MNI EUROPEAN OPEN: Aust Yields Surge On Jobs Data, A$ Up
EXECUTIVE SUMMARY
- RECORD US GOVERNMENT SHUTDOWN ENDS AS TRUMP SIGNS SPEDNIGN BILL - BBG
- FED'S COLLINS FAVORS HOLDING RATES FOR SOME TIME - MNI BRIEF
- FED WILL CUT IN DEC, MORE NEXT YEAR-REINHART - MNI BRIEF
- BOJ'S UEDA SEES UNDERLYING CPI TOWARD 2% TARGET - MNI BRIEF
- AUSSIE LABOUR MARKET TIGHTENS OVER OCTOBER - MNI BRIEF
Fig 1: Australian Unemployment Rate Ticks Back Down In October
Source: MNI - Market News/Bloomberg/Refinitiv.
UK
HOUSING (TIMES): “The UK housing market has suffered a “notable cooling’ before the autumn budget amid uncertainty around potential tax-raising measures, according to a closely-watched survey. Buyer demand, sales activity and new instructions all fell further into negative territory according to the Royal Institution of Chartered Surveyors (Rics) UK Residential Market Survey.”
ECONOMY (BBC): “The boss of one of the UK's largest online retailers has predicted automation and artificial intelligence (AI) will slash his workforce by two-thirds within the next three years.”
RUSSIA (TIMES): “Starmer aide sought to sidestep Trump with back channel to Russia. Jonathan Powell called the Putin adviser Yuri Ushakov after concerns that Europe was being sidelined from peace talks on Ukraine. They have not spoken since.”
EU
UKRAINE (BBC): “Ukraine's energy and justice ministers have resigned in the wake of a major investigation into corruption in the country's energy sector. President Volodymyr Zelensky called for Energy Minister Svitlana Grynchuk and Justice Minister Herman Halushchenko's removal on Wednesday.”
GERMANY (DW): “The conservative CDU/CSU alliance and the center-left Social Democrats (SPD) have agreed on a joint model for the new military service, according to sources within the coalition and reported on by German media and the AFP news agency. This was announced late Wednesday evening and comes after a long dispute between the coalition partners.”
GERMANY (POLITICO): “A leader of the far-right Alternative for Germany (AfD) party said Russian President Vladimir Putin’s Russia doesn’t pose a threat to his country — but that Poland potentially does.”
TRADE (BBG): "The European Union is set to propose a plan to the US that would implement the next phase of the trade agreement the two sides reached this summer, according to people familiar with the matter."
US
GOVERNMENT (BBG): "President Donald Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse that halted food aid to millions of households, canceled thousands of flights and forced federal workers to go unpaid for more than a month."
DATA (BBG): "The October jobs and consumer price index reports are unlikely to be released due to the government shutdown, White House Press Secretary Karoline Leavitt said Wednesday. "
FED (MNI BRIEF): Federal Reserve Bank of Boston President Susan Collins said Wednesday she supports holding interest rates steady for some time, in part so officials can assess some of the effects of the easing since September.
FED (MNI INTERVIEW): The Federal Reserve is likely to take out additional insurance against further labor market weakness by lowering interest rates again in December, and new leaders at the FOMC could cut borrowing costs more aggressively than the gradual easing likely to be depicted in the Summary of Economic Projections, former Fed Board division of monetary affairs chief Vincent Reinhart told MNI.
FED (MNI BRIEF): The Federal Reserve will return to buying assets to keep pace with demand for currency and other liabilities before too long, and policymakers will decide the ultimate composition of those purchases, Roberto Perli, manager of the System Open Market Account at the New York Fed, said Wednesday.
FED (MNI BRIEF): Federal Reserve policy is overly restrictive because underlying price pressure are being overstated by factors like lagging housing prices, Fed Governor Stephen Miran said Wednesday.
FED (MNI BRIEF): Federal Reserve Bank of Atlanta President Raphael Bostic, the first African American and openly gay president of a regional Fed bank, said Wednesday he intends to retire on February 28, 2026 after nearly nine years in the post.
OTHER
JAPAN (MNI BRIEF): Bank of Japan Governor Kazuo Ueda said Thursday that underlying CPI inflation, excluding temporary factors, is gradually moving toward the bank’s 2% target, and that the mechanism in which wages and prices rise moderately in tandem will be maintained.
JAPAN (MNI BRIEF): Japan’s corporate goods price index (CGPI) rose 2.7% y/y in October, down slightly from September’s revised 2.8%, while import prices posted a ninth consecutive decline, Bank of Japan data showed Thursday.
