MNI EUROPEAN OPEN: US House Set To Vote On Trump Tax Bill
EXECUTIVE SUMMARY
- SWEEPING TRUMP TAX BILL CLEARS KEY HURDLE WITH US HOUSE REPUBLICANS - RTRS
- TRUMP TELLS EUROPEAN LEADERS IN PRIVATE THAT PUTIN ISN’T READY TO END WAR - WSJ
- BESSENT, KATO CONFIRM EXISTING FX VIEWS, AVOID TALKING LEVELS - BBG
- BOJ’S NOGUCHI CALLS FOR MEASURED RATE HIKES - MNI BRIEF
Fig 1: USD BBDXY Index & US Tsy 10yr Yield - Divergence Continues
Source: MNI - Market News/Bloomberg/Refinitiv.
UK
SANCTIONS (BBG): “The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine.”
TRADE (POLITICO): “The United Kingdom has been accused of undermining World Trade Organization rules through its trade pact with the United States, potentially straining Britain’s “reset” with the European Union.”
GEOPOLITICS (BBC): “Sir Keir Starmer is due to sign a deal handing the Chagos Islands to Mauritius on Thursday. Under the terms of the deal Mauritius would gain sovereignty of the islands from the UK, but allow the US and UK to continue operating a strategically important military base on one of the islands for an initial period of 99 years in exchange for a multi-billion pound payment.”
POLITICS (BBC): “Sir Keir Starmer has announced plans to ease cuts to winter fuel payments, in a U-turn following mounting political pressure in recent weeks.”
EU
UKRAINE (RTRS): “Ukraine will ask the EU next week to consider big new steps to isolate Moscow, including seizing Russian assets and bringing in sanctions for some buyers of Russian oil, as U.S. President Donald Trump has backed off from tightening sanctions.”
RUSSIA (WSJ): “On a call Monday, President Trump told European leaders that Russian President Vladimir Putin isn't ready to end the war because he thinks he is winning, according to three people familiar with the conversation.”
TRADE (BBG): “The European Union has shared a revised trade proposal with the US, as it aims to inject momentum in talks with President Donald Trump’s administration amid lingering skepticism that a transatlantic deal can be reached.”
TRADE (POLITICO): “The EU needs to radically ramp up efforts to slash red tape and unify its single market if it wants to compete with China and the United States, France’s Europe minister told POLITICO.”
ECB (BBG): “European Central Bank Governing Council member Jose Luis Escriva said the euro and energy prices have been weighing on consumer-price growth, while the fallout from US tariffs is more complicated to evaluate.”
US
FISCAL (RTRS): “U.S. President Donald Trump's massive tax and spending bill cleared an important procedural hurdle in the Republican-controlled House of Representatives on Wednesday, when a gatekeeper committee approved the measure and set up a floor vote for passage to occur within hours.”
GOVERNMENT (WSJ): “President Trump said he is giving "very serious consideration" to taking the mortgage giants Fannie Mae and Freddie Mac public after nearly two decades under government control.”
ISRAEL (BBG): “Two members of the Israeli Embassy’s staff were fatally shot outside the Capital Jewish Museum in Washington on Wednesday night, Homeland Security Secretary Kristi Noem said.”
ECONOMY (BBG): "JPMorgan Chase & Co. chief Jamie Dimon said he can’t rule out the US economy will fall into stagflation as the country faces huge risks from both geopolitics, deficits and price pressures."
OTHER
FOREX (BBG): “ US and Japanese finance chiefs confirmed existing currency views and did not discuss foreign exchange levels during a meeting in Canada, sending the yen briefly lower as markets wound back expectations for a more aggressive stance.”
CANADA (MNI BRIEF): The U.S. will eventually come to a deal with Canada providing relief on auto tariffs according to Rob Wildeboer, co-founder of parts supplier Martinrea International who met earlier this month with Treasury Secretary Scott Bessent.
CANADA (MNI BRIEF): Half of Canadian mortgage holders faced difficulty paying bills last year according to a federal housing agency survey, often because of worsening economic circumstances.
