MNI EUROPEAN OPEN: Crypto Weakness Weighs On Equities

EXECUTIVE SUMMARY

• FED’S WALLER BACKS DECEMBER RATE CUT - MNI BRIEF 
• BITCOIN DROPS BELOW $90,000 FOR THE FIRST TIME IN SEVEN MONTHS - BBG
• PM TAKAICHI TO MEET BOJ’S UEDA AT 0630 GMT - MNI BRIEF 
• JAPAN STEPS UP DIPLOMATIC PUSH TO CALM CHINA AFTER TAIWAN FUROR- BBG
• RBA OUTLINES FACTORS THAT WILL DRIVE PAUSE - MINUTES- MNI BRIEF 

Fig 1: Risk Off Remains In Focus Amid Crypto Weakness 

Source: Bloomberg Finance L.P./MNI 

UK 

BOE (MNI BRIEF): UK firms are continuing to consider the risk of inflation persistence in their price-setting behaviour, according to the Bank of England's Decision Makers Panel survey, Monetary Policy Committee member Catherine Mann said on Monday, adding that led her to oppose easing.

BOE (RTRS/BBG): "The Bank of England is preparing to ease parts of Britain’s bank ring-fencing regime while opposing a major reform sought by lenders, Reuters reports, citing people that it didn’t identify." 

POLITICS (TIMES): “Almost half of all Labour voters want Sir Keir Starmer out of Downing Street by the time of the next election, polling for The Times has found. The YouGov survey of 2,100 people found that 23 per cent of Labour voters think the prime minister should quit now and allow the party to elect a new leader. A further 22 per cent think he should stand down at some point before the next election.”

FINANCE (TIMES): “Savers will have up to £120,000 reimbursed if their bank or building society goes bust after the City regulator lifted the deposit protection limit from £85,000 to reflect inflation.”

EU

POLAND (MNI INTERVIEW):  Poland wants the European Commission to take further "concrete" and "tangible" efforts to mitigate the impact of the extension of the ETS2 emissions trading system on consumers and businesses, the country’s Deputy Climate and Environment Minister Krzysztof Bolesta told MNI, stressing that a recently-agreed one-year delay was not enough.

FRANCE/UKRAINE (BBC): “Ukraine will get up to 100 of France's Rafale F4 fighter jets as well as advanced air defence systems in a major deal to boost Kyiv's ability to protect itself against deadly Russian attacks.”

POLAND (BBC): “Poland's prime minister has said an explosion on a railway line leading to the Ukraine border this weekend was caused by "an unprecedented act of sabotage", and vowed to catch those responsible "regardless of who their backers are". Speaking later in Warsaw, after an emergency meeting of security officials, Poland's special services minister said there was a "very high chance" that the blast was carried out on the orders of "foreign services".”

FINLAND/UKRAINE (POLITICO): “The U.S. needs to push ahead with a new round of sanctions to cripple Russian industry and finally bring Vladimir Putin to the negotiating table, Finnish leader Alexander Stubb told POLITICO in an interview.”

US

FED (MNI BRIEF): Federal Reserve Governor Christopher Waller said Monday the central bank should cut interest rates again next month because the labor market continues to deteriorate, while the inflationary effect of tariffs will be temporary. 

FED (MNI INTERVIEW): The Federal Reserve should lean toward holding interest rates steady at its next meeting in December to continue to put downward pressure on inflation and keep its policy options open, the former director of the Division of International Finance at the Fed Board of Governors, Nathan Sheets, told MNI.

FED (MNI BRIEF): Federal Reserve Vice Chair Philip Jefferson on Monday advised caution in adjusting rates as monetary policy nears neutral.  

RUSSIA (POLITICO): “The Senate will bring forward legislation that would sanction Russia’s trading partners, Sen. Lindsey Graham (R-S.C.) said Monday, pushing a bill placing added pressure on Russia to end its war with Ukraine.”

CRYPTO (BBG): "Bitcoin dropped below $90,000, deepening a month-long slide that has erased the cryptocurrency’s gains for 2025 and rocked sentiment across the digital-asset world." 

