MNI EUROPEAN OPEN: Australia Q2 GDP Beat Aids Yield Push

EXECUTIVE SUMMARY

• BESSENT TO START FED CHAIR INTERVIEWS ON FRIDAY - WSJ 
• RULING ON FED GOV. COOK UNLIKELY BEFORE SEPT 4 - MNI BRIEF 
• ECB'S NEXT MOVE COULD BE TO CUT OR HIKE RATES, DOLENC SAYS - BBG
• CHINA’S SERVICES EXPANSION FASTEST IN A YEAR, PRIVATE POLL SHOWS - BBG 
• AUSSIE Q2 GDP GROWS 0.6% - NATIONAL ACCOUNTS - MNI BRIEF 

Fig 1: Australian Q2 GDP Stronger Than Forecast 

Source: MNI - Market News/ABS

UK 

ENERGY (BBG): “Offshore Energies UK warns that without a competitive fiscal regime, the UK will face a strategic exodus of critical supply chain capability as companies invest overseas.”

EU

RUSSIA/UKRAINE (RTRS): “Moscow expects talks between Russia and Ukraine to continue but "new territorial realities" must be recognised and new systems of security guarantees formed, Russian Foreign Minister Sergei Lavrov said in remarks published on Wednesday.” 

TRADE (MNI): The European Union’s trade agreement with the Mercosur bloc looks likely to be approved by both member states and the European Parliament, as dissatisfaction with a deal struck with the U.S. fuels support for a counter-balancing arrangement with South America , EU trade sources told MNI.

TRADE (POLITICO): “EU Trade Commissioner Maroš Šefčovič on Monday made an 11th-hour intervention to stop the European Commission from issuing a penalty against American tech giant Google for its search advertising practices, amid continued trade threats from U.S. President Donald Trump.”

POLAND (DW): “On Wednesday, Nawrocki will return to Washington, this time as Poland's president. Wednesday's visit will be about more than just photo ops and a political show for the cameras. This time, the focus will be on policies — in particular security policy, said Zbigniew Bogucki, head of the chancellery of the Polish president.”

ECB (BBG): " European Central Bank interest rates are firmly on hold for now and the next step could be a cut or hike, according to Primoz Dolenc, acting governor of Slovenia’s central bank." 

US

FED (MNI BRIEF): US District Judge Jia Cobb on Tuesday gave the Department of Justice until Thursday to file another brief opposing Lisa Cook’s request for immediate court action stopping the Federal Reserve from carrying out Trump’s directive firing her. 

FED (WSJ): “Treasury Secretary Scott Bessent is planning to start a blitz of interviews on Friday in search of a candidate to be the next chair of the Federal Reserve, according to people familiar with the matter. The interview process would continue next week, the people said, adding that Bessent would talk to candidates either in person or by video conference.” 

FED (MNI INTERVIEW): U.S. manufacturing will remain in contraction with high prices and a declining workforce, and an interest rate cut from the Federal Reserve at its September meeting is unlikely to help, Institute for Supply Management manufacturing chair Susan Spence told MNI.

TARIFFS (BBG): “ President Donald Trump said his administration would ask the Supreme Court for an expedited ruling in hopes of overturning a federal court decision that many of his tariffs were illegally imposed, arguing it is essential to keep his trade policy intact.” 

TECH (BBG): “ Alphabet Inc.’s Google will be required to share online search data with rivals while avoiding harsher penalties, including the forced sale of its Chrome business, a judge ruled in the biggest US antitrust case in almost three decades.” 

OTHER

AUSTRALIA (MNI BRIEF): Australia’s economy grew 0.6% q/q in Q2, 10 basis points above expectations and up from 0.3% in Q1, while unit labour costs rose 0.7%, according to National Accounts data released Wednesday by the Australian Bureau of Statistics. GDP per hour worked, a measure of productivity, increased 0.3% q/q and 0.2% y/y.