JAPAN (MNI BRIEF): The Bank of Japan will adjust its policy interest rate cautiously and in stages to ensure inflation stabilises around 2%, noting the path forward will depend on underlying economic trends, board member Asahi Noguchi told business leaders in Miyazaki City Thursday.
NEW ZEALAND (BBG): " New Zealand’s elevated fiscal and current account deficits are weaknesses that could weigh on the credit rating, S&P Global Ratings says in statement Thursday after the annual budget was presented."
CHINA
POWER (MNI BRIEF): China’s total installed power generation capacity reached 3.5 billion kilowatts at the end of April, up 15.9% y/y, data released by the National Energy Administration showed on Thursday.
PROPERTY (CSJ): “Sales of new homes and second-hand property have been showing signs of recovery in some major Chinese cities, the China Securities Journal reports Thursday."
ECONOMY (SECURITIES DAILY): “Policymakers should emphasise supporting the real-estate market above boosting consumption to stabilise China’s domestic economy this year, said Liu Yuanchun, president at the Shanghai University of Finance and Economics.”
E-COMMERCE (BEIJING BUSINESS TODAY): “Chinese e-commerce companies expanding overseas face challenges as the EU and Japan signal plans to raise tariffs on low-value parcels, following the U.S.’s removal of its tax-free policy in early May.”
CHINA MARKETS
MNI: PBOC Net Injects CNY90 Bln via OMO Thursday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY154.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY90 billion after offsetting the maturities of CNY64.5 billion today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4840% at 10:06 am local time from the close of 1.5709% on Wednesday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 45 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 7.1903 Thurs; +0.56% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1903 on Thursday, compared with 7.1937 set on Wednesday. The fixing was estimated at 7.2035 by Bloomberg survey today.
MARKET DATA
AUSTRALIA S&P GLOBAL MAY FLASH MFG PMI 51.7; APR. 51.7
AUSTRALIA S&P GLOBAL MAY FLASH SERVICES PMI 50.5; APR. 51
AUSTRALIA S&P GLOBAL MAY FLASH COMPOSITE PMI 50.6; APR. 51
JAPAN MARCH CORE MACHINE ORDERS +13.0% M/M; EST. -1.6%; FEB. +4.3%
JAPAN MARCH CORE MACHINE ORDERS +8.4% Y/Y; EST. -1.8%; FEB. +1.5%
JAPAN JIBUN BANK MAY FLASH MFG PMI 49; APR. 48.7
JAPAN JIBUN BANK MAY FLASH SERVICES PMI 50.8; APR. 52.4
JAPAN JIBUN BANK MAY FLASH COMPOSITE PMI 49.8; APR. 51.2
MARKETS
US TSYS: Asia Wrap - Yields Give Back Some Overnight Gains
TYM5 has traded higher within a range of 109-13 to 109-19 during the Asia-Pacific session. It last changed hands at 109-18, up 0-02 from the previous close.
- The US 2-year yield has drifted lower, dealing around 4.001%, down 0.02 from its close.
- The US 10-year yield has drifted lower, dealing around 4.5825%, down 0.02 from its close.
- Bloomberg - “Investors are pushing back against President Donald Trump's tax-cut plan, driving yields on benchmark 30-year Treasuries to as high as 5.1% and sparking declines in stocks and the dollar.”
- “The concern is that the tax bill would add trillions of dollars to already bulging budget deficits, which could lead to a surge in borrowing costs and make it difficult for the US to address its fiscal deterioration.”
- “US HOUSE REPUBLICANS SET PRE-DAWN THURSDAY VOTES FOR SWEEPING TRUMP TAX BILL AFTER MARATHON NEGOTIATIONS - [RTRS]"
- “Trump said he’s “giving very serious consideration” to taking Freddie Mac and Fannie Mae public after more than a decade of being under government oversight.”(BBG)
- The 10-year found sellers again going into the 20-Year auction overnight and then extended after weak demand. Should yields hold this break we will then target the 4.75% area. Support seen back towards 4.45%, dips look likely to continue to see supply in the short-term. Data/Events :Chicago Fed Activity Index, Initial Jobless Claims, S&P PMI’s, Existing home Sales, Kansas City Fed Manu. Activity
JGBS: Modest Bear-Steepener, Subdued Session Ahead Of US Tax Bill
JGB futures are weaker, -33 compared to settlement levels.