OTHER

JAPAN (MNI BRIEF): Prime Minister Sanae Takaichi will meet Bank of Japan Governor Kazuo Ueda at 0630 GMT on Tuesday, Nikkei reported.  The two are expected to exchange views on economic and financial developments.

JAPAN (BBG): " Japan is mounting a broad diplomatic effort to ease tensions with China after Prime Minister Sanae Takaichi’s comments on Taiwan sparked a sharp backlash from Beijing that raised fears of a breakdown in economic ties.

AUSTRALIA (MNI BRIEF): Stronger demand, reduced supply capacity and signs that the 3.6% cash rate may not be as restrictive as previously thought could lead the Reserve Bank of Australia to hold rates at coming meetings, minutes of the Board’s November session showed Tuesday. 

MIDDLE EAST (BBG): "President Donald Trump said the US would sell F-35 fighter jets to Saudi Arabia, offering Crown Prince Mohammed bin Salman a prize he’s long cherished — even though many obstacles remain before he gets the stealthy planes." 

MIDDLE EAST (BBG): "The United Nations Security Council approved a resolution backing President Donald Trump’s Gaza peace plan, in a move the US said would help bolster the fragile truce between Israel and Hamas." 

CHINA 

TECH (BBG): "Apple Inc.’s iPhone 17 series drove a 37% rise in its monthly smartphone sales in China, signaling strong momentum in a key market." 

HOUSING (SECURITIES TIMES): "Chinese banks are increasingly selling residential properties directly through online platforms at prices well below market value, signaling a shift in how financial institutions handle distressed assets, according to a commentary published by the Securities Times Tuesday." 

INVESTMENT (SHANGHAI SECURITIES NEWS): China will continue advancing major construction projects tied to national strategy and security over the next five years, with a possible expansion in the issuance of special sovereign bonds to fund them, Shanghai Securities News says in a report, citing unnamed analysts.

MNI: PBOC Net Injects CNY3.7 Bln via OMO Tuesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY407.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY3.7 billion after offsetting maturities of CNY403.8 billion today, according to Wind Information. 

• The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4000% at 09:35 am local time from the close of 1.5236% on Monday.
• The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 48 on Monday, compared with the close of 53 on Friday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Higher At 7.0856 Tues; +1.99% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.0856 on Tuesday, compared with 7.0816 set on Monday. The fixing was estimated at 7.1114 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND NON RESIDENT BOND HOLDINGS OCT. 60.3%; SEP. 59.6%

NEW ZEALAND Q4 RBNZ HOUSEHOLD INFLATION EXPECTATIONS 2YR 3.0%; Q3 3.0%
NEW ZEALAND Q4 RBNZ BUSINESS INFLATION EXPECTATIONS 2YR 2.39%; Q3 2.64%

SOUTH KOREA 

MARKETS

US TSYS: Risk-Off Pushes Yields Lower

TYZ5 is dealing at 112-26, -0-05+ from closing levels in today's Asia-Pac session, as risk turns down, led by Bitcoin. 

• Stocks have extended Monday's weakness in today’s Asia-Pac session. Chip makers led declines yesterday, followed by financials. Investors all of a sudden appear wary of lofty tech valuations, ahead of Nvidia Corp.’s earnings and a key US jobs report later this week.
• Cash US tsys are 2-3bps richer, with a steepening bias, in today's Asia-Pac session.
• However, JGBs have bear-steepened in today's session. "A “sell Japan” trend is likely to persist across equities, bonds and the yen unless Tokyo de-escalates its ongoing diplomatic spat with China, according to Tomo Kinoshita, global market strategist at Invesco." - BBG
• Tuesday's data schedule is light, with markets gearing up for the now-much-delayed September NFP print due this Thursday.

JGBS: Twist-Steepener, 2/30 YC Back Near Highs, PM/BOJ Meeting Due

JGB futures have clawed back to unchanged versus settlement levels.