NEW ZEALAND (BBG): “S&P Global Ratings is “comfortable” with New Zealand’s sovereign rating outlook, though it’s closely watching the nation’s current account and budget deficits.”  

JAPAN (BBG): "Japanese Prime Minister Shigeru Ishiba met with Bank of Japan Governor Kazuo Ueda to exchange views on the economy and financial markets including currencies, after the yen weakened amid rising pressure on Ishiba to resign." 

CHINA 

SERVICES (BBG): “China’s services activity expanded at the fastest pace in over a year in August, a private survey showed, as the summer travel season powered demand during what has otherwise been a relatively weak stretch for domestic consumption.” 

SOUTHBOUND FLOWS (SHANGHAI SECURITIES NEWS): "The net inflow of southbound funds, an important driver for the Hong Kong stock market rebound, has exceeded the HKD1 trillion-mark to set a historical high as of Sept 2 this year, Shanghai Securities News reported." 

FISCAL (YICAI): "China has transferred part of its state-owned capital to replenish the social security fund, and introduced tax exemption to support the transfer, Yicai.com reported." 

MNI: PBOC Sets Yuan Parity Higher At 7.1108 Weds; -0.46% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1108 on Wednesday, compared with 7.1089 set on Tuesday. The fixing was estimated at 7.1494 by Bloomberg survey today.

MARKET DATA

AUSTRALIA Q2 GDP +0.6% Q/Q; EST. 0.5%; Q1 +0.3%
AUSTRALIA Q2 GDP +1.8% Y/Y; EST. 1.6%; Q1 +1.4%
AUSTRALIA Q2 FINAL CONSUMPTION EXPENDITURE +0.9% Q/Q; Q1 +0.4%
AUSTRALIA Q2 GROSS FIXED CAPITAL EXPENDITURE -0.8% Q/Q; Q1 -0.1%
AUSTRALIA Q2 HOUSEHOLD SAVINGS RATIO FELL TO 4.2%; Q1 5.2%

AUSTRALIA S&P GLOBAL AUG. F COMPOSITE PMI 55.5; JUL. 53.8
AUSTRALIA S&P GLOBAL AUG. F SERVICES PMI 55.8; JUL. 54.1

NEW ZEALAND ANZ COMMODITY PRICES AUG. +0.7% M/M; JULY -1.8%

JAPAN S&P GLOBAL AUG. F SERVICES PMI 53.1; JUL. 53.6
JAPAN S&P GLOBAL AUG. F COMPOSITE PMI 52; JUL. 51.6

CHINA RATINGDOG PMI COMPOSITE AUG. 51.9; JUL. 50.8
CHINA RATINGDOG PMI SERVICES AUG. 53.0; EST. 52.5; JUL. 52.6

S. KOREA Q2 GDP +0.6% Y/Y, REVISED FROM +0.5%; Q1 0.0%
S. KOREA Q2 GDP +0.7% Q/Q, REVISED FROM +0.6%; Q1 -0.2%

S. KOREA AUG. FOREIGN RESERVES $416.29B; JUL. $411.33B

MARKETS

US TSYS: Yields Edge Higher

The TYZ5 range has been 112-03 to 112-08+ during the Asia-Pacific session. It last changed hands at 112-04, down 0-00+ from the previous close. 

• The US 2-year yield has edged higher trading around 3.65%, up 0.01 from its close.
• The US 10-year yield has edged lower trading around 4.281%, up 0.02 from its close.
• 10-Year Yields continue to find supply toward the 4.20% area, which signals the range might continue to dominate. The price action in the long-end looks pretty dire, the 4.35/4.40% area needs to hold for the longs to remain in control.
• Bessent to Start Fed Chair Interviews on Friday -- WSJ. "There are 11 contenders for the job, according to Bessent and his advisers. Among them are Fed governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett and former Fed governor Kevin Warsh. Following the interviews, Bessent plans to recommend a final list of candidates to President Trump.”
• Bob Elliott on X: “If you shift to easing when inflation is nearly 4% and rising, there are consequences(the UK).  JP & the FOMC should take note.”
• Robin Brook on X: “The 30-year yield is rising everywhere, even though the world's central banks are in an easing cycle. That's the best indication that rising long yields are due to a global debt glut, the answer to which is to get lax fiscal policy under control. Not lean on your central bank...”
• Data/Events:  MBA Mortgage Applications, Wards total Vehicle Sales, JOLTS, Factory Orders, Durable Goods Orders, Fed Beige Book