- "Those JGBs issued by the Japanese government with super-low yields over the past decade were snapped up by one huge price-insensitive investor, the BoJ. Now that the BoJ wants to step back, long term yields are shooting up."
- "Why do "paper losses" on the central bank balance sheet matter? Well, the BoJ arranged a huge fixed-for-floating interest rate swap (1 GDP), paying floating and receiving fixed. If you consolidate the BoJ and the Treasury, that means huge losses for Japan's taxpayers. These "paper losses" measure the costs for Japanese taxpayers of failing to lock in low long rates."(per Hanno Lustig, see the below link) https://x.com/HannoLustig/status/1925215266402943062"
- Cash US tsys are ~1bp richer in today's Asia-Pac session.
- House Republicans have made a series of last-minute changes to their sprawling tax-and-spending bill, searching for a path that placates the party's warring wings just enough to get the bill passed at a pre-dawn vote on Thursday.
- Cash JGBs are showing a modest bear-steepener across benchmarks, with yields flat to 2bps higher.
- Swap rates are flat to 4bps higher, with a steepening bias.Tomorrow, the local calendar will see National CPI and Dept Sales data alongside BoJ Rinban Operations covering 1-25-year JGBs.
AUSSIE BONDS: Modestly Cheaper With A Slightly Steeper Curve
ACGBs (YM -1.0 & XM -3.0) are cheaper but sit near session bests on a data-light day.
- Cash ACGBs are showing a modest bear-steepener, with benchmark yields 1-3bps higher, with the AU-US 10-year yield differential at -11bps. For context, this differential was around flat at the start of the week.
- Cash US tsys are ~1bp richer in today's Asia-Pac session.
- House Republicans have made a series of last-minute changes to their sprawling tax-and-spending bill, searching for a path that placates the party's warring wings just enough to get the bill passed at a pre-dawn vote on Thursday.
- “Trump said he’s “giving very serious consideration” to taking Freddie Mac and Fannie Mae public after more than a decade of being under government oversight.” (BBG)
- The bills strip is slightly mixed, with a steepener bias, with pricing +1 to -2.
- RBA-dated OIS pricing is slightly firmer across meetings today. A 25bp rate cut in July is given a 66% probability, with a cumulative 68bps of easing priced by year-end.
- RBA Hauser will give a speech at 1830 AEST today. The local calendar will be empty tomorrow apart from AOFM’s planned sale of A$800mn of the 2.75% 21 November 2028 bond.
BONDS: Outperforms $-Bloc Post-Budget Release
NZGBs closed showing a bull-steepener, with benchmark yields flat to 3bps lower.
- NZGBs have outperformed the $-bloc, with the NZ-US and NZ-AU 10-year yield differentials respectively narrow by 8bps and 4bps.
- The NZ government continues to expect the budget to be in surplus in FY29, while the timing is unchanged, the amount has been revised down and is flat as a share of GDP.
- From FY26 deficits were revised higher due to weaker revenue as growth was revised down near-term and unemployment higher.
- The 2025/26 NZGB programme has been set at NZ$38bn, NZ$2bn lower than that published at the Half Year Economic and Fiscal Update 2024 (HYEFU). The forecast NZGB programme for 2026/27 has been reduced by NZ$2bn, while 2027/28 and 2028/29 have been revised higher, by NZ$2bn and NZ$6bn respectively.
- S&P: New Zealand’s fiscal and current account deficits may put downward pressure on its credit rating. S&P Global Ratings says New Zealand’s budget repair efforts are starting to stall. (per BBG)
- Swap rates closed showing a modest twist-steepener.
- Tomorrow, the local calendar will see Retail Sales Ex Inflation data for Q1.