• With the local calendar light, the domestic market, out to the futures-linked 7-year, has benefited from general global risk-off sentiment.
• "Japanese Prime Minister Sanae Takaichi is set to meet with Bank of Japan Governor Kazuo Ueda on Tuesday as she mulls support for an economy that shrank over the summer. The two will meet at 3:30 p.m. in Tokyo, according to the prime minister's office. - BBG
• Cash US tsys are 2-3bps richer in today's Asia-Pac session.
• JGBs have twist-steepened in today's session, with cash JGBs 1bp richer to 7bps cheaper across benchmarks. The benchmark 20-year yield is 3.6bps higher at 2.786% after setting a fresh cycle high of 2.816% ahead of tomorrow's supply.
• "A "sell Japan" trend is likely to persist across equities, bonds and the yen unless Tokyo de-escalates its ongoing diplomatic spat with China, according to Tomo Kinoshita, global market strategist at Invesco." – BBG
• Today’s move also places the 2/30 curve within striking distance of its recent high. (see chart)
• Swaps have twist-steepened, with rates 1bp lower to 4bps higher.
• Tomorrow, the local calendar will see Trade Balance and Core Machine Orders data. 

Source: Bloomberg Finance LP

AUSSIE BONDS: Risk-Off Drives Bond Rally Ahead Of WPI Tomorrow

ACGBs (YM +4.0 & XM +3.5) are richer and at session highs as risk turns down, led by Bitcoin.

• Cash US tsys are 2-3bps richer, with a steepening bias, in today's Asia-Pac session.
• Cash ACGBs are 4bps richer with the AU-US 10-year yield differential at +32bps.
• Today’s Jun-54 bond auction saw the weighted average yield print 0.18bps through prevailing mids. However, demand weakened dramatically, as reflected by a cover ratio of 2.8500x, down from 4.0533x from the previous auction.
• The AOFM plans to sell A$1000mn of the 2.75% 21 June 2035 bond tomorrow and A$700mn of the 1.25% 21 May 2032 bond on Friday.
• The November meeting minutes reiterated that the RBA's central scenario is "in balance" with risks to both the downside and upside. With core inflation above target and ongoing signs of a recovery in demand, policy is likely to be on hold in December and into early 2026, depending on the data.
• RBA-dated OIS pricing is softer today, showing a 25bp rate cut in December at a 5% probability, with a cumulative 15bps of easing priced by mid-2026.
• The bills strip has bull-flattened, with pricing +3 to +5.
• Tomorrow, the local calendar will see the Wage Price Index and the Westpac Leading Index. 

Bloomberg Finance LP

BONDS: NZGBS: May-36 Yield Finishes At Low After Tap

NZGBs closed showing a twist-flattener, with benchmark yields 1bp higher to 3bps lower.

• NZGBs held by international investors increased to 60.3% in October from 59.6% in September.
• RBNZ Business Expectations Survey for Q4 showed the weighted mean 1-year ahead inflation expectation falling to 2.42% from 2.53% in Q4. 2-year declines to 2.39% from 2.64% - BBG
• NZ Treasury issued NZ$6bn of May 2036 nominal NZGB after a syndicated tap. The issue was capped at NZ$6bn, with a total book size at final price guidance at NZ$24.8bn. It was priced at 12bps over the May 2035 nominal bond to yield 4.34%. JLM: ANZ Bank New Zealand, JPMorgan Securities Australia, UBS AG, Australia Branch and Westpac.
• Inflation-adjusted New Zealand existing home sales average price NSA fell 4.2% in October from the same period last year, according to Bloomberg calculations using official data.
• Swap rates closed little changed.
• RBNZ dated OIS pricing closed little changed across meetings. 25bps of easing is priced for November, with a cumulative 33bps by February 2026.
• Tomorrow, the local calendar will see PPI data.

Bloomberg Finance LP

FOREX: Asia-Pac USD: BBDXY Testing Above 1220 As Risk Extends Lower

The BBDXY has had a range today of 1219.71 - 1220.63 in the Asia-Pac session; it is currently trading around 1220, +0.05%. The USD has drifted sideways in our session even with risk having another leg lower. The USD has bounced nicely off the 1210-1215 support area where it found some solid demand first up. Risk started the week on the backfoot yesterday again and the USD was the beneficiary. I  continue to watch for signs of a base forming from which to move higher again if risk stays under pressure. On the day look for dips toward 1217-18 to now be supported first up, a break of the 1221-1222 area remains the pivot on the topside, above there and it could look to  rebuild momentum for a test of the 1230-35 area.

