MNI EUROPEAN OPEN**: Tariffs Range from 15%-50% Trump

Jul-24 05:36By: Jonathan Cavenagh

Europe

** Updated chart

EXECUTIVE SUMMARY

TRUMP SAYS COUNTRIES WILL FACE TARIFFS RANGING FROM 15% TO 50% - BBG
REMOVING POWELL COULD DRIVE UP RATES ACCORDING TO BULLARD - MNI
CANADIAN PROVINCIAL LEADERS SUPPORT RETALIATORY TARIFFS - MNI
MODI IN LONDON TO SIGN TRADE AGREEMENT - THE ECONOMIST

Fig 1: USD/JPY Spot 120min Chart

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

TRADE (ECONOMIST): “On Thursday India’s prime minister, Narendra Modi, will be in London to sign a trade agreement with his counterpart Sir Keir Starmer.”

EU-CHINA (EURONEWS): “The expectations for the EU-China summit are so low that officials in Brussels claim as a victory the fact that it is happening at all.”

TRADE (BBG): “The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.”

TARIFFS: Navarro: Take EU-US Trade Deal Reports With "Grain Of Salt"

A brief risk-off move on a comment by White House adviser Peter Navarro on Bloomberg TV referring to earlier reports of a EU-US trade deal nearing completion that would include a 15% baseline tariff - Navarro says: "We don't negotiate in public. These other countries aspirationally negotiate in public to try to get us to where they want us to go. I would say even though it was reported on Bloomberg, I would take it with a grain of salt. Never assume anything is fixed until the boss says it is fixed... Let's see what happens."

UKRAINE (BBC): “Ukraine's government is facing growing backlash after President Volodymyr Zelensky signed a law limiting the independence of two anti-corruption agencies. Thousands demonstrated in Kyiv for a second night on Wednesday, many brandishing signs criticising the government.”

TARIFFS (BBG): “US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday at an AI summit in Washington. “A couple of — we have 50 because we haven’t been getting along with those countries too well.”

AI (RTRS): “The Trump administration released a new artificial intelligence blueprint on Wednesday that aims to loosen environmental rules and vastly expand AI exports to allies, in a bid to maintain the American edge over China in the critical technology.”

FED (MNI INTERVIEW): President Donald Trump’s repeated threats to remove Jerome Powell before the end of his term risk unnecessarily driving up long-term borrowing rates, but it would be a reasonable compromise for Congress to allow a new Fed chair to take office early next year, former St. Louis Fed President James Bullard told MNI.

HOME SALES (MNI): U.S. sales of existing homes fell 2.7% in June to a seasonally adjusted annual rate of 3.93 million, the National Association of Realtors said Wednesday, below market expectations and the slowest since September. Sales year-over-year were flat.

OTHER

CANADA (MNI): British Columbia Premier David Eby on Wednesday suggested he's willing to support a pipeline transporting Alberta oil through his province if an investor emerges to build it, softening his past objections.

CANADA (MNI BRIEF): Canadian provincial leaders voiced support Wednesday for retaliation if President Donald Trump imposes 35% tariffs, evidence they agree with Prime Minister Mark Carney's view that chances for a deal by Trump's Aug. 1 deadline are slipping away.

CHINA

MNI BRIEF : China-EU Top Leaders Meet In Beijing - Ministry. China’s President Xi has met with President António Costa of the European Council and President Ursula von der Leyen of the European Commission on Thursday, at the Great Hall of the People in Beijing, an announcement from China’s Ministry of Foreign Affairs said.

YUAN (SHANGHAI SECURITIES NEWS): “The strength of the yuan against the dollar this year is the result of a combination of internal and external factors, and the Chinese currency is expected to maintain its resilience, Shanghai Securities News reported, citing analysts.”

MNI China Press Digest July 24: Stable Coins, Banks, Elderly

MNI: PBOC Net Drains CNY119.5 Bln via OMO Thursday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY331 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY119.5 billion after offsetting maturities of CNY450.5 billion today, according to Wind Information

The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.5204% at 10:00 am local time from the close of 1.4826% on Wednesday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 53 on Wednesday, compared with the close of 50 on Tuesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.1385 Thurs; +1.20% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1385 on Thursday, compared with 7.1414 set on Wednesday. The fixing was estimated at 7.1516 by Bloomberg survey today.

