MNI EUROPEAN OPEN: China Equities Correct Lower
EXECUTIVE SUMMARY
- MIRAN TO PLEDGE FED INDEPENDENCE IN SENATE HEARING - MNI BRIEF
- TRUMP TAKES TARIFFS FIGHT TO US SUPREME COURT - RTRS
- TRUMP SAYS RUSSIA, UKRAINE 'NOT READY YET' FOR PEACE DEAL - CBS
- MNI OUTLINES THE BOJ’S INFLATION EXPECTATIONS CONCERNS - MNI POLICY
- CHINA EYES CURBS ON STOCK SPECULATION TO FOSTER STEADY GAINS - BBG
Fig 1: China Equities Retreat After Surging Through August
Source: Bloomber Finance L.P./MNI
UK
BOE (MNI BRIEF): The splits amongst Bank of England Monetary Policy Committee members over policy easing and inflation risks were starkly visible in their early remarks to the Treasury Select Committee Wednesday and look set to continue after the MPC split 5-4 in August over a 25 bps cut.
FISCAL (BBG): “Chancellor of the Exchequer Rachel Reeves says growth is the solution to Britain’s economic problems. At her budget on Nov. 26, she faces the prospect of having to kill it.”
INVESTMENT (BBG): “Saudi Arabia and the UK announced more than £360 million ($484 million) in joint investment deals as the countries look to further boost economic ties and promote cross-border investment.”
EU
RUSSIA/UKRAINE (CBS/BBG): " President Trump says he remains committed to pursuing a peace agreement between Russia and Ukraine, in a phone interview with CBS News."
RUSSIA/NORTH KOREA (RTRS): “North Korean leader Kim Jong Un said his country would "fully support" Russia's army as a "fraternal duty", and Russian President Vladimir Putin called the two countries' ties "special", state media KCNA reported on Thursday.”
POLAND (BBG): “Poland’s new president got just what he came to Washington for — a commitment from Donald Trump that the US won’t pull troops from his country and could even increase their presence.”
US
FED (MNI BRIEF): Donald Trump’s pick to join the Federal Reserve’s board of governors, Stephen Miran, has vowed to “preserve independence” of the central bank if he is confirmed in the position by the US Senate. Miran is set to appear before the Senate Banking, Housing, and Urban Affairs Committee in his confirmation process tomorrow morning.
TARIFFS (RTRS): "Donald Trump's administration asked the U.S. Supreme Court on Wednesday to swiftly hear a bid to preserve his sweeping tariffs pursued under a 1977 law meant for emergencies after a lower court invalidated most of the levies that have been central to the Republican president's economic and trade agenda.
FED (MNI BRIEF): Federal Reserve Bank of Minneapolis President Neel Kashkari on Wednesday said inflation is still too high and he is not yet in the camp that tariff-driven inflation will be a short-term phenomenon, pitting himself against others who have argued that tariffs will have a one-time impact.
FED (MNI INTERVIEW): The Federal Reserve's 2025 framework revision largely retained the 2020 shift to support a broad-based view of maximum employment so long as inflation appears to be under control, retaining the experience of the economy's long recovery from the financial crisis, Preston Mui, senior economist at Employ America, told MNI.
FED (MNI): Rising inflation presents a greater risk to the Federal Reserve's dual mandate than a deteriorating labor market even as hiring has slowed, and a single 25 bp rate cut this year would appropriately reflect the rising risk to the Fed's full employment goal, Atlanta Fed President Raphael Bostic said Wednesday.
JOBS (MNI BRIEF): All but one of the 12 Federal Reserve districts saw little or no net change in overall employment levels in August as firms told the Fed they were hesitant to hire workers because of weaker demand or uncertainty, according to the Fed's Wednesday report on current economic conditions.
TECH (CNN): “President Donald Trump will host tech leaders for a dinner in the Rose Garden on Thursday, the first event to be held in the newly renovated space.
OTHER
JAPAN (MNI POLICY): MNI outlines the BOJ's inflation expectations concerns. On MNI Policy MainWire now, for more details please contact sales@marketnews.com.
CANADA (MNI BRIEF): Canadian Prime Minister Mark Carney said Wednesday he wants to expand trade with China after years of diplomatic tensions and that a long phone call with U.S. President Donald Trump Monday night produced no breakthrough to ease tariffs on autos and steel.
CHINA
STOCKS (BBG): “China’s financial regulators are considering a number of cooling measures for the stock market as they grow concerned about the speed of a $1.2 trillion rally since the start of August, people familiar with the matter said.”