Fig 1: 10-Year US Yield 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P

JGBS: Back End Yields Higher, But Away From Best Levels, 30yr Auction Tomorrow

JGB futures have maintained a negative bias, with the Sep future last near 137.34, -.18 versus settlement levels. We haven't tested sub 137.20 so far (session lows rest at 137.23). Broader trends have been skewed towards weaker futures with US 10yr futures back to flat after initially opening firmer. Aussie bond futures are down sharply, aided by a better Q2 GDP outcome. 

• The initial impetus in the cash JGB space was for steeper curves, led by the 20-40yr tenors. We sit away from session extremes though. The 10yr outright yield was last near 1.63%, little changed for the session.
• The 30yr was close to 3.26%, earlier highs were around 3.29%. The 2/30s JGB curve was last around +240bps (sessions highs were at +242bps). The 40yr was last up 3bps, near 3.50%, the 20yr around 2.67%, up 3bps.
• BOJ Governor Ueda met with PMI Ishiba to discuss the economy/markets. Ueda reiterated they will raise rates if the economy, prices move in line with forecasts.
• Domestic politics will remain in focus as well: "JAPAN LDP'S ASO SET TO CALL FOR EARLY PARTY ELECTION: MAINICHI" - BBG.
• The strong focus for tomorrow will be on the 30yr debt auction. 

AUSSIE BONDS: Yields Surge, Led By Front End, Q2 GDP Beats, RBA Gov Speaks Later

ACGB yields are higher across the benchmarks. The move started with the back end when onshore markets opened, which was consistent with global developments. However, as the session progressed, front end yields have outperformed, aided by the Q2 GDP beat. A better China services PMI read has also likely aided these moves. 

• The 2 and 3yr bond yields are both up around 9bps. This puts the 3yr benchmark close to 3.54%, which is close to mid July highs. Beyond this region note that mid May highs were around 3.69%.
• The 10yr yield is up 7bps to 4.425%, which is also tracking towards mid July highs. The ACGBS 3/10s curve is slightly flatter at +89bps though, bucking the generally steeper trends seen globally.
• Q2 GDP was stronger than both the RBA and consensus expected as it rebounded from Q1’s weather-impacted soft result and benefited from holidays. It rose 0.6% q/q to be up 1.8% y/y, the strongest since Q3 2023, after 0.3% q/q & 1.4% y/y in Q1. Growth was driven by private and public consumption with net exports adding 0.1pp while both inventories and investment detracted. Given the RBA’S cautious stance towards easing and recent stronger data, a September rate cut looks unlikely and November will depend on new information and the outlook.
• RBA dated OIS contracts have shunted higher, led by 2026 dates. We are 2-9 bps firmer versus pre GDP levels, see the chart below. A Sep cut has little chance priced in while a Nov cut is around 75% priced in.
• For futures we have sunk to fresh lows, 3yr (YM) to 96.44, off 9.5bps, while 10yr futures (XM) are down 7.5bps to 95.54.
• Coming up in a few hours at 6pm AEST we have RBA Governor Bullock speaking. 

Fig 1: RBA Dated OIS Higher Post Q2 GDP 

Source: Bloomberg Finance L.P./MNI 

BONDS: NZGBS: Back End Yields Notably Higher, 2/10s Curve At +148bps

NZGB yields are flat to 6bps higher, led by the back end of the curve. The steepening theme evident globally has been seen strongly today in NZGB markets. The 2yr yield is barely changed and anchored sub 3.0% at this stage. The 10yr yield is up close to 6bps, last at 4.46% and closing the gap with pre RBNZ highs from August close to 4.50%. These moves leave the NZGB 2/10s curve at +148bps, closing in on April highs near +154bps. 