- The NZ Treasury plans to sell tomorrow NZ$250mn of the 3.00% Apr-29 bond, NZ$150mn of the 3.50% Apr-33 bond and NZ$50mn of the 1.75% May-41 bond.
FOREX: Asia FX Wrap - USD Struggles To Bounce
The BBDXY has had a range of 1216.80 - 1219.91 in the Asia-Pac session, it is currently trading around 1218. “House Republican leaders released a new version of Donald Trump’s tax bill with a larger SALT cap and other changes in a bid to win support from GOP factions. The House may vote as soon as Thursday”(BBG).”The EU shared a revised proposal with the US which includes gradually reducing tariffs to zero on some goods, people familiar said.(BBG)”
- EUR/USD - Asian range 1.1311 - 1.1345, Asia is currently trading 1.1330. A quiet Asian session with EUR drifting higher. The market is still expected to use dips as a buying opportunity and dips back towards 1.10 should see buyers remerge. Can it find upward momentum again ?
- GBP/USD - Asian range 1.3405 - 1.3441, Asia is currently dealing around 1.3425. A quiet Asian session with GBP drifting higher. The GBP is back to testing Pivotal Weekly Resistance in the 1.3500 area, expect it to do some work here. A break signals a potential acceleration of the trend higher.
- USD/CNH - Asian range 7.1939 - 7.2061, the USD/CNY fix printed 7.1903. Asia is currently dealing around 7.2025. Sellers should be found on a bounce back towards the 7.2400 area again.
- Cross asset : SPX +0.06%, Gold $3335, US 10-Year 4.58%, BBDXY 1218, Crude oil $61.64
- Data/Events : France Business Confidence, France PMI’s, German PMI’s & IFO, EZ PMI’s
JPY: Asia Wrap - Sellers Cap An Early Bounce
The Asia-Pac range has been 143.15 - 144.40, Asia is currently trading around 143.35. USD/JPY was under pressure all through the overnight session but bounced higher in early morning trading, the pair printed a high of 144.40 on headlines related to the meeting between US Tsy Secretary Bessent and Japan FinMin Kato on the sidelines of the G7 in Canada. It could not hold these gains and spent the rest of the session back under pressure to eventually break the overnight lows.
- Scott Bessent on X - “Great to meet again with Japanese Minister of Finance @KatsunobuKato1 on the margins of the @G7 meetings in Banff. We addressed important issues in the U.S.-Japan economic relationship, including global security, bilateral trade between our nations, and our shared belief that exchange rates should be market determined. https://x.com/SecScottBessent/status/1925313086799630633"
- At face value, this suggests a maintenance of the status quo in terms of FX policy (rather than a potential shift towards a change that would push for greater balance in the trade position, which would argue for stronger yen levels versus the USD, all else equal).
- BoJ board member Noguchi's earlier remarks didn't hint at any major concern around the recent sharp rise in JGB yields : He noted - via Rtrs: "BOJ'S NOGUCHI: PERSONALLY DON'T SEE NEED TO MAKE BIG CHANGES TO EXISTING BOJ TAPER PLAN, whilst adding "BOJ'S NOGUCHI: AS FOR TAPER PLAN FOR APRIL 2026 ONWARD, WE NEED TO EXAMINE WITH A LONGER-TERM PERSPECTIVE", and "*NOGUCHI: MARKET SHOULD DECIDE LONG-TERM INTEREST RATES" - BBG.
- The price action shows the market is still much more comfortable selling rallies, resistance is now back towards 146.00. The longer we stay down here the focus will turn once more to the pivotal 140.00 area.
Options : Closest significant option expiries for NY cut, based on DTCC data: 143.50($600m), Upcoming Strikes : 145.00($2.12b May 23),144.00($1.85b May 23)
Fig 1 : USD/JPY Spot Weekly Chart
Source: MNI - Market News/Bloomberg
NZD: Asia Wrap - Trades Softer As NZ Sees Slower Growth
The NZD/USD had a range of 0.5921 - 0.5948 in the Asia-Pac session, going into the London open trading around 0.5925. US stocks stabilised in the Asian session but the NZD has traded softer on the NZ Budget showing a weaker economy with less tax revenue.