MARKET DATA

UK BRC CONSUMER CONFIDENCE JULY -33; JUNE -28

AUSTRALIA S&P GLOBAL JULY FLASH COMPOSITE PMI 53.6; JUNE 51.6
AUSTRALIA S&P GLOBAL JULY FLASH SERVICES PMI 53.8; JUNE 51.8
AUSTRALIA S&P GLOBAL JULY FLASH MFG PMI 51.6; JUNE 50.6

JAPAN S&P GLOBAL JAPAN PMI COMPOSITE JULY P 51.5; JUNE 51.5

JAPAN S&P GLOBAL PMI MFG JULY 48.8; JUNE 50.1

JAPAN S&P GLOBAL PMI SERVICES JULY 53.5; JUNE 51.7

SOUTH KOREA Q2 GDP +0.6% Q/Q; EST. +0.5%; Q1 -0.2%
SOUTH KOREA Q2 GDP +0.5% Y/Y; EST. +0.4%; Q1 0.0%

MARKETS

US TSYS: Asia Wrap - Yields Edge Higher

The TYU5 range has been 110-30 to 111-02 during the Asia-Pacific session. It last changed hands at 110-31+, down 0-01 from the previous close.

The US 2-year yield has edged higher trading around 3.886%, up 0.01 from its close.
The US 10-year yield has moved higher trading around 4.392%, up 0.01 from its close.
The 10-year yield has moved back towards its pivot within the wider range 4.10% - 4.65%, expect supply around 4.30/35% first up. A close back below 4.30% would begin to get the bulls excited once more and the chopfest within the range will continue.
Wei Li(CIS BlackRock) on LinkedIn - “Credit is the dog that didn’t bark this year. It navigated wild swings in headlines and markets with a lot less vol - just a boring (boring is good!) carry story. In fact carry is back across FI: more than 80% of global FI yields >4%, compared to less than 20% (chart). Find quality carry - even US HY, its default is about half of long term average - and barbell with high conviction risky calls in equities.” See Graph Below.
(Bloomberg) - Investors are pricing about 76 bps of Fed rate cuts in 2026 on growing speculation that Jerome Powell’s successor will deliver the easier monetary policy that Trump demands. Lutnick told Fox News rates need to be lower and called for the replacement of the Fed chair.
Data/Events: Initial Jobless Claims, Chicago Fed Activity Index, S&P Global US PMI’s, Building Permits, New Home Sales, Kansas City Fed Manf. Activity.

Fig 1: Fixed Income Assets With Yields Above 4%

Source: MNI/BlackRock

JGBS: Twist-Flattener, Tokyo CPI Tomorrow

JGB futures are slightly weaker and off session lows, -11 compared to settlement levels.

Heading into this week, BoJ watchers largely expected the central bank to raise its benchmark interest rate at either the October or January meeting. The key debate was whether the anticipated fiscal expansion would bring that timing forward. Opinions were divided: some argued it would accelerate a hike, others said it could delay it, while many viewed the impact as neutral or difficult to assess.
While there appears to be little immediate pressure to raise rates, this week’s announcement of a trade deal between Japan and the U.S. may nudge the BoJ closer to a hike by improving the outlook for economic conditions. This view is supported by recent comments from BoJ Deputy Governor Shinichi Uchida, who said that "uncertainty has receded, and this of course means that the likelihood has risen" for the Bank’s forecasts to be met.
Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's sell-off.
Cash JGBs are 2bps cheaper to 3bps richer across benchmarks, with a flattening bias. The benchmark 10-year yield is 1.6bps higher at 1.603% versus the cycle high of 1.616%.
Swap rates are 1bp higher to 2bps lower. Swap spreads are tighter.
Tomorrow, the local calendar will see Tokyo CPI, PPI Services, Coincident/Leading Index, Nationwide Dept Sales and Weekly International Investment Flow data.

AUSSIE BONDS: Cheaper & Near Session Lows After RBA Gov Discusses Mon Pol

ACGBs (YM -7.5 & XM -6.5) are weaker and hovering just above lows.

