MNI EUROPEAN OPEN: BoJ Sees Gradual Hikes, No Hints On Timing

EXECUTIVE SUMMARY

• FED INFLATION WOES EXTEND BEYOND TARIFFS - LACKER - MNI INTERVIEW 
• NVIDIA FORECASTS DECELERATING GROWTH AFTER TWO-YEAR AI BOOM - BBG 
• BOJ’S NAKAGAWA SEES GRADUAL HIKES; NO TIMING HINT - MNI BRIEF 
• JAPAN'S AKAZAWA CANCELS US TRIP CITING ADMINISTRATIVE TALKS - BBG
• MNI DISCUSSES THE BOJ'S HIKING STRATEGY AHEAD - MNI POLICY
• BOK KEEPS POLICY RATE UNCHANGED AT 2.50%: PRESS - MNI BRIEF 

Fig 1:  Bloomberg container ship count 30-day average - Ship Departures To US Stabilise Around Averages

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

EU

FRANCE (BBG): “Francois Bayrou said he will negotiate directly with lawmakers next week and warned against new elections as he battles to stop France’s parliament from forcing him to resign.”

EU/RUSSIA (BBG): “The European Union is mulling introducing secondary sanctions in an effort to prevent third countries from helping Russia circumvent the bloc’s existing punitive measures against Moscow, according to people familiar with the matter.” 

DEFENCE (EU DK): “On 28-29 August, the European Union’s defence ministers will meet in Copenhagen to discuss European security and defence. The discussions will focus in particular on the EU’s military support to Ukraine and Europe’s defence readiness.”

DEFENCE (DW): “Every member of NATO is now hitting the alliance's previous minimum defense spending threshold. But only Poland, Lithuania and Latvia are currently meeting the military alliance's new target.”

EU (ECONOMIST): “On Thursday Mr Macron will honour the current chancellor, Friedrich Merz, with dinner at the French presidential retreat, the Fort de Brégançon, on the Mediterranean. They dine on the eve of a joint cabinet meeting at the French port of Toulon.”

TECH (POLITICO): “French President Emmanuel Macron has told his ministers that the European Union should consider retaliatory measures against the U.S. digital sector after President Donald Trump threatened additional tariffs over tech regulation and taxes, according to a senior French government official.”

EUROPE (BBC): “Leaders from France, Germany and Poland have travelled to Moldova to show support for the country's accession to the EU and warn of Russia's "relentless" efforts to undermine that ambition.”

EU (POLITICO): “Poverty in old age will be the norm for a large chunk of Europe's population unless current retirement policies undergo deep reform, the EU's workplace pensions regulator has warned.”

RUSSIA (POLITICO): “Russia on Wednesday rejected the idea of European peacekeeping troops serving in Ukraine, contradicting claims earlier this year by U.S. President Donald Trump that Vladimir Putin would accept such a force as part of a peace deal.”

ENERGY (POLITICO): “It will probably take about five to seven years for Canadian liquefied natural gas to be ready to flow to Europe from an Arctic port, Canada's Energy Minister Tim Hodgson told POLITICO.”

DENMARK (BBC): “The US has told Denmark to "calm down" after the top US diplomat in Copenhagen was summoned over claims that Americans had been conducting covert operations in Greenland.”

US

FED (MNI INTERVIEW): The Federal Reserve has not yet finished the job of taming inflation and cutting interest rates now could reignite price pressures, especially at a time when the central bank’s credibility is under threat from attacks on its independence, former Richmond Fed President Jeffrey Lacker told MNI.

FED (MNI BRIEF): U.S. interest rates will need to decline toward neutral at some point as inflation verges on 2% and the labor market stays strong, and every FOMC meeting is live, New York Fed President John Williams said Wednesday. 

FED (MNI): Federal Reserve Governor Lisa Cook is likely to ultimately prevail in a court challenge to President Donald Trump's effort to fire her from the central bank's board, fending off his latest attempt to control U.S. monetary policy, former Fed lawyers and legal scholars told MNI. 

TECH (BBG): “Nvidia Corp., the world’s most valuable company, gave a tepid revenue forecast for the current period, signaling that growth is decelerating after a staggering two-year boom in artificial intelligence spending.” 

ISRAEL (POLITICO): “A Quinnipiac University survey found 60 percent of voters disapprove of the U.S. sending military aid to Israel, while 32 percent support additional aid — the highest level of opposition and lowest level of support for the U.S. military alliance with Israel in a Quinnipiac poll since the Oct. 7, 2023 attacks against Israel by Hamas.”