STOCKS (SECURITIES TIMES): “Sales of stock-focused mutual funds in China have gathered pace this year as equities fund performance rebounds amid recent stock market rallies, Securities Times reported.”
BONDS (PBOC): “The Ministry of Finance and the People’s Bank of China will deepen cooperation, strengthen coordination and continue to promote the stable and healthy development of China’s bond market as well as ensure the effective implementation of fiscal and monetary policies, according to a statement on the PBOC website.”
HOUSING (21ST CENTURY BUSINESS HERALD): “New home transaction areas in Shanghai rose 35% in the last week of August over the prior week, after the city scrapped the limit on the number of houses purchased outside the outer ring road and lowered borrowing costs, 21st Century Business Herald reported.”
MNI: PBOC Net Drains CNY203.5 Bln via OMO Thursday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY212.6 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY203.5 billion after offsetting maturities of CNY416.1 billion today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4159% at 09:41 am local time from the close of 1.4415% on Wednesday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 48 on Wednesday, compared with the close of 49 on Tuesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.
MNI: PBOC Sets Yuan Parity Lower At 7.1052 Thurs; -0.33% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1052 on Thursday, compared with 7.1108 set on Wednesday. The fixing was estimated at 7.1405 by Bloomberg survey today.
MARKET DATA
NEW ZEALAND Q2 VOLUME OF ALL BUILDINGS Q/Q -1.8%; MEDIAN -1.0%; PRIOR 1.3%
AUSTRALIA JULY HOUSEHOLD SPENDING M/M 0.5%; MEDIAN 0.5%; PRIOR 0.3%
AUSTRALIA JULY HOUSEHOLD SPENDING Y/Y 5.1%; MEDIAN 5.0%; PRIOR 4.6%
AUSTRALIA JULY TRADE BALANCE A$7310MN; MEDIAN A$4900MN; PRIOR A$5366MN
AUSTRALIA JULY EXPORTS M/M 3.3%; PRIOR 6.3%
AUSTRALIA JULY IMPORT M/M -1.3%; PRIOR 1.5%
SOUTH KOREA JULY BOP CURRENT ACCOUNT BALANCE $10788.7MN; PRIOR $14265MN
MARKETS
US TSYS: Yields Mixed In a Quiet Session
The TYZ5 range has been 112-16 to 112-19 during the Asia-Pacific session. It last changed hands at 112-18, down 0-01+ from the previous close.
- The US 2-year yield has edged lower trading around 3.61%, down 0.01 from its close.
- The US 10-year yield has is trading around 4.215%.
- 10-Year Yields rejected the 4.30% area on a softer JOLTS report and has moved very quickly back to the 4.20% area. NFP will now take on big significance, a break of the 4.18% support would turn the focus back to 4.10%.
- Bloomberg - “Fed Governor Christopher Waller said the US central bank should begin lowering interest rates this month and make multiple cuts in the coming months, adding that officials could debate the precise pace of reductions.”
- zerohedge on X: "Labor Market Crosses Critical Threshold: For First Time Since 2021 There Are More Unemployed Than Job Openings. Why does this matter? Because the US has never entered a recession when it was labor supply constrained. As of this moment it is no longer supply constrained."
- Robin Brook on X: “Two things are driving the rise in long-term bond yields: (i) much of the G10 has big deficits and debt near 100%; (ii) long-term yields have been kept artificially low by central banks. Best example of the latter is Japan, where 30-year yield is same as Germany. That's bonkers.”
- Data/Events: Challenger Job Cuts, ADP, Initial Jobless Claims, Trade Balance, S&P PMI’s, ISM Services
Fig 1: 10-Year US Yield 2H Chart
Source: MNI - Market News/Bloomberg Finance L.P
JGBS: 30yr Yield Down Post Auction, Labour Earnings Data Tomorrow
Futures sit at 137.55, +.26 versus settlement levels. Post lunch break highs were at 137.65. This was close to highs seen at the start of Sep. US tsy futures hold a touch weaker, but have had a quiet session, while cash Tsy yields are down a touch.
- The 30yr debt auction was not as bad as feared from a demand standpoint. The bid to cover ratio was 3.31, versus a 12mth average of 3.38 (per BBG). The tail for the auction was 0.18, versus the early August result of 0.15.
- Cash JGB yields are down led by the back end of the curve. The 30yr last off 4bps to be back near 3.26%. The 10yr is back to 1.615%, off close to 1.5bps. The JGBs 2/30s curve sits a touch flatter at +241bps.
