region and age group. Young people have seen the sharpest decline in employment in the last year with 15-19 year olds -11% y/y. The 35-39 yrs group is the only one to record a rise up 2.6% y/y.
• Vacancy data is also consistent with a stabilisation in the labour market with January SEEK job ads up 4.1% m/m but still down 17.4% y/y improving from -21.9% y/y.

NZ employment situation

FOREX: Tariff Threat Drives FX Risk Off, NZD/JPY Back Close To Aug 2024 Lows

Risk off has been the focus in the first part of Friday trade, with JPY and CHF the only G10 currencies higher against the USD at this stage. NZD and AUD have been underperformers. The USD BBDXY index is tracking modestly firmer, up +0.10%, to be near 1295.5. For the week, the index is up a little over 0.70%, which would be the first weekly gain since end Jan. Tariff concerns and the associated spill over to equity losses is the main driver of sentiment today, particularly in terms of yen crosses. 

• NZD/USD was last close to 0.5600, off around 0.50%. This is close to key support and a break here would then open up a move to retest the Feb 3 lows of 0.5516. Earlier data showed stabilizing labor market trends, while still cautious consumer sentiment. These prints didn't impact FX sentiment.
• NZD/JPY has fallen under 84.00, tracking lower for the 4th straight session. The pair is back to levels last seen in the early August risk off episode from last year. Lows at that juncture were at 83.07 (current levels sit near 83.80).
• AUD/USD is near 0.6210/15, off around 0.35%, so slightly outperforming NZD. Downside focus for this pair is 0.6171 the Feb 4 low and 0.6088 the Feb 3 low. AUD/JPY is just under 93.00. note August 2024 lows for the pair were 90.15.
• USD/JPY got to highs of 150.15, after we saw weaker than expected Tokyo CPI figures for February, but broader risk off trends soon took over. We hit lows of 149.10, but now sit back  around 149.60/65, up in yen terms by close to 0.10%.
• Regional equity markets are all down sharply, the Asia Pac MSCI off 2%. US equity futures are close to flat, but have struggled for upside traction.
• US yields are lower by around 2-4bps as Tsys see safe haven demand.
• Looking ahead, German retail sales/unemployment, German/French/Italian February CPIs and Canadian December/Q4 GDP print. BoE’s Ramsden speaks. In the US, January income/spending, PCE prices, merchandise trade and February MNI Chicago PMI are released.

ASIA STOCKS: Equities Plunge, Tracking Wall Street's Losses As Tariffs Near

JAPAN DATA: Offshore Investors Dump Local Stocks

Offshore investors were heavy sellers of local Japan stocks last week, see the table below. Last week's net outflow was the largest since mid September. It also marks the fourth straight week of outflows dating back to the end of January. This fits with the price action in local stocks, with the Nikkei 225 threatening to break under 38000. Indeed we may have seen such outflow trends continue this week, given the tech related equity losses seen in recent sessions. 

• Offshore investors continued to buy local bonds though. This marked the second straight week of inflows, although the cumulative trend back to late 2024 is around flat for this segment (unlike equities which have been negative).
• In terms of Japan outbound flows, we saw net selling of offshore bonds, largely offsetting the prior week's purchases.
• Local investors continued to purchase offshore equities, albeit in very modest size. 

Table 1: Japan Weekly Offshore Investment Flows 

Source: MNI - Market News/Bloomberg 

ASIA STOCKS: Foreign Investors Continue Dumping Asian Equities

Another heavy day of outflows for Taiwan taking the past 5 session's to a net flow of about $2.5b. Investors have been dumping Asian equities this past week as tech stocks sell-off and Trump's Tariffs deadlines near.