"RESERVE BANK OF AUSTRALIA GOV BULLOCK: MEASURED, GRADUAL APPROACH TO MONETARY POLICY EASING IS APPROPRIATE, LABOUR MARKET HAS EASED ONLY GRADUALLY, UNEMPLOYMENT RATE RELATIVELY LOW, RISE IN UNEMPLOYMENT IN JUNE WAS IN LINE WITH OUR FORECASTS, NOT A "SHOCK", JUNE DATA SUGGESTS LABOUR MARKET MOVED A LITTLE FURTHER TOWARDS BALANCE." – RTRS
Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's modest sell-off. Today’s US calendar will see: Initial Jobless Claims, Chicago Fed Activity Index, S&P Global US PMI's, Building Permits, New Home Sales, Kansas City Fed Manf. Activity
Cash ACGBs are 3-4bps cheaper with the AU-US 10-year yield differential at -5bps.
The bills strip is cheaper, with pricing -3 to -4.
RBA-dated OIS pricing is firmer across meetings today. A 25bp rate cut in August is given a 100% probability, with a cumulative 62ps of easing priced by year-end.
The local calendar will be empty until next Wednesday’s Q2 CPI data.

BONDS: NZGBS: Closed Cheaper With A Mixed Performance Versus $-Bloc 10Y

NZGBs closed 3-4bps cheaper, with the NZ-US 10-year yield differential 2bps wider and the NZ-AU 2bps tighter.

RBNZ Chief Economist Paul Conway has delivered a speech earlier today in Wellington. It focused on the impact of tariffs. The key takeaway from a monetary policy standpoint is that Conway reiterated the recent monetary policy stance: "As outlined in the July Monetary Policy Review, the Committee sees scope to lower the OCR further if medium-term inflation pressures continue to ease as projected, Mr Conway says."
"Global tariffs and economic uncertainty are likely to mean less inflation pressures in New Zealand and a pullback in business investment and household spending, RBNZ Chief Economist Paul Conway says. However, the economy is currently supported by high export prices and lower interest rates, he says."
Today’s weekly supply showed strong demand metrics with cover ratios ranging from 2.78x (Apr-37) to 3.89x (Apr-29).
Swap rates closed 2-5bps higher, with the 2s10s curve steeper.
RBNZ dated OIS pricing closed little changed across meetings. 21bps of easing is priced for August, with a cumulative 37bps by November 2025.
Tomorrow, the local calendar will be empty.

FOREX: Asia FX Wrap - The USD Trades Poorly

The BBDXY has had a range of 1191.55 - 1193.53 in the Asia-Pac session, it is currently trading around 1192, -0.10%. The USD again slipped lower overnight, and this time in the face of US yields moving higher. The market is much more comfortable selling USD’s, while below 1220 rallies should continue to find supply. The price action for the USD is really beginning to stink and you can see why most of the market wants to express a short. There is lots of event risk coming up next week and we are heading into month-end so caution is warranted.

EUR/USD - Asian range 1.1762 - 1.1780, Asia is currently trading 1.1775. The pair bounced off its first support around the 1.1600 area. The price still looks a little stretched in the short term, but the USD is trading extremely poorly and the EUR will continue to be the main beneficiary.
GBP/USD - Asian range 1.3571 - 1.3589, Asia is currently dealing around 1.3580. The support around 1.3350/1.3400 has proved to be solid first up. The pair has cleared its resistance around 1.3550 and focus will now turn back to the 1.3650 area and beyond. While the support holds the market will be encouraged to continue to play from the long side.
USD/CNH - Asian range 7.1441 - 7.1524, the USD/CNY fix printed 7.1385, Asia is currently dealing around 7.1480. Sellers should be around on bounces while price holds below the 7.2000 area and the PBOC manages the fix lower. Above 7.2000 and we could see a test of the USD Shorts.
Cross asset : SPX +0.05%, Gold $3382, US 10-Year 4.39%, BBDXY 1192, Crude oil $65.56
Data/Events : France Business & Manufacturing Confidence/HCOB PMI’s, EZ HCOB PMI’s & ECB Decision, Germany GfK Consumer Confidence & HCOB PMI’s

Fig 1: GBP/USD Spot 120min Chart

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

ASIA FX: USD Biased Weaker In SEA, PHP Outperforms

In South East Asia FX markets, the bias is for weaker USD levels. PHP is the best performer so far today, up around 0.40% in spot terms. Elsewhere, gains are modest, in the 0.15-0.25% range.