AUSTRALIA (MNI BRIEF): Australia’s unemployment rate fell 20 basis points to 4.3% in October, 10bp better than expected, as the economy added 42,000 jobs – double forecasts – the Australian Bureau of Statistics reported Thursday. Full-time employment rose by 55,000, including 29,000 women and 26,000 men, while part-time employment declined by 13,000. The drop in part-time roles was driven by women, whose part-time employment fell by 21,000, partly offset by an 8,000 increase among men.
CANADA (MNI): Bank of Canada officials discussed delaying cutting interest rates before agreeing to go ahead according to minutes of the Oct. 29 decision published Wednesday.
PHILIPPINES (BBG): “Philippine President Ferdinand Marcos Jr. said his administration will ramp up public spending which was hampered by a corruption scandal.”
CHINA
OCT DATA (YICAI): “Industrial output is expected to slow to 5.7% y/y in October from September’s 6.5%, as Oct manufacturing PMI fell again after rising for two consecutive months, according to economists surveyed by Yicai.com.”
PANDA BONDS (SECURITIES DAILY): "The Panda bond market has expanded rapidly with the cumulative issuance exceeding CNY1 trillion by the end of July, marking a significant milestone in the opening up of China's bond market, Securities Daily reported."
MNI: PBOC Net Injects CNY97.2 Bln via OMO Thursday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY190 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY97.2 billion after offsetting maturities of CNY92.8 billion today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.4556% at 09:35 am local time from the close of 1.4904% on Wednesday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 50 on Wednesday, the same as the close on Tuesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.
MNI: PBOC Sets Yuan Parity Higher At 7.0865 Thurs; +1.76% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.0865 on Thursday, compared with 7.0833 set on Wednesday. The fixing was estimated at 7.1148 by Bloomberg survey today.
MARKET DATA
UK OCT. RICS HOUSE PRICE BALANCE FALL TO -19%; EST. -14%; SEP. -17%
AUSTRALIA NOV. MELBOURNE INSTITUTE CONSUMER INFLATION EXPECTATIONS 4.5%; OCT. 4.8%
AUSTRALIA OCT. JOBLESS RATE 4.3%; EST. 4.4%; SEP. 4.5%
AUSTRALIA OCT. EMPLOYMENT +42.2K M/M; EST. +20K; SEP. +12.8K
AUSTRALIA OCT. FULL-TIME EMPLOYMENT +55.3K M/M; SEP. +6.5K
AUSTRALIA OCT. PART-TIME EMPLOYMENT -13.1K M/M; SEP. +6.3K
AUSTRALIA OCT. PARTICIPATION RATE 67.0%; EST. 67.0%; SEP. 67.0%
NEW ZEALAND OCT. TOTAL CARD SPENDING UNCHANGED M/M; SEP. -0.4%
NEW ZEALAND OCT. RETAIL CARD SPENDING +0.2% M/M; -0.5%
NEW ZEALAND SEP. NET MIGRATION 1,800; AUG. 790
JAPAN OCT. PRODUCER PRICES +0.4% M/M; EST. +0.3%; SEP. +0.5%
JAPAN OCT. PRODUCER PRICES +2.7% Y/Y; EST. +2.5%; SEP. +2.8%
MARKETS
US TSYS: Yields Higher Post Shutdown End, Awaits Data Release
Bond markets were somewhat subdued today in Asian trading with futures largely where they started and bond yields 0.5bp-1bps higher across the curve. The 10-Yr bond future did very little on low volumes, down -02 to 112-30 as it tries to break below the 112-30 20-day EMA.
Cash was mostly weaker with yields higher across the curve with the 3-Yr the underperformer, up +1.2bps in yield.
- The 2-Yr is at 3.574% (+0.2bps)
- The 5-yr is at 3.679% (+0.5bps)
- The 10-Yr is at 4.075% (+0.4bps)
- The 30-Yr is at 4.669% (+0.4bps)
A $25 billion 30-year bond auction Thursday is the next focus ahead.
It is too soon to expect data releases previously in the calendar. See the MNI Re-Opening guide from earlier this week: https://media.marketnews.com/Shutdown_Restart_Guide_Nov112025_4f06f43a37.pdf
The reality is it will take some time for the data to flow and bond markets could be volatile as it takes time to digest all of the delayed data.
JGBS: Market Looks Past 5Y Auction Result, BOJ Ueda: CPI Moving To Target
JGB futures are stronger, +9 compared to settlement levels.