- Earlier headlines crossed, notably: "*HAYASHI: NOT TRUE GOVT DECIDED TO COMPILE ECONOMIC MEASURES" - BBG and *HAYASHI: MANAGE IN WAY THAT AVOIDS SUDDEN RISE IN L-T RATES" - BBG. Extra stimulus/household support remains a focus point, particularly given budget requests for the upcoming financial year are pressured by debt repayments and higher defence spending.
- Also note: "*BOJ TO HOLD MEETING ON MARKET OPERATIONS ON OCT. 16" - BBG.
- Note tomorrow we get July labour cash earnings. Nominal earnings are forecast to rise 3.0%y/y, versus 3.1% in June. Real earnings are expected at -0.6%y/y, which would be an improvement on the June -0.8%y/y outcome.
AUSSIE BONDS: Yields Correct Lower, Household Spending Remains Firm In July
Aussie bond futures are holding gains. The 3yr (YM) last at 96.49.5, just off session highs, while the 10yr (XM) was at 95.61, +5.5bps. Session highs for this benchmark were at 95.62. The cash ACGB curve is 3-6.5bps lower across the benchmarks and like elsewhere has been led by the back end, as curves flatten. The ACGB 3/10s curve is a touch flatter, at +88bps.
- The 3yr yield sits around 3.48%, after testing multi month highs yesterday (around 3.55%). The combination of better than expected Q2 GDP and some hawkish RBA remarks from Governor Bullock yesterday, aided these moves. The 10yr yield was last close to 4.36%.
- An RBA cut remains close to fully priced for the Nov meeting outcome.
- Data today showed July household spending was close to market forecasts. We rose 0.5%m/m, in line with the consensus, although June was revised down a touch to 0.3%, (from 0.5% originally reported). Y/Y spending was still a touch firmer though at 5.1%, versus 5.0% forecast and 4.6% prior. This follows
- Other data for July trade showed the trade surplus at over A$7bn due to weaker imports (off 1.3%m/m), while exports held up at +3.3%m/m. Softer imports reflected a modest decline in consumer related goods (so some caution around the better household spending story).
- We still await details of RBA Deputy Governor's interview with Reuters.
BONDS: NZGBS: Flatter Curve In Line With Global Moves
NZGB yields sit 3-6bps weaker across the benchmarks, led by the back end. The 2yr remains under 3% last around 2.95% (off 3bps). The 10yr was back close to 4.40%, off nearly 6bps. Markets gaped lower around the open, in yield terms, and price action since then has been fairly muted. The NZ 2/10s curve is slightly flatter at +145bps. These moves largely reflect offshore developments from Wednesday.
- The 2yr swap rate is around 2.75%, off a little over 2bps. Recent lows rest at 2.706%, from late August.
- On the data front, we had Q2 volume of all building work print earlier. This fell 1.8%q/q, against a -1.0% forecast. Q2 was revised higher to a +1.3% gain though, after initially being reported as flat.
- We get more Q2 activity data next week, with manufacturing figures due on Tuesday. Q2 GDP isn't out though until Sep 18.
- Via BBG: "New Zealand sold NZ$225 million ($132.2 million) of bonds due May 15, 2035 on Sept. 4 (bid to cover was 2.96), also " New Zealand sold NZ$225 million ($132.2 million) of bonds due May 15, 2030 on Sept. 4." via BBG (bid to cover was 4.38).
- Tomorrow the data calendar is empty.
FOREX: Asia Wrap - USD Stabilised After Overnight Fall
The BBDXY has had a range of 1204.59 - 1206.37 in the Asia-Pac session, it is currently trading around 1206, +0.07%. The USD topped out above 1210 and reversed lower with US yields in response to a softer JOLTS report. 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 1.1651 - 1.1669, Asia is currently trading 1.1655. 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 1.3426 - 1.3450, Asia is currently dealing around 1.3430. The pair collapsed in response to moves in UK bonds. Price bounced off its support around 1.3350, though I suspect offers should now find supply on rallies back towards 1.3500. A sustained break below 1.3350 would open up a move back to 1.3100.
- USD/CNH - Asian range 7.1362 - 7.1450, the USD/CNY fix printed 7.1052, Asia is currently dealing around 7.1420. 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 +0.15%, Gold $3530, US 10-Year 4.217%, BBDXY 1206, Crude Oil $63.52
- Data/Events : EZ Retails Sales, Germany HCOB Construction PMI
Fig 1: BBDXY Spot 2H Chart
Source: MNI - Market News/Bloomberg Finance L.P
JPY: Asia Wrap - USD/JPY Consolidates Around 148.00
The Asia-Pac USD/JPY range has been 147.80-148.28, Asia is currently trading around 148.25, +0.10%. USD/JPY again rejected the 149.00 area overnight, helped by a softer JOLTS report which saw US yields move quickly lower. 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, which given the reaction to JOLTS could be a key driver.