OTHER

JAPAN (MNI BRIEF): Bank of Japan board member Junko Nakagawa on Thursday backed a gradual rate hike but gave no guidance on the timing, citing high uncertainty.

JAPAN/US (BBG): "Japan’s top trade negotiator Ryosei Akazawa canceled his US visit at the last minute on Thursday, due to issues that still need to be debated at the administrative level, according to the Cabinet Office." 

JAPAN (MNI POLICY): MNI discusses the BOJ's hiking strategy ahead. 

SOUTH KOREA (MNI BRIEF): The Bank of Korea left its policy rate unchanged at 2.50% on Thursday for a second straight meeting, as expected, adopting a wait-and-see stance amid economic and price uncertainties from U.S. tariffs, Yonhap News Agency reported.

INDIA (BBG): “White House trade adviser Peter Navarro cranked up pressure on India to halt its purchases of Russian oil, repeating accusations that New Delhi is funding the Kremlin’s campaign in Ukraine and casting the conflict as “Modi’s war”.” 

MEXICO (BBG): “The Mexican government plans to increase tariffs on China as part of its 2026 budget proposal next month, protecting the nation’s businesses from cheap imports and satisfying a longstanding demand of US President Donald Trump.” 

CHINA 

ECONOMY (SECURITIES DAILY): “China’s new momentum index for economic development was 136 in 2024, an increase of 14.2% over the previous year, Securities Daily reported citing data by National Bureau of Statistics.” 

STOCKS (BBG): “China’s commercial banks are tightening oversight of clients using credit cards to fund stock investments as small-time investors pour in to catch the nation’s $1 trillion market rally.” 

STOCKS (CSJ): " Analysts and fund managers in China are warning investors about potential short-term volatility in high-flying AI shares as some investors move away from broad index funds and into sector-specific ETFs, according to a report by China Securities Journal." 

MNI: PBOC Net Injects CNY163.1 Bln via OMO Thursday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY416.1 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY163.1 billion after offsetting maturities of CNY253 billion today, according to Wind Information.  

• The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.5038% at 09:43 am local time from the close of 1.5123% 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 Lower At 7.1063 Thurs; -0.63% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1063 on Thursday, compared with 7.1108 set on Wednesday. The fixing was estimated at 7.1465 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND JULY FILLED JOBS +0.2% M/M; JUNE +0.1%

NEW ZEALAND ANZ AUG. BUSINESS CONFIDENCE 49.7%; JULY 47.8%
NEW ZEALAND ANZ AUG. BUSINESS OWN ACTIVITY OUTLOOK 38.7%; JULY 40.6%

AUSTRALIA Q2 BUSINESS INVESTMENT +0.2% Q/Q; EST. 0.8%; Q1 -0.2%
AUSTRALIAN FIRMS PLAN TO SPEND A$174.8B IN 2025-26; EST. A$174B

MARKETS

US TSYS: Asia Wrap - Yield Curve Steepener's See Some Profit Taking

The TYU5 range has been 112-12 to 112-15+ during the Asia-Pacific session. It last changed hands at 112-13+, up 0-00+ from the previous close. 

• The US 2-year yield has edged higher trading around 3.62%, up 0.01 from its close.
• The US 10-year yield has edged lower trading around 4.228%, down 0.01 from its close.
• This has seen the yield curve flatten in Asia - 2s10s -1.81 at 60.360, 5s30s -2.23 at 120.024.
• Bloomberg - CBOT Block Trade: 4,000 FV2 Contracts at 109-14 1/4
• 10-Year Yields continue to find buyers towards 4.30%. While the 4.35% area holds, bounces should be met with demand. First target is the recent lows around 4.18% then the bottom of the range towards 4.10% comes back into focus.
• First Squawk on X: “U.S. TREASURY BUYS BACK $1.4B IN DEBT, TAKING TOTAL TO $7.4B OVER PAST TWO WEEKS.”
• Robin Brooks on X: “Between what's happening with the Fed and the crisis over fiscal consolidation in France, we're seeing the perfect storm that may drive longer-term yields a lot higher. The rise in long-term yields is all the more notable because central banks have been cutting rates everywhere.”
• Data/Events:  GDP, Initial Jobless Claims, Pending Home Sales, Kansas City Fed Manf. Activity

Fig 1: 10-Year US Yield 2H Chart

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

JGBS: Futures Lower Post Poor 2yr Auction, Ranges Holding, Tokyo CPI Tomorrow

JGB futures sit off session highs, last around 137.40, +.05 versus settlement levels. The poor 2yr auction has weighed post the lunch time break, but support still appears evident under 137.40. Recent August lows at 137.22 also remain intact. 