- This comes despite today’s 5-year auction delivering mixed demand signals. The low price was in line with expectations, but the bid-to-cover fell to 3.33x from 3.69x, while the tail narrowed to 0.03 from 0.06. Overall, with an outright yield and the 2s/5s curve near cycle highs, today’s outcome points to generally lacklustre demand conditions.
- MNI BRIEF: BOJ's Ueda said that underlying CPI inflation, excluding temporary factors, is gradually moving toward the bank's 2% target, and that the mechanism in which wages and prices rise moderately in tandem will be maintained. Ueda is scheduled to deliver a speech in early December ahead of the Bank's next policy meeting, which is expected to provide a stronger signal on the BOJ's next move.
- Cash US tsys are little changed in today's Asia-Pac session. As expected, the US House has passed a bill to reopen the US government, and President Trump has signed it.
- Cash JGBs are ~1bp richer across benchmarks. The benchmark 5-year yield is 0.7bp lower at 1.241% versus a session high of 1.251%.
- Swaps have twist-steepened, with rates 1bp lower to 1bp higher.
- Tomorrow, the local calendar will see the Tertiary Industry Index.
AUSSIE BONDS: AU-US 10Y Diff Narrowers May Still Be Premature
ACGBs (YM -10.0 & XM -4.0) are sharply weaker but above the session lows seen shortly after the release of today's October employment data.
- After softer August/September prints, the labour market normalised in October in line with the RBA’s view. The recent trend, if sustained, is likely to keep rates on hold given the Q3 increase in price pressures and uncertainty over policy restrictiveness.
- Cash US tsys are little changed in today's Asia-Pac session. As expected, the US House has passed a bill to reopen the US government, and President Trump has signed it.
- Cash ACGBs are 6-11bps cheaper than pre-data levels, with the AU-US 10-year yield differential at +34bps. At this level, the differential is through the top of its well-defined +/- 30bps trading range (see chart).
- However, with the market still pricing in almost a 40% chance of a 25bps cut by mid-2026, initiating 10-year differential narrowers may still be premature.
- The bills strip shunted cheaper and steeper, with pricing -2 to -16.
- RBA-dated OIS pricing shows a 25bp rate cut in December at a 1% probability (9% pre-data).
- Tomorrow, the local calendar will be empty apart from the AOFM’s planned sale of A$800mn of the 1.75% 21 November 2032 bond.
Bloomberg Finance LP
BONDS: NZGBS: Poor Weekly Auction & ACGB Sell-Off Weighs
NZGBs closed showing a bear-steepener, with benchmark yields 2-6bps higher.
- Today’s weekly supply auctions displayed muted demand, with the May-54 bond clearing at an average yield 1.07bps above prevailing mids. The bid-to-cover ratio dropped to 3.00x, the lowest for this tenor since May, from 3.24 at the previous offering of this tenor on 30 October. The May-34 bond also printed an average yield above prevailing mids (+0.17bp), while the May-30 showed a yield 0.89bp below the market rate. The cover ratios for these lines also declined.
- The poor showing also coincided with a broad-based selloff in ACGBs, following today’s October Employment Report. At the time of writing, ACGBs were 9-15bps cheaper than pre-data levels.
- Swap rates closed 4-8bps higher.
- Nonetheless, the AU-NZ 1-year forward 3-month swap rate (1Y3M) spiked to a new cycle high of 109bps, the highest level since 2012. With the spot 3M spread at 119bps, the market is now expecting very little convergence between the RBA's and RBNZ's policy rates over the next year.
- RBNZ dated OIS pricing closed slightly firmer across meetings. 27bps of easing is priced for November, with a cumulative 37bps by February 2026.
- Tomorrow, the local calendar will see BusinessNZ Manufacturing PMI and a speech from RBNZ MPC Member Prasanna Gai.
JPY: Asia- Pac: USD/JPY Capped Around 155.00 Again
The USD/JPY range today has been 154.63 - 155.01 in the Asia-Pac session, it is currently trading around 154.70, -0.05%. The pair stalled again around the 155.00 area as it did overnight. The return of a positive sentiment in risk has brought the focus in USD/JPY back to the 154-155 resistance area. A sustained break above this area is needed to potentially see the uptrend begin another extension higher, the focus would then turn toward the 160 area where I would start to become wary of intervention risks. On the day the support toward 154.30-154.50 needs to hold in order to have another test of the 155.00 area. More Jaw-Boning from Katayama overnight points to officials understanding what the risk of a move back through this area poses. The first strong buy-zone is back toward 152.50 then the more important 149-150 area.