- MNI POLICY: Risk Of Weaker Inflation Expectations Concern BOJ. BOJ Officials are monitoring risks that households inflation expectations could weaken as food-price rises ease and some firms lower retail prices, MNI understands, though high living costs and wage hikes are still seen as supporting underlying inflation.
- The 30yr debt auction was not as bad as feared from a demand standpoint. The bid to cover ratio was 3.31, versus a 12mth average of 3.38 (per BBG). The tail for the auction was 0.18, versus the early August result of 0.15.
- "JAPAN TRADE NEGOTIATOR AKAZAWA: WILL CONTINUE TO PUSH FOR PRESIDENTIAL ORDER FOR WHAT HAS BEEN AGREED ON TARIFFS, ISHIBA ADMINISTRATION SHOULD CONTINUE TO CARRY OUT IMMINENT TASKS, NO NEED FOR EARLY LDP LEADERSHIP ELECTION - [RTRS]"
- "HAYASHI: TO MANAGE ECONOMY, FINANCES ENSURING MKT CONFIDENCE, MANAGE IN WAY THAT AVOIDS SUDDEN RISE IN L-T RATES" - BBG
- Options : Close significant option expiries for NY cut, based on DTCC data: 147.10($970m), 146.50($673m).Upcoming Close Strikes : 146.00($2.16b Sept 5), 147.00($1.09b Sept 5), 146.00($103b Sept 8 ) - BBG.
- 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 Drifts Lower As China Looks To Curb Speculation
The AUD/USD has had a range of 0.6534 - 0.6550 in the Asia- Pac session, it is currently trading around 0.6535, -0.15%. The AUD has drifted lower as Chinese authorities contemplate options to rein in speculative trading. The AUD remains 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.
- “Chinese Authorities are contemplating options to rein in speculative trading on concern a sharp reversal might inflict heavy losses on retail investors." - BBG
- Household Spending +5%y/y, Trade Surplus Up On Lower Imports: Australia July household spending was close to market forecasts. We rose 0.5%m/m, in line with the consensus, although June was revised down a touch to 0.3%, (from 0.5% originally reported). Y/Y spending was still a touch firmer though at 5.1%, versus 5.0% forecast and 4.6% prior.
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6445(AUD945m), 0.6595(AUD867m), 0.6600(AUD967m). Upcoming Close Strikes : 0.6400(AUD1.12b Sept 5), 0.6500(AUD1.08b Sept 5), 0.6600(AUD1.02b 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 96.75 - 97.01, Asia is trading around 96.85. 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/USD spot 2H Chart
Source: MNI - Market News/Bloomberg Finance L.P
NZD: Asia Wrap - NZD/USD Drifts Lower
The NZD/USD had a range of 0.5867 - 0.5890 in the Asia-Pac session, going into the London open trading around 0.5875, -0.10%. The NZD found some demand again just under 0.5850 overnight and bounced higher from there as the USD got sold in response to the softer JOLTS data. The NZD sellers should continue to be around looking to fade any bounce back towards the 0.5950 area initially, NFP’s will be an important input.
- "NZ 2Q CONSTRUCTION WORK FALLS 1.8% Q/Q; EST. -1.0%, NZ 2Q RESIDENTIAL CONSTRUCTION FALLS 2.9% Q/Q, NZ 2Q NON-RESIDENTIAL CONSTRUCTION FALLS 0.4% Q/Q" -BBG
- “Chinese Authorities are contemplating options to rein in speculative trading on concern a sharp reversal might inflict heavy losses on retail investors." - BBG
- "RBNZ GOVERNOR CHRISTIAN HAWKESBY WILL SPEAK ON SEPT. 11": The Governor will discuss the August Monetary Policy Statement (MPS) and the Capital Review consultation which opened on 25 August. No new information will be provided regarding economic conditions or the August MPS. The remarks will be followed by a question and answer session with conference attendees. - BBG
- Options : Closest significant option expiries for NY cut, based on DTCC data: none. 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 1.1116 - 1.1139, 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 2H Chart
Source: MNI - Market News/Bloomberg Finance L.P
ASIA STOCKS: China's Markets Lead the Decline
China equity benchmarks were lower for the third straight session as BBG reported that potential measures were being considered to curb market sentiment. "The measures proposed to top policymakers in recent weeks include the removal of some short selling curbs. Authorities are also contemplating options to rein in speculative trading on concern a sharp reversal might inflict heavy losses on retail investors." (per BBG). Fear has been growing among investors that Chinese regulators will intervene to rein in the excessive stock gains, with measures including acceleration of new stock supply, restrictions on margin accounts and selling of large stakes held by state buyers.