• US Tsy futures initially moved higher in Wednesday Asia Pac trade, but this move has been faded. Cash Tsy yields sit 1-2bps higher in yield terms, with the back end leading. The US 2/10s curve sits at +63bps.
• Outside of US moves, NZ markets have also likely been impacted by ACGB yield gains. These were supported post the better than expected Q2 GDP print (although ACGB front end yields are notably higher, up 9bps for the 2-3yr tenors, compared to NZ's flat 2yr trend today).
• NZ's 2yr swap rate has edged a little higher, last near 2.775%.
• On the news front: " S&P Global Ratings is “comfortable” with New Zealand’s sovereign rating outlook, though it’s closely watching the nation’s current account and budget deficits." (via BBG).
• Data wise, the ANZ August commodity price index rose 0.7%m/m, after a -1.8% fall in July. Overnight we did have a softer whole milk powder auction result though. 

FOREX: Asia FX Wrap - USD Shorts Being Pared Back Into NFP ?

The BBDXY has had a range of 1206.85 - 1208.92 in the Asia-Pac session, it is currently trading around 1208, +0.10%.  The USD has again found some solid demand around the 1200 area and is again attempting to bounce higher off this base. A sustained break below 1197/1195 is needed to regain the momentum lower and retest the year's lows. The USD is looking comfortable for the moment above this support, not sure we get any clear direction though until the market sees what the NFP print is.

• EUR/USD -  Asian range 1.1625 - 1.1645, Asia is currently trading 1.1630. The pair is drifting back towards its first support around 1.1550, firmly within its wider 1.1350-1.1850 range.
• GBP/USD - Asian range 1.3361 - 1.3394, Asia is currently dealing around 1.3370. The pair collapsed in response to moves in UK bonds. Price is now testing its support around 1.3350, a sustained break below here opens up a move back to 1.3100, the USD’s bounce will add to the sterling's headwinds.
• USD/CNH - Asian range 7.1354-7.1453, the USD/CNY fix printed 7.1108, Asia is currently dealing around 7.1450. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
• Cross asset : SPX +0.10%, Gold $3535, US 10-Year 4.283%, BBDXY 1208, Crude Oil $65.41
• Data/Events : Italy HCOB PMI’s, EZ HCOB PMI’s & PPI, France HCOB PMI’s, Spain HCOB PMI’s, Germany HCOB PMI’s

Fig 1: GBP/USD Spot 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap - USD/JPY Back To Overnight Highs On A Potential Early Election

The Asia-Pac USD/JPY range has been 148.36-148.92, Asia is currently trading around 148.85, +0.32%. USD/JPY was bid all session moving back toward the overnight highs on a potential early election and 30-Year JGB’s blowing out to 3.28%. The demand towards 146.00 has been pretty solid all of July and August, keeping us for the most part in a 146.00-149.00 range. The price action looks pretty constructive but I would not be expecting any major extensions until the market has had a look at the NFP on Friday unless we get some other catalyst, could an early election be that ?