- MNI BRIEF: BOJ's Ueda Sees Underlying CPI Toward 2% Target. He said Thursday that underlying CPI inflation, excluding temporary factors, is gradually moving toward the bank’s 2% target, and that the mechanism in which wages and prices rise moderately in tandem will be maintained. Ueda is scheduled to deliver a speech in early December ahead of the Bank’s next policy meeting, which is expected to provide a stronger signal on the BOJ’s next move.
- MNI AU - Import Prices Rising M/M, As USD/JPY Firms, But Y/Y Still Negative: Rebounding USD/JPY levels has helped push up imported price pressures in Japan. Recent comments from Japan policy makers suggest the weaker yen's impact is not going unnoticed. Still, it remains to be seen if we see policy steps to address this, particularly as PM Takaichi remarks seemingly push back against an aggressive BoJ tightening cycle.
- Options : Close significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 155.00($978m Nov17) - BBG.
- The USD/JPY Average True Range(ATR) for the last 10 Trading days: 101 Points
Fig 1 : USD/JPY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
AUD: Asia-Pac: AUD/USD Trying To Push Above 0.6560 On Better Employment Data
The AUD/USD has had a range today of 0.6533 - 0.6565 in the Asia- Pac session, it is currently trading around 0.6555, +0.20%. The AUD/USD has been given a nudge higher by better employment data. The AUD/USD needs a sustained push above the 0.6560 area for the focus to turn back toward the 0.6650/0.6700 year highs. Look for intra-day dips toward 0.6530/0.6540 to be supported initially as the market tries to build upward momentum.
- MNI AU - Recent Data In Line With RBA View Of Stable Labour Market, Rates On Hold: In her November press conference, RBA Governor Bullock reiterated that the central bank looks at a range of labour market indicators and that overall they were stable and suggested a steady unemployment rate. The October jobs data were in line with this view. She also noted that the quit rate had jumped and that surveys and the RBA’s business liaison programme reported increased skilled labour difficulties. This will add to concern that policy may not be as restrictive as previously thought.
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6500(AUD549m), 0.6520(AUD902m), 0.6525(AUD 680mm). Upcoming Close Strikes : 0.6400(AUD913m Nov 18), 0.6750(AUD2.17b Nov 14) - BBG
The AUD/USD Average True Range for the last 10 Trading days: 43 Points
Fig 1: AUD/USD spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
FOREX: Asia-Pac USD: BBDXY Drifts Sideways Below 1220
The BBDXY has had a range today of 1217.84 - 1219.36 in the Asia-Pac session; it is currently trading around 1218, +0.02%.The USD trades sideways below 1220 at the moment in a directionless market. I am caught a little undecided on the USD, I liked the fade into 1230 initially but short term I expect dips back toward 1210-1215 to now be supported first up. We could chop around sideways for a while while the market decides which way to go. Above 1230 and we could start to break higher, below 1205 and the downtrends momentum could be re-engaged. Short-term while the 1221-1222 area caps price my bias would be for a test toward the 1210-1215 support.
- EUR/USD - Asian range 1.1579 - 1.1594, Asia is currently trading 1.1590. The pair continued to build on its support below 1.1500, I suspect rallies will now find sellers toward the 1.1650 area initially. This has been the pivot within the larger 1.1400-1.1900 range over the past few months. On the day a move back below 1.1540-1.1550 needed to turn lower again.
- GBP/USD - Asian range 1.3111 - 1.3134, Asia is currently dealing around 1.3125. The pair is trading sideways chopping around the 1.31 handle. I continue to favor fading rallies though as GBP looks to have put in a medium term top. I suspect the 1.3250-1.3300 area is the place to fade if we see that level again.
- Cross asset : SPX +0.10%, Gold $4210, US 10-Year 4.0825%, BBDXY 1218, Crude Oil $58.40
- Data/Events : France ILO Unemployment Rate, EZ ECB Publishes Economic Bulletin/Industrial Production
Fig 1: BBDXY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
NZD: Asia-Pac: NZD/USD - Drifts Back Toward 0.5650
The NZD/USD had a range today of 0.5647 - 0.5667 in the Asia-Pac session, going into the London open trading around 0.5655, -0.25%. The NZD drifted lower as risk opened weaker on the Asia open, it has since recovered and the NZD has moved off the lows. The NZD does stand out as a vehicle to express a short in but should this bout of improved risk sentiment grow it will be tough for the NZD to ignore it and it could play catch up to the move at some point. I still suspect any decent bounce in the NZD will again attract sellers though. The first sell area on a pullback would be around 0.5750 and then the more pivotal 0.5850 area. Dips on the day toward 0.5630-40 needs to hold for the short-term retracement to potentially extend.