• The 2yr debt auction saw a bid to cover ratio of 2.84, the lowest since 2009. The tail from the auction, the gap between the average and lowest accepted prices, was higher at 0.022, versus 0.005 at the prior auction in late July. Note we have the 10yr debt auction on Sep 2, which is next Tuesday.
• This comes as the BoJ maintains a tightening bias, but uncertainty remains around the next move. Earlier remarks from BoJ board member were fairly balanced. "*BOJ'S NAKAGAWA: TO KEEP RAISING RATES IF OUTLOOK IS MET", via BBG.
• "NAKAGAWA: RESULTS OF THE UPCOMING SEPTEMBER TANKAN WILL ALSO BE VERY IMPORTANT IN EXAMINING THE CHANGES ARISING FROM FACTORS SUCH AS PROGRESS IN TRADE POLICY NEGOTIATIONS" (via RTRS).
• In the cash GB space, yields are up from earlier lows, although the back end is still softer. The 30yr was last around 3.20%, still off 3.5bps for the session. The 10yr was near 1.63%. The front end is little changed, the 2yr near 0.86%.
• Note tomorrow we get a number of monthly data prints. Most focus will be on the August CPI print for Tokyo. 

AUSSIE BONDS: Futures Higher, AU-US 10yr Spread Close To Multi Month Highs

Aussie bond futures continue to hold gain, but tight ranges have prevailed. Positive carry over from futures gains in the US and the EU look to be major driver today, while Q2 capex data locally was weaker than expected. 10yr futures (XM) were just off session highs, last 95.68, +3bps, while 3yr futures (YM) were at 96.585, +2bps. 

• Cash ACGB yields are close to 3bps lower across the curve, with no standout outperformance. The 3yr yield was last around 3.39%, while the 10yr was near 4.29%. Both these benchmarks sit within recent ranges.
• The AU-US 10yr spread sits slightly lower around +7bps but is within the upper range seen in recent months. We have spent little time above +10bps going back to mid April of this year.
• On the data front, private sector capex remained soft in Q2 with volumes rising 0.2% q/q, driven by the non-mining sector, after falling 0.2% q/q to be up only 1.7% y/y although this was an improvement from Q1’s -0.6% y/y. There has been talk that investment needs to rise in order to see progress on productivity, which has been weak. Q2 GDP is released September 3 with inventories September 1, and net exports and public demand contributions September 2.
• Tomorrow we get July private credit figures. 

BONDS: NZGBS: Yields 3-5bps Lower, Back End Leads

New Zealand government bond yields have lost traction as the Thursday session unfolded. Benchmark yields sit close to 3-5bps lower across the curve, with back end yields seeing slightly largely losses. The 2yr NZGB yield was last at 2.95%, consolidating the recent break sub 3.00%, while the 10yr is back to 4.32%. We are tracking towards fresh lows since April of this year for this benchmark. 

• NZGB yields have likely seen some negative spill over from the lower Aussie yield backdrop, although ACGBs are only down a little over 2bps so far today.
• NZ 2yr swap rates continue to make fresh lows, last at 2.72%, off 3bps today.
• Earlier we had a few data points. NZ filled jobs rose for the second straight month in July, which is a tentative sign of some stabilisation in the labour market but the increases remain slight.The  ANZ business confidence for August rose to 49.7 from 47.8, the highest since March. However, the activity outlook deteriorated to 38.7 from 40.6, the weakest since May. ANZ noted that the August 20 rate cut drove some “isolated lifts in the data” but there was “no generalised confidence improvement”. The survey remains consistent with a gradual but lacklustre recovery.
• Tomorrow the ANZ consumer confidence index for August is out. 