• Bloomberg - “Japan’s Long Bonds Join Global Slide as Politics Adds to Jitters. Yields on 20-year government bonds rose to 2.69%, the highest level since 1999, while those on the 30-year maturity jumped to 3.28%, the highest since debut.”
• "USD/JPY’s Upward Tilt Encouraged With LDP Early Election Report. USD/JPY is ticking higher after a report the LDP’s Aso is set to call for an early election. This comes as PM Ishiba’s tenure is looking vulnerable following news of a key ally’s intention to step down." - BBG
• “JAPAN LDP'S ASO SET TO CALL FOR EARLY PARTY ELECTION: MAINICHI" - BBG
• “S&P Global Japan Aug. Services PMI 53.1 vs 53.6 in July, S&P Global Japan Aug. Composite PMI 52 vs 51.6 in July" - BBG
• Options : Close significant option expiries for NY cut, based on DTCC data: 147.15($870m), 146.50($1.39b).Upcoming Close Strikes : 147.10($970m Sept 4), 146.00($2.16b Sept 5)  - BBG.
• CFTC data for last week shows leveraged accounts have maintained their recent JPY shorts and will be hoping this support continues to be solid. A sustained break below 145.50/146.00 is needed to to turn the focus back to the year's lows towards 140.00.
• CFTC data shows last week asset managers again added to their JPY longs after a consistent period of reduction +76761( Last +71379), leveraged funds though again used the dip to add slightly to their newly built short JPY position -52275(Last -50848). One of them is going to be wrong.

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia Wrap - AUD/USD Fails To Push Higher On GDP

The AUD/USD has had a range of 0.6513 - 0.6525 in the Asia- Pac session, it is currently trading around 0.6520, +0.02%. The AUD tried to bounce on the better GDP data but could not follow through and has drifted back to its open. The AUD finds itself firmly back in the middle of its recent multi-month range of 0.6350-0.6650 with little clear long-term direction. The market will be looking towards NFP at the end of the week to hopefully be a catalyst.

• Q2 Boosted By Special Factors, H1 Averaged 0.4% q/q. Q2 GDP was stronger than both the RBA and consensus expected as it rebounded from Q1’s weather-impacted soft result and benefited from holidays. It rose 0.6% q/q to be up 1.8% y/y, the strongest since Q3 2023, after 0.3% q/q & 1.4% y/y in Q1. Growth was driven by private and public consumption with net exports adding 0.1pp while both inventories and investment detracted. Given the RBA’S cautious stance towards easing and recent stronger data, a September rate cut looks unlikely and November will depend on new information and the outlook
• "S&P Global Australia Aug. Composite PMI 55.5 vs 53.8 Prior (pre 54.9), S&P Global Australia Aug. Services PMI 55.8 vs 54.1 in July(pre 55.1).” - BBG
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6475(AUD569m). Upcoming Close Strikes : 0.6400(AUD1.12b Sept 5), 0.6500(AUD974m Sept 5), 0.6600(AUD1b Sept 5) - BBG
• CFTC Data last week shows Asset managers continue to add to their shorts -78758(Last -72904), the Leveraged community though again reduced their own shorts -6447(Last -7818).
• AUD/JPY - Asia-Pac range 96.59 - 97.15, Asia is trading around 97.00. The pair has broken back above 96.50 which starts to negate the downward direction, a sustained break above 97.50 is needed to reignite the upward trend. Until then looks to be 94.50 - 97.50.

Fig 1: AUD/JPY spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia Wrap - NZD/USD Drifts Lower After Rejecting 0.5900

The NZD/USD had a range of 0.5854 - 0.5867 in the Asia-Pac session, going into the London open trading around 0.5860, -0.12%. The NZD topped out above 0.5900 and moved lower with risk overnight. The NZD sellers should continue to be around looking to fade any bounce back towards the 0.5950 area initially. The USD finding some demand finally has helped put a top in above 0.5900 for now, though NFP on Friday will have a say in if that remains the case.

• Milk Power Auction Price Falls, Back To Late 2024 Levels : Overnight the average price for whole milk powder fell to $3809 versus $4036 at the previous auction, per GDT . This was a 5.3% drop. The whole milk powder price is now at fresh lows for 2025. The terms of trade proxy has matched this fall recently.
• "S&P Is Watching New Zealand’s Current Account, Budget Deficits. S&P Global Ratings is “comfortable” with New Zealand’s sovereign rating outlook, though it’s closely watching the nation’s current account and budget deficits." - BBG
• Options : Closest significant option expiries for NY cut, based on DTCC data:  0.5700(NZD384m). Upcoming Close Strikes : none - BBG
• CFTC Data of last week shows Asset Managers added slightly to their new short position in the NZD -4743(Last -3198), the Leveraged community have almost completely exited their short -225(Last -4004).
• AUD/NZD range for the session has been 1.1112 - 1.1138, currently trading 1.1125. The Cross is consolidating above 1.1100, dips back towards 1.1000/1.1050 should be supported now.