- MNI AU - Retail Spending Growth Turns Down Again: Spending on cards continues to have positive momentum but remains soft with annual growth rates turning down. Data since the last RBNZ decision are consistent with only a weak recovery and so another rate cut, probably 25bp, on 26 November is likely. October retail transactions rose 0.2% m/m to be up only 0.2% y/y down from 0.9% but still up 2.2% 3m/3m annualised. Total expenditure was flat on the month and deteriorated to -1.7% y/y from -1.3%, the weakest since May.
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.5380(NZD460m). Upcoming Close Strikes : none - BBG
- The NZD/USD Average True Range for the last 10 Trading days: 38 Points
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
Bloomberg Finance LP
ASIA STOCKS: Stocks Subdued as US Ends Shutdown, Eyes on European Open
Asian bourses were mostly mixed as markets tread water and investors waited for further news on US shutdown as US futures rose marginally. In Japan, the Nikkei 225 advanced modestly while South Korea’s KOSPI edged up, reflecting cautious optimism about the resolution of the U.S. government shutdown. In contrast, Hong Kong’s Hang Seng Index slipped marginally, signaling mixed sentiment across the region and showcasing the onshore / offshore divergence again.
- The NIKKEI showed only modest strength today with local reports suggesting portfolio transitions out of the tech sector into more broader allocation in stocks suggesting that the strength of the recent rally, may be softening.
- The KOSPI is up +0.33% again with some reports that investors may be lightening their allocation to tech sector with names like SK Hynix up +270% from April lows.
- In China the ongoing theme of a divergent trend onshore and offshore continued with no sectorial trends evident, but liquidity ample following Central Bank injections earlier.
- SE Asia's major bourses were quiet also with limited movement from the open in what appears to be markets waiting on a catalyst
OIL: Crude Holds Losses As Waits For Thursday’s Supply Information
Oil prices fell sharply on Wednesday following OPEC estimates for Q3 shifting to a surplus after it previously approximated a deficit. Crude has held onto those losses during today’s APAC trading with little change in benchmarks as the market waits for more supply/demand information to be released later today. With geopolitical worries fading, the focus is firmly on excess supply developments.
- WTI is down 0.1% to $58.42/bbl off the intraday low of $58.12 and close to the high at $58.50. There is currently no spread between the December and January contracts signalling a weakening market. Brent is flat at $62.69, close to today’s peak of $62.77. It fell to $62.34 early in the session.
- The IEA November report is published Thursday and will be monitored for any changes to forecasts that increase the expected 2026 surplus, which is already projected to be a record. The IEA tends to be less optimistic than OPEC.
- Bloomberg reported a US oil inventory build of 1.3mn barrels last week, according to people familiar with the API data. Gasoline stocks continued to decline though (-1.4mn) but distillate rose 944k. The official EIA data is out today and previously showed product builds as refinery utilisation declined.
- Chevron sees lower oil prices in 2026 due to higher supply.
- The Fed’s Daly, Kashkari, Musalem and Hammack speak later. The ECB’s Buch, Donnery, Elderson and Machado appear as well as BoE’s Greene. UK Q3 GDP, September IP & trade, France Q3 unemployment and euro area September IP are released.
Gold Slightly Higher As Waits For Economic Clarity As Shutdown Ends
Gold was lower before the US House of Reps vote to end the record government shutdown but then stabilised thereafter and is currently up 0.4% to $4211.5/oz, remaining below the bull trigger at $4381.5. Overall it has moved in a narrow range today of $4180.16/$4212.56 as it now waits for data after already pricing in Fed easing in its Wednesday rally. Delayed data will probably be released from next week but the White House has said that October inflation and jobs data may never be published.
- The US dollar is flat so far today and the 2-year yield slightly higher. The market has around 15bp of easing priced in for the 10 December Fed decision with a full cut by January.
- US government funding has only been assured to 30 January and a compromise will again be needed to avoid a repeat of the 2025 shutdown. The Democrats have ensured a vote on an extension of healthcare subsidies for December.
- Silver has rallied rising another 1.5% after 4% on Wednesday. It is currently around $54.06, close to the intraday high at $54.167, approaching the bull trigger at $54.480. It fell to $52.8939 early in the session.