FOREX: Asia FX Wrap - USD Weakness Extends In Asia

The BBDXY has had a range of 1202.84 - 1204.36 in the Asia-Pac session, it is currently trading around 1203, -0.15%. The initial USD demand seemed to be easily soaked up and when completed the USD proceeded to fall away effortlessly in the N/Y session. A sustained break below 1197/1195 is needed to regain the momentum lower and retest the year's lows. Risk has traded on the backfoot in Asia as the drag from the poor Nvidia earnings report followed through, E-minis -0.15%, NQU5 -0.30%. The USD’s use as a safe haven continues to be challenged though and has come back under pressure in early Asia even with risk trading heavy. 

• EUR/USD -  Asian range 1.1633 - 1.1655, Asia is currently trading 1.1640. The pair is consolidating just above its support. First support is back towards 1.1550, a move back below here could signal a deeper pullback as the market tries to find a base from which to build for another extension higher.
• GBP/USD - Asian range 1.3493 - 1.3518, Asia is currently dealing around 1.3505. The pair is consolidating around the 1.3500 area. Back in the middle of its recent 1.3350-1.3650 range, the USD’s fate will have a direct impact on which side is tested.
• USD/CNH - Asian range 7.1442-7.1542, the USD/CNY fix printed 7.1063, Asia is currently dealing around 7.1480. 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 $3391, US 10-Year 4.225%, BBDXY 1203, Crude Oil $63.65
• Data/Events : Italy Consumer & Manf. Confidence/Industrial Sales, EZ Money Supply/Consumer Confidence

Fig 1: BBDXY Spot Daily Chart

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

JPY: Asia Wrap - USD/JPY Drifts Back Towards 147.00

The Asia-Pac USD/JPY range has been 147.08-147.49, Asia is currently trading around 147.15, -0.20%. USD/JPY was capped by solid supply above 148.00 and when the USD demand was completed the pair proceeded to fall very easily again in the N/Y session. 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. CFTC data for last week shows leveraged accounts again added to JPY shorts so they will be betting on the support continuing to hold. Should risk top out and have a deeper pullback this could create headwinds for cross-JPY.

• MNI BRIEF: BOJ's Nakagawa Sees Gradual Hikes; No Timing Hint. Bank of Japan board member Junko Nakagawa on Thursday backed a gradual rate hike but gave no guidance on the timing, citing high uncertainty. The remarks confirmed the BOJ’s economic and price outlook has remained unchanged since the July meeting.
• Offshore Investors Sell Japan Stocks For First Time Since June: Japan offshore investment flows were all negative last week, albeit with aggregate moves not large. Most notably were offshore investors selling nearly 500bn of local stocks. This was the first such outflow since mid June and indeed since early April we have only had two outflow weeks (including the latest observation)
• Futures Lower Post Poor 2yr Auction: The 2yr debt auction saw a bid to cover ratio of 2.84, the lowest since 2009. The tail from the auction, the gap between the average and lowest accepted prices, was higher at 0.022, versus 0.005 at the prior auction in late July. Note we have the 10yr debt auction on Sep 2, which is next Tuesday.
• Options : Close significant option expiries for NY cut, based on DTCC data: none.Upcoming Close Strikes : 145.00($1.17b Aug 29), 146.50($1.14b Aug 29), 147.50($806m Aug 29)  - BBG.
• CFTC data shows last week asset managers have begun to add to their JPY longs after a consistent period of reduction +71379( Last +60866), leveraged funds though again used the dip to add to their newly built short JPY position -50848(Last -41257).

Fig 1 : USD/JPY Spot 2H Chart

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

AUD: Asia Wrap - AUD/USD Probes Above 0.6500

The AUD/USD has had a range of 0.6503 - 0.6522 in the Asia- Pac session, it is currently trading around 0.6510, +0.10%. The Nvidia quarterly earning report disappointed and risk traded under pressure early on, it stabilised mid day and has since pared back a good portion of the losses, E-minis -0.10%, NQU5 -0.25%. The AUD finds itself firmly back in the middle of its recent multi-month range of 0.6350-0.6650 and will need a clearer direction from both the USD and risk to embark on a decent move in either direction.