- The Hang Seng is down -1.21% today, the CSI 300 down -2.47%, Shanghai Comp -1.97% and Shenzhen down -1.55% as returns over the last five trading days turn negative.
- The NIKKEI recovered from yesterday's falls and is up +1.45% today
- The TAIEX in Taiwan is up for a second successive day, by +0.55%
- The KOSPI has delivered three days of gains for the first time in a month, up +0.15% today.
- The FTSE Malay KLCI has done very little ahead of the central bank later, down -0.09%.
- The Jakarta Composite is lower by -0.21% as markets appear to be calmer than earlier in the week.
- The NIFTY 50 is up for a third day, by +0.15%. After a week start Monday, the gains have seen it edge over into positive territory week to date.
- Oil declined further in the Asia trading day, after heavy falls overnight on supply concerns
- At an upcoming meeting this weekend, OPEC+ is set to consider options for production and according to some, could be set for a further increase in capacity.
- Already they have approved the increase of 2.5mn barrels a day back in April, a previous supply increase that had been paused.
- In August alone, an additional 400,000 bbls a day was released with the majority coming from Saudi output.
- Production data from Canada showed that Alberta's oil production rose to a record 4.32 million barrels a day in July as oil sands companies boosted output from well sites to fill the expanded Trans Mountain pipeline.
- Asia has increased US crude buying due to cheaper prices and a desire for favor with President Donald Trump. South Korea, Japan, and India have boosted their US crude purchases, with South Korea almost doubling its purchased oil volumes for November.
- An industry estimate showed that crude inventories at the Cushing, Oklahoma, storage hub expanded by 2.1 million barrels last week, which would be the biggest increase since March if confirmed by official data.
- Goldman Sachs Group Inc. reaffirmed a bearish outlook, citing expectations for output to top consumption, with a forecast for Brent to drop to the low $50s in late 2026 (per BBG)
- WTI fell -0.70% today to US$63.52 bbl, following yesterday's large falls.
- Brent fell further also today, down -0.65% to US$67.16 bbl.
Gold Backs off from All Time Highs
- Following yesterday's rally which saw a new all time high close of US$3,559.42, gold finally snapped it's seven day rally in the Asia trading day.
- Down -0.82% despite China's major equity markets falling, suggests that profit taking could be the driver for the daily declines.
- Gold had rallied over 3% in the first few days of the month, before today's declines.
- Up over 35% this year points to a structural shift in demand for gold as Central Banks such as the PBOC diversify their reserves away from the US, whilst increasing their allocation to bullion.
- Goldman Sach's research suggest that if the Federal Reserve's independence was challenged, gold could touch US$5,000.
- Last night during the US trading day, weaker than expected data gave gold a boost on hopes of an upcoming rate cut.
- As the week ends with Non-Farm payrolls, gold investors will be watching closely as a guide for the next move from the Fed.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 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 |
| 04/09/2025 | 1400/1000 | *** | US | ISM Non-Manufacturing Index |
| 04/09/2025 | 1400/1000 | US | Fed nominee Stephen Miran | |
| 04/09/2025 | 1430/1030 | ** | US | Natural Gas Stocks |
| 04/09/2025 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 04/09/2025 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 04/09/2025 | 1600/1200 | ** | US | DOE Weekly Crude Oil Stocks |
| 04/09/2025 | 1600/1200 | ** | US | US DOE Petroleum Supply |
| 04/09/2025 | 1605/1205 | US | New York Fed's John Williams | |
| 04/09/2025 | 2300/1900 | US | Chicago Fed's Austan Goolsbee | |
| 05/09/2025 | 2330/0830 | ** |  JP | average wages (p) |
| 05/09/2025 | 2330/0830 | ** | JP | Household spending |
| 05/09/2025 | 0600/0800 | ** |  DE | Manufacturing Orders |
| 05/09/2025 | 0600/0700 | *** | GB | Retail Sales |
| 05/09/2025 | 0645/0845 | * |  FR | Foreign Trade |
| 05/09/2025 | 0800/1000 | * |  IT | Retail Sales |
| 05/09/2025 | 0900/1100 | * | EU | Employment |
| 05/09/2025 | 0900/1100 | *** | EU | EZ GDP 3rd (Regular) |
| 05/09/2025 | 1230/0830 | *** | US | USDA Crop Estimates - WASDE |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | US | Employment Report |
| 05/09/2025 | 1230/0830 | *** | CA | Labour Force Survey |