- The Fed’s Bostic and Collins appear to have a high bar for further easing as inflation remains above target and so other comments will be monitored closely. Later Daly, Kashkari, Musalem and Hammack speak.
- UK Q3 GDP, September IP & trade, France Q3 unemployment and euro area September IP are released. The ECB’s Buch, Donnery, Elderson and Machado speak as well as BoE’s Greene.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 13/11/2025 | 0700/0700 | *** |  GB | UK Monthly GDP |
| 13/11/2025 | 0700/0800 | *** |  SE | Final Inflation Report |
| 13/11/2025 | 0700/0700 | ** | GB | Trade Balance |
| 13/11/2025 | 0700/0700 | ** | GB | Index of Services |
| 13/11/2025 | 0700/0700 | ** | GB | Index of Production |
| 13/11/2025 | 0700/0700 | ** | GB | Output in the Construction Industry |
| 13/11/2025 | 0700/0700 | *** | GB | GDP First Estimate |
| 13/11/2025 | 0700/0800 | *** | SE | Final Inflation Report |
| 13/11/2025 | 0730/0730 | GB | BOE MPG Minutes Released | |
| 13/11/2025 | 0930/0930 | GB | Productivity Flash Estimates | |
| 13/11/2025 | 1000/1100 | ** |  EU | EZ Industrial Production |
| 13/11/2025 | 1200/1200 | GB | BOE Greene in Panel on Central Bank Independence | |
| 13/11/2025 | - | *** |  CN | Money Supply |
| 13/11/2025 | - | *** | CN | New Loans |
| 13/11/2025 | - | *** | CN | Social Financing |
| 13/11/2025 | - | EU | ECB de Guindos at ECOFIN Meeting in Brussels | |
| 13/11/2025 | 1300/1400 | EU | ECB Elderson Moderates Climate and Banks Panel | |
| 13/11/2025 | 1300/0800 |  US | San Francisco Fed's Mary Daly | |
| 13/11/2025 | 1330/0830 | *** | US | Jobless Claims |
| 13/11/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 13/11/2025 | 1330/0830 | *** | US | CPI |
| 13/11/2025 | 1330/0830 | *** | US | CPI |
| 13/11/2025 | 1330/0830 | *** | US | CPI |
| 13/11/2025 | 1530/1030 | US | Minneapolis Fed's Neel Kashkari | |
| 13/11/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 13/11/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 13/11/2025 | 1700/1200 | ** | US | DOE Weekly Crude Oil Stocks |
| 13/11/2025 | 1700/1200 | ** | US | US DOE Petroleum Supply |
| 13/11/2025 | 1715/1215 | US | St. Louis Fed's Alberto Musalem | |
| 13/11/2025 | 1720/1220 | US | Cleveland Fed's Beth Hammack | |
| 13/11/2025 | 1800/1300 | *** | US | US Treasury Auction Result for 30 Year Bond |
| 13/11/2025 | 1900/1400 | ** | US | Treasury Budget |
| 14/11/2025 | 0001/0001 | GB | KPMG/REC Report on Jobs | |
| 14/11/2025 | 0200/1000 | *** | CN | Fixed-Asset Investment |
| 14/11/2025 | 0200/1000 | *** | CN | Retail Sales |
| 14/11/2025 | 0200/1000 | *** | CN | Industrial Output |
| 14/11/2025 | 0200/1000 | ** | CN | Surveyed Unemployment Rate M/M |
| 14/11/2025 | 0700/0800 | ** | SE | Unemployment |
| 14/11/2025 | 0745/0845 | *** |  FR | HICP (f) |
| 14/11/2025 | 0800/0900 | *** |  ES | HICP (f) |
| 14/11/2025 | 0900/1000 |  IT | Foreign Trade | |
| 14/11/2025 | 1000/1100 | * | EU | Trade Balance |
| 14/11/2025 | 1000/1100 | *** | EU | EZ GDP 2nd (Flash) |
| 14/11/2025 | 1030/1130 | EU | ECB Elderson Keynote at ECB Banking Supervision Forum | |
| 14/11/2025 | 1330/0830 | ** |  CA | Monthly Survey of Manufacturing |
| 14/11/2025 | 1330/0830 | ** | CA | Wholesale Trade |
| 14/11/2025 | 1330/0830 | *** | US | Retail Sales |
| 14/11/2025 | 1330/0830 | *** | US | PPI |
| 14/11/2025 | 1330/0830 | *** | US | PPI |
| 14/11/2025 | 1330/1430 | EU | ECB Elderson Remarks at COP30 Finance Day |