• EUR/USD -  Asian range 1.1585 - 1.1597, Asia is currently trading 1.1595. The pair stalled and moved lower after finding some decent resistance toward the 1.1650-1.1700 area. This has been the pivot within the larger 1.1400-1.1900 range over the past few months. On the day look for the 1.1615-30 area to cap looking for a move lower.
• GBP/USD - Asian range 1.3145 - 1.3160, Asia is currently dealing around 1.3150. I continue to favor fading rallies, as GBP looks to have put in a medium term top. A sustained move back below 1.3080-1.3100 support would see the momentum lower reinstated and focus turn back toward the 1.3000 area. Suspect rallies back toward the 1.3250-1.3300 will be sold into if we see a bounce.
• Cross asset : SPX -0.70%, Gold $4010, US 10-Year 4.11%, BBDXY 1220, Crude Oil $59.46
• Data/Events : Spain Home sales

Fig 1: EUR/USD Spot Daily Chart

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

JPY: Asia-Pac: USD/JPY - Consolidates Gains Above 155.00

The USD/JPY range today has been 155.11 - 155.38 in the Asia-Pac session, it is currently trading around 155.20, -0.05%. The move lower in risk did not bring the usual bout of Yen buying as its safe haven status begins to be questioned. USD/JPY I suspect will remain well supported on dips as the market remains wary of the new leadership policies together with a reticence to hike rates. I will be watching today to see if the pair can build on its move above 155.00 and regain its momentum higher, look for dips in the Asian session back toward 144.70-144.90 to be supported on dips initially. A sustained move above here and the market will turn its focus back toward 160, much to the displeasure of the MOF/BOJ.

• "Japanese Prime Minister Sanae Takaichi is set to meet with Bank of Japan Governor Kazuo Ueda on Tuesday as she mulls support for an economy that shrank over the summer. The two will meet at 3:30 p.m. in Tokyo, according to the prime minister's office. The meeting comes after a report showed the Japanese economy contracted in the three months through September on a US tariff-linked slump in exports and a sharp drop in property buying." - BBG
• MacroEdge reporting on X that, "Japanese 20Y hits highest level since July 1999 as Prime Minister doubles down on printing."
• “JAPAN FINMIN KATAYAMA: RECENTLY SEEING ONE-SIDED, RAPID MOVES, ALARMED OVER FX MOVES. WILL THOROUGHLY MONITOR FOR EXCESSIVE FLUCTUATIONS AND DISORDERLY MOVEMENTS IN FOREX MARKET, WITH HIGH SENSE OF URGENCY - RTRS"
• Options : Close significant option expiries for NY cut, based on DTCC data: 155.50($527m). Upcoming Close Strikes : 155.00($1.34b  Nov 20), 150.00{$1.3b Nov 20) - BBG.
• The USD/JPY Average True Range(ATR) for the last 10 Trading days: 99 Points

Fig 1 : USD/JPY Spot Daily Chart

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

AUD: Asia-Pac: AUD/USD Drifts Lower As Risk-Off Sentiment Grows

The AUD/USD has had a range today of 0.6477 - 0.6499 in the Asia- Pac session, it is currently trading around 0.6480, -0.25%. The AUD/USD has drifted lower in our session being led by the move lower in risk, driven predominantly by the collapse in Crypto. Bitcoin and Crypto continue to lead this leg lower as leverage is being squeezed, Bitcoin below the pivotal $90k area could add to the current market headwinds. The AUD/USD is testing below 0.6500 this morning, some good support back toward 0.6440-0.6460 which has been pretty solid the last couple of months, then 0.6350 below that. It would need this move lower in risk to accelerate and become something more significant to challenge down there I would think.