• South Korea: Recorded -$159m in outflows yesterday, bringing the 5-day total to -$960m. YTD flows remain negative at -$2.59b. The 5-day average is -$192m, worse than the 20-day average of -$119m and the 100-day average of -$115m.
• Taiwan: Posted -$1.08b in outflows yesterday, bringing the 5-day total to -$2.49b. YTD flows remain negative at -$5.15b. The 5-day average is -$499m, significantly worse than the 20-day average of -$167m and the 100-day average of -$103m.
• India: Recorded -$326m in outflows Wednesday, bringing the 5-day total to -$841m. YTD outflows remain heavy at -$12.52b. The 5-day average is -$168m, better than the 20-day average of -$243m, but in line with the 100-day average of -$243m.
• Indonesia: Posted -$113m in outflows yesterday, bringing the 5-day total to -$490m. YTD flows remain negative at -$1.16b. The 5-day average is -$98m, worse than the 20-day average of -$46m and the 100-day average of -$33m.
• Thailand: Saw -$75m in outflows yesterday, bringing the 5-day total to -$176m. YTD flows remain negative at -$381m. The 5-day average is -$35m, worse than the 20-day average of -$7m, but better than the 100-day average of -$19m.
• Malaysia: Registered -$18m in outflows yesterday, bringing the 5-day total to -$159m. YTD flows are negative at -$1.05b. The 5-day average is -$32m, worse than the 20-day average of -$20m, but better than the 100-day average of -$27m.
• Philippines: Recorded -$6m in outflows yesterday, bringing the 5-day total to -$31m. YTD flows remain negative at -$200m. The 5-day average is -$6m, worse than the 20-day average of -$4m and in line with the 100-day average of -$6m.

Table 1: EM Asia Equity Flows

OIL: Crude Impacted By Softer Risk Sentiment After Rallying Yesterday

Oil prices have held onto most of Thursday’s tariff-related gains and are only down moderately during the APAC session today driven by softer risk appetite. The benchmarks have traded in a narrow range with WTI 0.5% lower at $69.97/bbl, and Brent down 0.5% to $73.22/bbl. Technical trends remain bearish for both. The USD index is 0.1% higher.

• Both benchmarks look like they will be down 2-3% in February as concerns regarding global demand and higher supply pressured prices. In some sessions tariff news drove a crude rally due to their inflationary impact and in others it sold off on global growth and sentiment worries.
• If US tariffs on Canada are implemented on March 4, they will include 10% on energy imports. Around 4mbd come from Canada to US refiners.
• Hopes that peace in Ukraine will ease sanctions on Russian energy exports also weighed on oil prices this month. President Trump meets President Zelensky today and while the former has said that negotiations are “very well advanced” a deal still seems a long way off with Russia refusing to accept foreign peacekeepers on Ukrainian soil. The US has said it will work with Ukraine to develop its oil & gas sector.
• Later US January income/spending, PCE prices, merchandise trade and February MNI Chicago PMI are released. Elsewhere January German retail sales/unemployment, German/French/Italian February CPIs and Canadian December/Q4 GDP print. BoE’s Ramsden speaks.

GOLD: Set For First Weekly Decline Of 2025

Gold has continued to to lose ground in the first part of Friday trade. We were last near $2862, off around 0.50% versus end NY closing levels from Thursday. At this stage gold is tracking down close to 2.5% for the week, which is the first weekly of the year for bullion. 

• Current levels put us under the 20-day EMA support zone (near $2882). The next downside level would be support at $2,834.3, the Feb 6 low.
• Risk aversion has clearly stepped up, particularly in the equity space. The MSCI Asia Pac index is down 2% so far today, following sharp US losses in Thursday trade. Tariff threats from the Trump administration that Mexico and Canada tariffs will be enacted on March 4, while China tariffs will also be raised by 10% on this date, are a clear headwind.
• Gold isn't benefiting from such trends though, as liquidation flows appear to be weighing on popular longs/outperformers across various asset classes, including bullion. Bitcoin has slumped a further 4.5% today, last near $80k (fresh lows since Nov last year).
• The USD index is also a touch higher and is up 0.72% so far this week.
• Bloomberg note increased interest in gold backed ETFs in China, which is a source of underlying support (see this link). 

CHINA DATA: Official PMIs For February Print Tomorrow, Caixin Reads Next Week

China’s February PMIs are projected to show a distorted view of manufacturing and services given the Lunar New Year holidays that led into the start of the month.

•  First up will see the release of the Official Manufacturing and Non-Manufacturing PMIs which give a snapshot of state owned enterprises. In March 2023, the Official Manufacturing PMI slipped into contraction (i.e. below 50) and continued to bounce between 49.1 and the occasional expansion. The reading for January was 49.1 and market surveys (despite the holiday interruptions) are for a modest recovery to 49.9. This would still be just under the expansion zone. The market survey range is 49.0-50.3.
• The Services PMI is forecast to expand to 50.4, from a prior read of 50.2. The Standard Charted China SME survey for Feb edged down to 50.38 from 50.92 in Jan, which was the highest print since May 2024.
• Later in the week Caixin PMIs are released. Caixin PMI’s focus on the Private Sector, which whilst not in significant expansion has maintained a modest above 50 result in recent months. Current forecasts for February are to increase to 50.4 from 50.1 for Manufacturing, and Caixin PMI services expected to continue to be firm at 50.8 (albeit down slightly from Jan's print of 51.0). 