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: Weak Day for China as Others Trend Sideways

The NIKKEI in Japan declined today as political uncertainty increased after Prime Minister Shigeru Ishiba’s key power broker announced his intention to resign with local media suggesting other key power brokers within the LDP are intending to quit. The move higher in developed market bond yields has seen a cautious day in Asia with China down across major bourses, whilst the bounce back in Jakarta continues. 

• The NIKKEI is down in the Tokyo trading day by -0.80%, after yesterday's gains of +0.29%
• The major bourses in China are all down with the Hang Seng down -0.40%, CSI 300 down -0.88%,  Shanghai down -0.96% and Shenzhen down -0.93%.
• The TAIEX in Taiwan is up marginally by +0.10%.
• The KOSPI has done very little today with gains of +0.08%
• In Malaysia, the FTSE Malay KLCI rose a mere +0.09%
• The Jakarta Composite is up +0.90% today after yesterday's gains of +0.85%.
• The Straits Times in Singapore is down -0.25% whilst the PSEi in the Philippines is down -0.80%
• The NIFT 50 has had a quiet start up just +0.08% after yesterday's losses of -0.18%

Oil Lower But In A Narrow Range, Supply Events Remain Focus

Oil prices are moderately lower during today’s APAC session after rising around 1.5% on Tuesday as risk sentiment is weaker. WTI is down 0.3% to $65.41/bbl after rising to $65.72 earlier then falling to $65.35, a narrow range. Brent is 0.3% lower at $68.92/bbl following a peak of $69.24 and trough of $68.87. The USD index is up 0.1%. 

• OPEC+ meets on September 7 to discuss the production target for October. It has increased output over the last few months adding to excess supply concerns but is expected to leave quotas unchanged this time.
• With a global market surplus expected in coming months, inventory data remain important. US industry-based data for last week are released Wednesday.
• Also in terms of supply, the market is watching for developments on the Russia-Ukraine conflict. Progress towards peace appears to have stalled and US Treasury Secretary Bessent said that “all options are on the table”. A move away from Russian crude would increase demand for other global supplies.
• Today the Fed’s Musalem speaks and the Beige Book is published. US July JOLTS job openings & orders, European August services/composite PMIs and July euro area PPI print. Also, ECB President Lagarde, RBA Governor Bullock and BoE Breeden speak.

Gold Retreats From New Record, Benefiting From Risk Appetite Pullback

Gold prices reached a new record high of $3546.96/oz during today’s APAC trading as risk appetite deteriorated. They usually move in the opposite direction to the US dollar but today (BBDXY +0.1%) and yesterday (BBDXY +0.5%) they have rallied despite USD strength. Expectations of Fed easing and concerns over attacks on central bank independence from the US administration have driven bullion higher, while the greenback appears to be normalising with its risk premium declining (calculated by Bloomberg). 

• US yields are also higher again which would normally weigh on non-interest bearing gold but currently it appears that markets are nervous regarding rising government debt levels not just in the US, but also the UK and France.
• Gold is currently little changed on the day at $3533.5/oz. It broke above resistance at $3539.7 earlier today.
• Silver in contrast to gold is down 0.4% to $40.72/oz off the intraday low of $40.642.
• Equities are mixed with the S&P e-mini up 0.1% and TAIEX +0.3% but CSI 300 down 0.9% and ASX -1.6%. Oil prices are lower with WTI -0.3% to $65.41/bbl. Copper is 0.3% lower.
• Today the Fed’s Musalem speaks and the Beige Book is published. US July JOLTS job openings & orders, European August services/composite PMIs and July euro area PPI print. Also, ECB President Lagarde, RBA Governor Bullock and BoE Breeden speak.