USD/PHP sits close to 56.65 in latest dealings. Outside of broader USD weakness and optimism on trade deal progress, there doesn't appear a fresh catalyst for PHP gains. We are well above earlier 2025 lows of 55.15, so we may be seeing some catch up to broader dollar trends. The Philippines hopes to negotiate a tariff rate of 15% its envoy to the US stated.
USD/THB has slightly lagged these softer dollar trends, the pair last near 32.15, little changed for the session. Still, we got to fresh multi year lows of 32.11 in the first part of trade. A clean break lower will see the 32.00 figure level targeted. June trade figures were a little bit below forecasts in terms of export and import growth, but the trade surplus was above, over $1bn. The authorities noted the H2 outlook is very uncertain given US tariff levels. The other focus point will be on Thailand-Cambodia border clashes, which have escalated over the past 24 hours. Broader markets fallout appears limited at this stage.
USD/MYR is down close to 0.25%, last under 4.2200. Focus will be a re-test sub 4.2000 for this pair. USD/IDR is down less than 0.10%, last near 16280, exhibiting a low beta with respect to lower USD moves at this stage.

JPY: Asia Wrap - USD/JPY Has A Look Below 146.00 Testing First Support

The Asia-Pac USD/JPY range has been 145.86 - 146.51, Asia is currently trading around 146.00, -0.36%. USD/JPY continues to frustrate the market and has given back a lot of its recent gains which saw a big portion of the JPY longs capitulate. The move lower in USD/JPY might have a few traders scratching their heads but for the moment the USD seems to be floundering in all scenarios. The CFTC data showed the market is shifting its view on the JPY, with leverage funds just starting to build JPY shorts and Asset managers actively reducing their own. We are probing the first support around 146.00 where some demand could be seen, next support is the pivotal 144.00/145.00 area.

JAPAN DATA July PMIs Mixed, Manufacturing Back Into Contraction, Services Rise: Japan preliminary July PMIs were mixed. notably manufacturing fell to 48.8 from 50.1 in June. Services rose though to 53.5 from 51.7. This left the composite index at 51.5, unchanged from the June read.
(Bloomberg) Japanese government bonds may fall on growing speculation that the Bank of Japan will hike interest rates by the end of this year. The yen is steady against the dollar after Prime Minister Shigeru Ishiba tells reporters that there's no truth in reports that he will resign.
"HAYASHI: TO BASE US DEFENSE BUYS ON EXISTING CAPABILITY PLAN” - BBG
Options : Close significant option expiries for NY cut, based on DTCC data: 145.50($751m),147.00($986m), 147.50($1.57b).Upcoming Close Strikes : 145.00($1.3b July 29), 145.00($1.15bm July 25) - BBG.
CFTC data shows Asset managers starting to reduce JPY longs more aggressively +71610, while leveraged funds have started to build into a new short JPY position -12606.

Fig 1 : USD/JPY Spot 120min Chart

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

AUD: Asia Wrap - AUD/USD Has A Look Above 0.6600

The AUD/USD has had a range of 0.6597 - 0.6618 in the Asia- Pac session, it is currently trading around 0.6615, +0.23%.The pair extended higher once more as the USD continues to trade heavy even with US yields moving higher. The pair is now challenging the top of its recent range and a sustained move above 0.6600 could see it gain upward momentum, but there is lots of event risk coming up next week and we are heading into month-end so caution is warranted.

"RESERVE BANK OF AUSTRALIA GOV BULLOCK: MEASURED, GRADUAL APPROACH TO MONETARY POLICY EASING IS APPROPRIATE, LABOUR MARKET HAS EASED ONLY GRADUALLY, UNEMPLOYMENT RATE RELATIVELY LOW, RISE IN UNEMPLOYMENT IN JUNE WAS IN LINE WITH OUR FORECASTS, NOT A "SHOCK", JUNE DATA SUGGESTS LABOUR MARKET MOVED A LITTLE FURTHER TOWARDS BALANCE.” - RTRS
(Bloomberg) -- “Fortescue’s shipment of iron ore rose 4% from a year earlier in the fourth quarter to a record high. The Australian miner exported 55.2 million tons of the steelmaking material over the period, taking the full-year volume to 198.4 million tons.”
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6650(AUD495m), 0.6600(AUD886m). Upcoming Close Strikes : 0.6600(AUD968m July29) - BBG
CFTC Data shows Asset managers have maintained their shorts -38267, the Leveraged community added slightly to their shorts to -20048.
AUD/JPY - Today's range 96.40 - 96.74, it is trading currently around 96.60, +0.13%. The pair consolidated trading sideways overnight. The support between 95.00 - 96.00 held as demand materialised first up, the pair is looking for some momentum to continue to build for a move higher.