ASIA FX: CNH Supported By Steady CNY Fixing, KRW Slumps Nearly 1%

In North East Asian FX markets, the yuan has outperformed compared to the won. USD/CNH sits back under 7.3000, up slightly in CNH terms for the session. In contrast, USD/KRW has rallied close to 1%, last near 1460. The tariff threat and its implications for world trade, along with slumping equities (led by the tech side) has driven won losses. 

• USD/CNH earlier highs were just above 7.3020, but we last tracked near 7.2950. The steady USD/CNY fixing has helped stabilize yuan sentiment. The fixing was virtually unchanged, with the wider fixing error accounting for much of the USD gains in the past 24 hours. This signals that the authorities don't want to encourage further yuan weakness in the near term, even with the threat of a further 10% tariffs on China imports into the US. US President Trump stated these tariffs would enacted from March 4, so next Tuesday. Trump has already raised tariffs on China goods by 10%.  USD/CNH is around 0.50% higher for the week, but this trails broader USD index gains (BBDXY up over 0.70%).
• If fresh tariff increases transpire from the US, we may see further yuan depreciation pressures emerge. For USD/CNH, Feb 12 highs were at 7.3247, while on Feb 4 we touched 7.3365. On the downside, support may be evident around 7.2800, which is where both the 20 and 50-day EMAs rest.
• Note tomorrow we get official PMI prints for Feb.
• Spot USD/KRW sits around 1460 in latest dealings, fresh highs since early Fed. Tariff concerns, along with a slump in domestic equities has weighed on the won. The Kospi is off over 3%, as tech underperformance coincides with these latest tariff threats. South Korea officials are watching FX and broader market moves. If we see spot USD/KRW rise above 1470, intervention risks are likely to increase. Feb trade figures print tomorrow for South Korea. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
28/02/2025	0700/0800	***	SE	GDP
28/02/2025	0700/0800	**	SE	Retail Sales
28/02/2025	0700/0800	**	DE	Import/Export Prices
28/02/2025	0700/0800	**	DE	Retail Sales
28/02/2025	0700/0700		GB	BOE's Ramsden speech on MonPol in geopolitical fragmentation
28/02/2025	0700/0700	*	GB	Nationwide House Price Index
28/02/2025	0730/0830	**	CH	Retail Sales
28/02/2025	0745/0845	***	FR	HICP (p)
28/02/2025	0745/0845	**	FR	Consumer Spending
28/02/2025	0745/0845	***	FR	GDP (f)
28/02/2025	0800/0900	**	CH	KOF Economic Barometer
28/02/2025	0855/0955	**	DE	Unemployment
28/02/2025	0900/1000	***	DE	North Rhine Westphalia CPI
28/02/2025	0900/1000	***	DE	Bavaria CPI
28/02/2025	0900/1000	**	EU	ECB Consumer Expectations Survey
28/02/2025	0900/1000	***	DE	Baden Wuerttemberg CPI
28/02/2025	1000/1100	***	IT	HICP (p)
28/02/2025	1300/1400	***	DE	HICP (p)
28/02/2025	1330/0830	***	CA	GDP - Canadian Economic Accounts
28/02/2025	1330/0830	***	CA	Gross Domestic Product by Industry
28/02/2025	1330/0830	***	CA	CA GDP by Industry and GDP Canadian Economic Accounts Combined
28/02/2025	1330/0830	***	US	Personal Income and Consumption
28/02/2025	1330/0830	**	US	Advance Trade, Advance Business Inventories
28/02/2025	1445/0945	***	US	MNI Chicago PMI
28/02/2025	1600/1100		CA	Finance Dept monthly Fiscal Monitor (expected)
28/02/2025	1800/1300	**	US	Baker Hughes Rig Count Overview - Weekly
01/03/2025	0130/0930	***	CN	CFLP Manufacturing PMI
01/03/2025	0130/0930	**	CN	CFLP Non-Manufacturing PMI