- The NZ government continues to expect the budget to be in surplus in FY29, while the timing is unchanged the amount has been revised down and is flat as a share of GDP. From FY26 deficits were revised higher due to weaker revenue as growth was revised down near-term and unemployment higher.
- *NEW ZEALAND BUDGET SHOWS WEAKER ECONOMY, LESS TAX REVENUE
- *NEW ZEALAND SEES BUDGET DEFICIT OF NZ$12.1B IN 2026”
- The NZD/USD has traded softer for most of our session albeit not running away.
- The NZD continues to look comfortable in a 0.5850/0.6050 range and awaits a catalyst to provide the impetus to break-out.
- The support back towards 0.5800 has held very well, and while this continues to hold expect buyers to be around on dips. The first target is the highs just above 0.6000, a break here is needed to regain momentum.
- Options : Closest significant option expiries for NY cut, based on DTCC data: none, Upcoming Strikes : 0.5705(NZD805m May 23), 0.5980(NZD513m May26)
AUD/NZD range for the session has been 1.0822 - 1.0877, currently trading 1.0875. The Cross has bounced in our session as the NZD trades softly after the Budget. A sustained break above 1.0920 is needed to turn the focus higher, until then expect supply on bounces.
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg
AUD: Asia Wrap - Quiet Session, Trades Steady
The AUD/USD has had a tight range of 0.6427 - 0.6447 in the Asia- Pac session, it is currently trading around 0.6445. US stocks stabilised in the Asian session and the AUD has traded sideways in a pretty quiet session.
- MNI Data - The preliminary May S&P Global composite PMI showed a moderation in growth with the index easing to 50.6 from 51, the lowest since February. The quarterly averages are showing that after a slight pickup in private sector growth in Q1 it likely slowed a bit in Q2. The manufacturing PMI was stable at 51.7, while services eased to 0.5 points to 50.5, lowest since November.
- “Nomura has added another RBA rate cut to its outlook and now forecasts a 25bp reduction in November in addition to August, which would take the cash rate to 3.35%.”(BBG)
- The AUD/USD is looking comfortable in a 0.6350 - 0.6550 range. The AUD continues to hold up pretty well against the USD so If you want to express a short it looks best to do that in the crosses for now.
- Expect buyers to be around on dips while the support in the AUD holds, a close back below 0.6300/50 would start to challenge the newly formed uptrend.
- Options : Closest significant option expiries for NY cut, based on DTCC data: none, Upcoming Strikes : 0.6375(AUD683m May 23), 0.6550(AUD529m May 23), 0.6510(AUD1.4b May 27)
AUD/JPY - Today's range 92.14 - 92.84, it is trading currently around 92.25. Decent demand again seen towards the 92.00 area as it holds overnight. A sustained close back below 91.50/92.00 is needed to turn the focus back towards the lows again. With stocks looking like they have more to go in this retracement it could provide further headwinds for this pair.
Fig 1: AUD/USD spot Daily Chart
Source: MNI - Market News/Bloomberg
ASIA STOCKS: Korea's KOSPI Leads Regional Falls
Plans in the US to seek to pass a bill focused on tax cuts drove bond yields higher and volatility throughout Asia's major bourses. Fears as to the sustainability of the already perilous US fiscal position created a risk off day with the KOSPI one of the biggest fallers. In what was a good day for most Asia FX, major bourses couldn't say the same as falls were experienced throughout the region.
- China's Hang Seng fell -0.55% today following over 2% gains in the prior two trading days as sentiment slipped. The CSI 300 eked out some minor gains of +0.13% whilst the Shanghai Composite was flat and Shenzhen fell -0.45%
- The KOSPI was down -1.20% and could present its first weekly loss since mid-April if there is no improvement tomorrow.
- The FTSE Bursa Malaysia's poor run continues, down for its sixth consecutive day, falling -0.87%.