Fig 1: AUD/USD spot Daily Chart

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

NZD: Asia Wrap - NZD/USD Extends Move Higher, Eyes 0.6100

The NZD/USD had a range of 0.6042 - 0.6059 in the Asia-Pac session, going into the London open trading around 0.6053, +0.12%. The pair extended higher once more as the USD continued to trade heavy even with US yields moving higher. Depending what your view is this 0.6050 area looks an attractive fade initially, the danger though is the USD which is looking sickly once more and should it capitulate the NZD could build momentum higher again. Price will need a sustained break back above the 0.6050/0.6100 area to signal a potential base might be in place. There is lots of event risk coming up next week and we are heading into month-end so caution is warranted.

"RBNZ'S CONWAY: TARIFFS LIKELY TO MEAN A WEAKER EXPORT DEMAND, MPC EXPECTS INFLATION NEAR 3% THROUGH MID-2025, SEE INFLATION SETTLING AROUND 2% EARLY 2026, CPI WAS CONSISTENT WITH RBNZ EXPECTATIONS, INDICATORS SUGGEST 2Q GROWTH WAS A BIT WEAK " - BBG
"China Newspaper Sees Yuan Resilience, Citing Policy Potentials: The strength of the yuan against the dollar this year is the result of a combination of internal and external factors, and the Chinese currency is expected to maintain its resilience, Shanghai Securities News reported, citing analysts." BBG
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6010(NZD302m), 0.6050(NZD395m). Upcoming Close Strikes :none. - BBG
CFTC Data shows Asset Managers slightly reduced their newly built longs in NZD +8192, the Leveraged community has continued to reduce their shorts last week -6744.
AUD/NZD range for the session has been 1.0912 - 1.0928, currently trading 1.0925. The cross moved higher in response to the NZ CPI. Dips back to 1.0850/1.0900 should continue to find support as the pair tries to build momentum to move higher.

Fig 1: NZD/USD Spot Daily Chart

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

ASIA STOCKS: Most Markets Higher, Japan Still Outperforming

Regional Asia Pac equities are mostly tracking higher so far in Thursday trade, although continued outperformance from Japan stocks remain a highlight. These moves follow broad based cash gains in Wednesday US trade. US futures are up modestly so far, led by the tech side, while EU equity futures are showing a +1.3% gain at this stage. Positive tones around US-EU and US-China trade talks has aided broader sentiment over the past 24 hours (in the aftermath of the 15% tariff deal with Japan).

Japan benchmark indices are up around 1.6% at this stage. This puts the Topix not too far from the 3000 level, and have already hit fresh record highs today. The auto sub index is up close to 1.10%, so lagging the broader market gain, but this follows a +10% rise yesterday. Bank stocks have risen today, the index up 3.3%, amid hopes the trade deal may enable the BoJ to tighten policy before year end.
Elsewhere Hong Kong and China markets remain firmer. The CSI 300 is near 4140, just short of recent highs, the HSI was tracking towards 25690, fresh highs back to 2021.
South Korean and Taiwan markets are up more modestly. Tsy Secretary Bessent won't attend the next round of trade talks with South Korea due to a scheduling conflict. Still other talks will happen, while onshore media in South Korea says the authorities will propose $100bn of investments into the US to achieve a trade deal. The Kospi is struggling above 3200, while the Taiex was last up 0.30%.
In SEA, Indonesian stocks are outperforming, up over 1%, while Thailand's benchmark is down modestly, after strong gains yesterday.

OIL: WTI Finds Demand Sub $65.00 On US Crude Stock Drawdown

The overnight range for the CLU5(WTI) contract was $64.71 - $65.52, it is currently trading around $65.55 in the Asia-Pac session, +0.48%. WTI found some demand below $65.00 but continues to consolidate within its recent $63 - $68 range. Oil prices continued to range trade and did not find support from the US-Japan deal during European trading as they trended lower. The larger-than-expected US crude stock drawdown though helped them to find a trough and they recovered to finish slightly higher on the day. US crude oil inventories fell by 3.17 million barrels, the EIA said.