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
03/09/2025	0700/0300	*	TR	Turkey CPI
03/09/2025	0715/0915	**	ES	S&P Global Services PMI (f)
03/09/2025	0715/0915	**	ES	S&P Global Composite PMI (final)
03/09/2025	0730/0930		EU	ECB Lagarde Speaks at ESRB Conference
03/09/2025	0730/0830		GB	BOE Mann at Signum's London Westminster Day roundtable
03/09/2025	0745/0945	**	IT	S&P Global Services PMI (f)
03/09/2025	0745/0945	**	IT	S&P Global Composite PMI (final)
03/09/2025	0750/0950	**	FR	S&P Global Services PMI (f)
03/09/2025	0750/0950	**	FR	S&P Global Composite PMI (final)
03/09/2025	0755/0955	**	DE	S&P Global Services PMI (f)
03/09/2025	0755/0955	**	DE	S&P Global Composite PMI (final)
03/09/2025	0800/1000	**	EU	S&P Global Services PMI (f)
03/09/2025	0800/1000	**	EU	S&P Global Composite PMI (final)
03/09/2025	0815/0915		GB	BOE Breeden at Innovation in Money and Payments Conference
03/09/2025	0830/0930	**	GB	S&P Global Services PMI (Final)
03/09/2025	0830/0930	***	GB	S&P Global/ CIPS UK Final Composite PMI
03/09/2025	0900/1100	**	EU	EZ PPI
03/09/2025	1100/0700	**	US	MBA Weekly Applications Index
03/09/2025	-	***	US	Domestic-Made Vehicle Sales
03/09/2025	1255/0855	**	US	Redbook Retail Sales Index
03/09/2025	1300/0900		US	St. Louis Fed's Alberto Musalem
03/09/2025	1315/1415		GB	BOE testify at TSC: Bailey, Greene, Lombardelli, Taylor
03/09/2025	1400/1000	**	US	Factory New Orders
03/09/2025	1400/1000	***	US	JOLTS jobs opening level
03/09/2025	1400/1000	***	US	JOLTS quits Rate
03/09/2025	1400/1000	**	US	Factory New Orders
03/09/2025	1730/1330		US	Minneapolis Fed's Neel Kashkari
03/09/2025	1800/1400		US	Fed Beige Book
04/09/2025	0130/1130	**	AU	Trade Balance
04/09/2025	0600/0800	***	SE	Flash Inflation Report
04/09/2025	0600/0800	***	SE	Flash Inflation Report
04/09/2025	0630/0830	***	CH	CPI
04/09/2025	0700/0900	**	CH	Unemployment
04/09/2025	0730/0930	**	EU	S&P Global Final Eurozone Construction PMI
04/09/2025	0830/0930		GB	Decision Maker Panel data
04/09/2025	0830/0930	**	GB	S&P Global/CIPS Construction PMI
04/09/2025	0900/1000	*	GB	Index Linked Gilt Outright Auction Result
04/09/2025	0900/1100	**	EU	EZ Retail Sales
04/09/2025	0930/1130		EU	ECB Cipollone Speaks at Digital Euro Hearing, European Parliament
04/09/2025	1215/0815	***	US	ADP Employment Report
04/09/2025	1230/0830	***	US	Jobless Claims
04/09/2025	1230/0830	**	CA	International Merchandise Trade (Trade Balance)
04/09/2025	1230/0830	**	US	Trade Balance
04/09/2025	1230/0830	**	US	Non-Farm Productivity (f)
04/09/2025	1230/0830	**	US	Trade Balance
04/09/2025	1345/0945	***	US	S&P Global Services Index (final)
04/09/2025	1345/0945	***	US	S&P Global US Final Composite PMI