• Private Capex Soft In Q2. Private sector capex remained soft in Q2 with volumes rising 0.2% q/q, driven by the non-mining sector, after falling 0.2% q/q to be up only 1.7% y/y although this was an improvement from Q1’s -0.6% y/y. There has been talk that investment needs to rise in order to see progress on productivity, which has been weak. Q2 GDP is released September 3 with inventories September 1, and net exports and public demand contributions September 2.
• July Inflation Rise Drives “Misery Index” To Highest Since Aug 2024: The substantial pickup in inflation in July drove a deterioration in the “misery index” to its highest in almost a year. If this is sustained then it could impact consumer confidence, but as the latter tends to be less volatile it is still too soon to tell. The 0.2pp improvement in underutilisation in July was offset by a 0.9pp increase in headline inflation to 2.8%. September Westpac consumer confidence prints on September 9.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6473(AUD401m), 0.6400(AUD571m). Upcoming Close Strikes : 0.6500(AUD900m Aug 29), 0.6455(AUD555m Sept 1), 0.6400(AUD768m Sept 2) - BBG
• AUD/JPY - Asia-Pac range 95.78 - 96.06, Asia is trading around 95.80. The pair continues to grind higher back towards the 96.00 area. This pair’s direction will be determined by the market's ability to follow on with this risk-on move or not. A sustained move back above 96.50 would turn the trend higher again but until then sellers should be around looking for this move to top out.

Fig 1: AUD/USD spot Daily Chart

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

NZD: Asia Wrap - NZD/USD Probes Above 0.5850

The NZD/USD had a range of 0.5855 - 0.5868 in the Asia-Pac session, going into the London open trading around 0.5860, +0.05%. The Nvidia quarterly earning report disappointed being the poster child for AI and Tech it will be worth watching to see how the market digests this. The NZD again found some demand back towards 0.5800 overnight, sellers should continue to be around looking to fade any move back towards the 0.5950 area initially. US Futures traded heavily on the open on the back of Nvidia but have pared back a good portion of those losses, E-minis -0.05%, NQU5 -0.25%.

• Inflation Stabilising, Weaker Employment But Exports Improve: ANZ business confidence for August rose to 49.7 from 47.8, the highest since March. However, the activity outlook deteriorated to 38.7 from 40.6, the weakest since May. ANZ noted that the August 20 rate cut drove some “isolated lifts in the data” but there was “no generalised confidence improvement”. The survey remains consistent with a gradual but lacklustre recovery.
• Labour Market May Be Stabilising: NZ filled jobs rose for the second straight month in July, which is a tentative sign of some stabilisation in the labour market but the increases remain slight. July was up 0.2% m/m after 0.1% but was still down 0.7% y/y but an improvement from June’s -1.3% y/y and April’s -2.0% y/y. Q3 labour market data is not out until 5 November and so August/September filled jobs will be monitored closely (29 Sep/28 Oct).
• Options : Closest significant option expiries for NY cut, based on DTCC data:  none. Upcoming Close Strikes : 0.5700(NZD500m Sept 2) - BBG
• AUD/NZD range for the session has been 1.1103 - 1.1124, currently trading 1.1110. The dovish RBNZ has seen the Cross surge higher breaking back above 1.100 convincingly. This move should now continue to see dips supported as it looks to build momentum to push higher.

Fig 1: NZD/USD Spot 2H Chart

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

ASIA STOCKS: US Tariffs Hit India as Major Markets Mixed Today

OIL: Crude Unwinds Wednesday’s Gains As Supply Worries At The Fore

Oil has given up a large share of Wednesday’s gains during today’s APAC trading as the excess supply outlook continues to worry the market and pressure prices. WTI is down 0.9% to $63.56/bbl just off the intraday low of $63.48, while Brent is 0.8% lower at $67.52/bbl after falling to $67.50. Both are set for a monthly decline in August. The USD index is down 0.1%.

• OPEC has normalised production targets through this year unwinding previous cuts but this has come at a time when risks to demand are heightened from increased US protectionism. There is also pressure for the US to increase its output but low prices may hinder that plan. Punitive tariffs could increase demand for non-Russian crude but only if flows can be monitored.
• Citigroup expects the global surplus to be more evident towards year end and is forecasting Brent at $66/bbl in Q3 then moderating to $63 in Q4, according to Bloomberg.
• Later the Fed’s Waller speaks on monetary policy. The July ECB meeting accounts are published. The next estimate of US Q2 GDP is released as well as jobless claims, July pending home sales, August Kansas manufacturing and euro area August European Commission survey. 
  
  Gold Lower, Friday’s US PCE Prices Next Watch Point

Gold prices fell to $3384.67/oz earlier and while off the low are still down 0.2% to $3391.3/oz. The weaker US dollar (BBDXY -0.1%) has not provided support as 2-year yields are slightly higher. Bullion will be watching Fed developments closely with PCE prices on Friday which could impact September rate cut pricing, as well as continued attacks on Fed independence from the administration.