Brent for September settlement is trading at $68.70 a barrel in Asia, +042%.
“Vishnu Varathan, head of macro for Asia at Mizuho Bank Ltd, said there may be mild buoyancy in crude from a less-dismal demand-side assumption as markets express relief on the worst-case tariff threats being averted.” - BBG
“The oil-procurement patterns of India’s Reliance Industries Ltd. are coming under scrutiny after the European Union announced new restrictions on diesel made from Russian crude." - BBG

Fig 1: WTI Crude Future Hourly Chart

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

GOLD: Holding Lower After Wednesday's Dip, Safe Haven Flows Weighed By Equities

Gold prices are holding slightly weaker in the first part of Thursday trade. We were last near $3383.5/oz. This is off recent highs near $3439/oz. We have seen a generally positive tone to regional equity markets so far today, with Japan continuing to outperform. US equity futures are also a touch higher, led by Nasdaq futures. As we saw on Wednesday, the global equity bounce is reducing safe haven flows, which may be weighing on bullion demand. So far today, the generally softer tone for the USD is not providing positive impetus to gold prices, with reduced safe haven flows outweighing at this stage.

Bullion is again below the 23 June high of $3395.1. It fell to a low of $3381.59 on Wednesday. Initial support is at $3350.8, 20-day EMA. Resistance is $3483.9 with the bull trigger at $3500.1.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
24/07/2025	0600/0800	*	DE	GFK Consumer Climate
24/07/2025	0645/0845	**	FR	Manufacturing Sentiment
24/07/2025	0700/0900	**	ES	PPI
24/07/2025	0715/0915	**	FR	S&P Global Services PMI (p)
24/07/2025	0715/0915	**	FR	S&P Global Manufacturing PMI (p)
24/07/2025	0730/0930	**	DE	S&P Global Services PMI (p)
24/07/2025	0730/0930	**	DE	S&P Global Manufacturing PMI (p)
24/07/2025	0800/1000	**	EU	S&P Global Services PMI (p)
24/07/2025	0800/1000	**	EU	S&P Global Manufacturing PMI (p)
24/07/2025	0800/1000	**	EU	S&P Global Composite PMI (p)
24/07/2025	0830/0930	***	GB	S&P Global Manufacturing PMI flash
24/07/2025	0830/0930	***	GB	S&P Global Services PMI flash
24/07/2025	0830/0930	***	GB	S&P Global Composite PMI flash
24/07/2025	1000/1100	**	GB	CBI Industrial Trends
24/07/2025	1100/0700	***	TR	Turkey Benchmark Rate
24/07/2025	1215/1415	***	EU	ECB Deposit Rate
24/07/2025	1215/1415	***	EU	ECB Main Refi Rate
24/07/2025	1215/1415	***	EU	ECB Marginal Lending Rate
24/07/2025	1230/0830	***	US	Jobless Claims
24/07/2025	1230/0830	**	US	WASDE Weekly Import/Export
24/07/2025	1230/0830	**	CA	Retail Trade
24/07/2025	1230/0830	**	CA	Retail Trade
24/07/2025	1245/1445		EU	ECB Press Conference
24/07/2025	1345/0945	***	US	S&P Global Manufacturing Index (Flash)
24/07/2025	1345/0945	***	US	S&P Global Services Index (flash)
24/07/2025	1400/1000	***	US	New Home Sales
24/07/2025	1400/1000	***	US	New Home Sales
24/07/2025	1430/1030	**	US	Natural Gas Stocks
24/07/2025	1500/1100	**	US	Kansas City Fed Manufacturing Index
24/07/2025	1530/1130	**	US	US Bill 04 Week Treasury Auction Result
24/07/2025	1530/1130	*	US	US Bill 08 Week Treasury Auction Result
24/07/2025	1700/1300	**	US	US Treasury Auction Result for TIPS 10 Year Note
25/07/2025	2301/0001	**	GB	Gfk Monthly Consumer Confidence
25/07/2025	2330/0830	**	JP	Tokyo CPI
25/07/2025	0600/0800	**	SE	PPI
25/07/2025	0600/0800	**	SE	Unemployment
25/07/2025	0600/0700	***	GB	Retail Sales
25/07/2025	0645/0845	**	FR	Consumer Sentiment
25/07/2025	0800/1000	**	EU	M3
25/07/2025	0800/1000	**	IT	ISTAT Consumer Confidence
25/07/2025	0800/1000	**	IT	ISTAT Business Confidence
25/07/2025	0800/1000	***	DE	IFO Business Climate Index
25/07/2025	1230/0830	**	US	Durable Goods New Orders
25/07/2025	1230/0830	**	US	Durable Goods New Orders
25/07/2025	1300/1500	**	BE	BNB Business Confidence