• MNI AU - RBA: 2-Way Risks, How They Develop Likely To Determine If Hold Prolonged. The November meeting minutes reiterated that the RBA’s central scenario is “in balance” with risks to both the downside and upside. How these risks will develop is likely to determine whether monetary policy stays on hold or rates are cut further and while it is “not yet possible to be confident” about which scenario will materialise, the Board will “remain cautious and data dependent”. With core inflation above target and ongoing signs of a recovery in demand, policy is likely to be on hold in December and into early 2026, depending on the data.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6400(AUD913m), 0.6600 (AUD729m). Upcoming Close Strikes : 0.6550(AUD2.28b Nov 21) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 47 Points

Fig 1: AUD/USD spot Daily Chart

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

NZD: Asia-Pac: NZD/USD - Back Under Pressure As Risk Extends Lower

The NZD/USD had a range today of 0.5639 - 0.5661 in the Asia-Pac session, going into the London open trading around 0.5640, -0.30%. The NZD/USD has drifted lower in our session with risk continuing to trade under pressure. The NZD reaction lower was still rather underwhelming and continues to hint toward a market that is all the same way and therefore paring back some risk. Should this move lower in risk grow into something more than just a pullback then the NZD should once again come back under pressure though. On the day watch to see if the NZD stalls toward the 0.5665-80 area again looking for a move lower later.

• "RBNZ Business Survey Shows Lower Two-Year Inflation Expectation. Reserve Bank of New Zealand publishes Tara-ā-Umanga Business Expectations Survey, for 4q. Weighted mean 1-year ahead inflation expectation falls to 2.42% from 2.53% in 3q, 2-year declines to 2.39% from 2.64%" - BBG
• Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5480(NZD644m Nov 21), 0.5730(NZD434m Nov 19), 0.5835(NZD300m Nov19) - BBG
• The NZD/USD Average True Range for the last 10 Trading days: 41 Points

Fig 1: NZD/USD Spot Daily Chart

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

ASIA STOCKS: All Major Markets Down, As Risk Off Grows, Tech Hit Hardest

All the major indices are down in Asia Pac so far today, with tech sensitive plays the worst hit. Japan markets off over 2%, likewise Taiwan, while the South Korean Kospi is down around 3%. Focus remains on the crypto space, where Bitcoin is under 90k, which is fresh lows back to April of this year. Markets will be mindful of deleveraging if we see further downside and spill over to broader risk trends. US equity futures are off, Eminis down close to 0.60%, while Nasdaq futures sit down over 0.750%.  Eminis are at levels last seen in mid Oct. The next downside target may be the 100-day EMA near 6586 (we were last around 6654)

• Japan markets are off over 3%, with the NKY 225 testing under 49000. This is an important support area in light of the recent step uptrend. USD/JPY is back under 155.00 amid the risk off mood. Japan is also looking to mend ties with China - via BBG: "Foreign Minister Toshimitsu Motegi told lawmakers on Tuesday that Tokyo has been working on multiple fronts to clarify Takaichi’s remarks, including sending a senior diplomat to Beijing this week. “Our stance is being conveyed clearly at various levels,” Motegi said.
• We also have the meeting later at 3:30pm local time between PM Takaichi and BoJ Governor Ueda.
• In Hong Kong the HSI is off around 1.5%, while the CSI 300 is down a more modest 0.22% at the lunch time break (as is typical for risk off days).
• The Taiex is down over 2%, while the Kospi has fallen by over 3%, continuing its high beta/vol trend of late. This puts the index back under the 4000 level. The other focus point for chip/AI related markets is Nvidia results on Wednesday. Tech is seen as susceptible to further risk off though as this is where we have seen strong outperformance so far in 2025.
• In South East Asia markets are weaker, we are down, but losses are generally more modest, and less than 1% at this stage. In Australia the ASX 200 is down 2%. 

GOLD: Weaker, Eyeing Sub $4000, Risk Off Doesn't Aid Sentiment

Gold is back close to $4010, off a further 0.90% so far today. the risk off evident in the crypto space and in equity markets has done little to aid gold safe haven related demand. Some offset is coming from a higher USD (albeit with mixed trends today, higher against higher beta plays, but safe havens, JPY and CHF are rising), as Fed easing expectations remain uncertain. A break under $4000 could bring the 50-day EMA support point into play, which comes in at $3927.5. Initial resistance is at $4264.7. 