• If President Trump is successful in removing Governor Cook, then he could gain four of the seven members. However, his previous appointees have remained independent in their decision making. His push for lower rates could backfire as threats to central bank independence are likely to drive bond risk premia higher.
• Silver is 0.4% higher at $38.73, close to the intraday high.
• Equities are mixed with the Nikkei up 0.5% and CSI 300 +0.7% but S&P e-mini down 0.1% and Hang Seng -0.7%. Oil prices are lower with WTI -0.8% to $63.64/bbl. Copper is down 0.1%.
• Later the Fed’s Waller speaks on monetary policy. The July ECB meeting accounts are published. The next estimate of US Q2 GDP is released as well as jobless claims, July pending home sales, August Kansas manufacturing and euro area August European Commission survey. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
28/08/2025	0700/0900	**	SE	Economic Tendency Indicator
28/08/2025	0700/0900	***	CH	GDP
28/08/2025	0700/0900	**	CH	KOF Economic Barometer
28/08/2025	0800/1000	**	EU	M3
28/08/2025	0800/1000	**	IT	ISTAT Consumer Confidence
28/08/2025	0800/1000	**	IT	ISTAT Business Confidence
28/08/2025	0900/1100	*	EU	Consumer Confidence, Industrial Sentiment
28/08/2025	1230/0830	***	US	Jobless Claims
28/08/2025	1230/0830	**	US	WASDE Weekly Import/Export
28/08/2025	1230/0830	*	CA	Current account
28/08/2025	1230/0830	*	CA	Payroll employment
28/08/2025	1230/0830	***	US	GDP / PCE Quarterly
28/08/2025	1400/1000	**	US	NAR Pending Home Sales
28/08/2025	1430/1030	**	US	Natural Gas Stocks
28/08/2025	1500/1100	**	US	Kansas City Fed Manufacturing Index
28/08/2025	1530/1130	**	US	US Bill 04 Week Treasury Auction Result
28/08/2025	1530/1130	*	US	US Bill 08 Week Treasury Auction Result
28/08/2025	1700/1300	**	US	US Treasury Auction Result for 7 Year Note
28/08/2025	2200/1800		US	Fed Governor Christopher Waller
29/08/2025	2330/0830	*	JP	Labor Force Survey
29/08/2025	2330/0830	**	JP	Tokyo CPI
29/08/2025	2350/0850	**	JP	Industrial Production
29/08/2025	2350/0850	*	JP	Retail Sales (p)
29/08/2025	0600/0800	***	SE	GDP
29/08/2025	0600/0800	**	SE	Retail Sales
29/08/2025	0600/0800	**	DE	Import/Export Prices
29/08/2025	0600/0800	**	DE	Retail Sales
29/08/2025	0630/0730		GB	DMO to release FQ3 (Oct-Dec) issuance ops calendar
29/08/2025	0645/0845	***	FR	HICP (p)
29/08/2025	0645/0845	**	FR	PPI
29/08/2025	0645/0845	***	FR	GDP (f)
29/08/2025	0645/0845	**	FR	Consumer Spending
29/08/2025	0700/0900	***	ES	HICP (p)
29/08/2025	0755/0955	**	DE	Unemployment
29/08/2025	0800/1000	***	IT	GDP (f)
29/08/2025	0800/1000	***	DE	Bavaria CPI
29/08/2025	0800/1000	***	DE	North Rhine Westphalia CPI
29/08/2025	0800/1000	***	DE	Baden Wuerttemberg CPI
29/08/2025	0800/1000	**	EU	ECB Consumer Expectations Survey
29/08/2025	0900/1100	***	IT	HICP (p)
29/08/2025	0900/1100		EU	ECB de Guindos at Cursos Europeos de Verano
29/08/2025	1200/1400	***	DE	Germany CPI (p)
29/08/2025	1200/1400	***	DE	Germany CPI (p)
29/08/2025	1230/0830	***	CA	GDP - Canadian Economic Accounts
29/08/2025	1230/0830	***	CA	Gross Domestic Product by Industry
29/08/2025	1230/0830	***	CA	CA GDP by Industry and GDP Canadian Economic Accounts Combined
29/08/2025	1230/0830	***	US	Personal Income and Consumption
29/08/2025	1230/0830	**	US	Advance Trade, Advance Business Inventories
29/08/2025	1342/0942	***	US	MNI Chicago PMI