• FOMC members appear split between believing further easing is needed to restart the labour market and holding as inflation remains above target. The Fed’s Waller noted earlier today that the focus should be on jobs data and not inflation and that the fiscal position is not sustainable.
• US real 10yr yields remain elevated compared to recent history, last at 1.85% (recent lows were under 1.70%).
• Structural support for gold still appears evident from an asset allocation standpoint. Via BBG: "China added an estimated 15 tons of gold to its forex reserves in September as central banks accelerated their purchases of bullion after a seasonal summer lull, according to Goldman Sachs Group." 

OIL: Crude Unwinds Week’s Gains As Excess Supply Worries Outweigh Geopolitics

Oil has unwound Monday’s gains during today’s APAC session on weaker risk appetite. WTI is down 0.8% to $59.50/bbl, close to the intraday low, and has traded below $60 over the day. Brent is 0.7% lower at $63.74, the day’s trough. While crude has trended lower over November, geopolitical risks have pushed back against market surplus concerns keeping it in a narrow range. 

• Conflict is impacting fuel output in Russia and Sudan, while Iran’s redirection of a tanker in the Gulf of Oman into its own waters increases the risk to the significant shipments travelling through the area.
• The grace period before the introduction of sanctions on Russia’s Rosneft and Lukoil ends in a few days and it remains unclear how they will impact the oil majors’ exports and overseas assets driving the discount on Russia’s Urals benchmark to its highest since June 2023, according to Bloomberg. Meanwhile, Ukraine continues to strike ports and refineries.
• With the oversupply situation firmly in focus, inventory data will continue to be important. US industry-based stocks are released later on Tuesday with the official EIA data on Wednesday.
• Both OPEC and non-OPEC have increased output this year and Bank of Montreal is reporting that Canadian oil sands production reached a record in June which is set to rise to 6mbd by 2030.
• China’s product exports were strong in October with gasoline up 11.8% y/y and diesel +55.7% y/y. However YTD they were down 10.3% y/y and 22.7% y/y.
• Later the Fed’s Barr & Barkin, BoE’s Pill & Dhingra, and ECB’s Buch, Elderson, Machado & Tuominen speak. Delayed US IP and final August orders are released as well as ADP weekly employment estimates, November NY Fed services and NAHB housing.

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
18/11/2025	1000/1100		EU	ECB Elderson at Banking Supervision Press Conference
18/11/2025	1300/1300		GB	BOE Pill Fireside Chat on MonPol
18/11/2025	1330/0830	**	US	Import/Export Price Index
18/11/2025	1355/0855	**	US	Redbook Retail Sales Index
18/11/2025	1415/0915	***	US	Industrial Production
18/11/2025	1500/1000	**	US	NAHB Home Builder Index
18/11/2025	1500/1000	**	US	Factory New Orders
18/11/2025	1500/1000	**	US	Factory New Orders
18/11/2025	1530/1030		US	Fed Governor Michael Barr
18/11/2025	1600/1100		US	Richmond Fed's Tom Barkin
18/11/2025	1700/1700		GB	BOE Dhingra on Income Growth and Consumption
18/11/2025	2100/1600	**	US	TICS
18/11/2025	2300/1800		US	Dallas Fed's Lorie Logan
19/11/2025	2350/0850	*	JP	Machinery orders
19/11/2025	0001/0001	*	GB	Brightmine pay deals for whole economy
19/11/2025	0030/1130	***	AU	Quarterly wage price index
19/11/2025	0700/0700	***	GB	Consumer Inflation Report (1dp)
19/11/2025	0700/0700	***	GB	Producer Prices
19/11/2025	0700/0700	***	GB	Consumer Inflation Report (2dp)
19/11/2025	0900/1000	**	EU	EZ Current Account
19/11/2025	1000/1000	**	GB	Gilt Outright Auction Result
19/11/2025	1000/1100	***	EU	EZ HICP Final
19/11/2025	1000/1100	***	EU	EZ HICP Final
19/11/2025	1000/1100	***	EU	EZ HICP Final
19/11/2025	1200/0700	**	US	MBA Weekly Applications Index
19/11/2025	1330/0830	**	US	Trade Balance
19/11/2025	1330/0830	**	US	Trade Balance