- The Jakarta Composite's star continues to shine as it rallied again today by +0.56%. It has only recorded four down days in the last 27 trading days.
- In Singapore, the FTSE Straits Times fell -0.33% and the PSEi in the Philippines dropped -1.33%
- India's NIFTY 50 could not hide from the risk aversion and is down -0.80%, to be down over -1.5% so far this week.
OIL: Crude Stabilises After Yesterday’s Losses, Monitoring Range Of Issues
After falling over a percent on Wednesday, oil prices are slightly higher during today’s APAC session. WTI is up 0.2% to $61.68/bbl, close to the intraday high, while Brent is up 0.1% to $64.95/bbl. Markets continue to worry about and monitor Russia & Iran developments, OPEC production plans, US demand and trade negotiations.
- The USD index is down 0.1% today to be down 1.2% this week which has likely supported dollar-denominated crude in a weaker risk sentiment environment. Markets are concerned by the US’ fiscal outlook.
- US Secretary of State Rubio said that licences to export oil from Venezuela would expire on May 27 as planned when a 60-day extension had been expected. This will impact Chevron significantly as it has produced around 20% of Venezuela’s oil recently, according to Bloomberg.
- Europe increased sanctions this week on Russian financial intermediaries and tankers headed to China and the UK now wants the price cap on Russian crude reduced. The US is currently hesitant to follow with Trump saying that tighter restrictions will be counterproductive but a WSJ report is suggesting that he did tell European leaders after his call with Putin that he believed that Russia is not yet ready for peace.
- Later the Fed’s Barkin & Williams, ECB’s de Guindos & Elderson and BoE’s Pill, Breeden & Dhingra speak. The ECB’s April meeting accounts are published. US April Chicago Fed, existing home sales, May flash PMIs, Kansas Fed manufacturing and jobless claims print as well as European May PMIs.
GOLD: Bullion Continues Trend Higher As US Deficit Worries Persist
Gold prices continue to trend higher during the APAC session rising around 0.7% to $3338.15/oz after rising 0.8% on Wednesday as the metal benefits from safe-haven flows as risk sentiment deteriorates on worries over the US budget. It is up 4.2% this week. They reached a high of $3345.38 earlier, approaching initial resistance of $3347.50, 9 May high.
- Negotiations continued with Republicans who won’t support US President Trump’s tax cut bill unless further spending cuts are included. A vote is hoped to take place this week. The expected increase in the deficit has troubled markets with US yields rising sharply yesterday but are slightly lower today.
- The USD index is down 0.1% today to be down 1.2% this week which has contributed to buying of dollar-denominated gold.
- Medium-term signals for gold remain bullish with the corrective phase finished. Moving average studies highlight a bull-mode position. Initial resistance is at $3347.5, 9 May high, while support is at $3176.4, 20-day EMA.
- Equities are lacklustre with the Hang Seng down 0.6% and Nikkei -1.0% and S&P e-mini up only 0.06%. Oil prices are up slightly with WTI +0.2% to $61.67/bbl. Copper is 1.2% higher and silver 0.9% to $33.69.
- Later the Fed’s Barkin & Williams, ECB’s de Guindos & Elderson and BoE’s Pill, Breeden & Dhingra speak. The ECB’s April meeting accounts are published. US April Chicago Fed, existing home sales, May flash PMIs, Kansas Fed manufacturing and jobless claims print as well as European May PMIs.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 22/05/2025 | 0600/0700 | *** |  GB | Public Sector Finances |
| 22/05/2025 | 0645/0845 | ** |  FR | Manufacturing Sentiment |
| 22/05/2025 | 0715/0915 | ** | FR | S&P Global Services PMI (p) |
| 22/05/2025 | 0715/0915 | ** | FR | S&P Global Manufacturing PMI (p) |
| 22/05/2025 | 0730/0930 | ** |  DE | S&P Global Services PMI (p) |
| 22/05/2025 | 0730/0930 | ** | DE | S&P Global Manufacturing PMI (p) |
| 22/05/2025 | 0800/1000 | *** | DE | IFO Business Climate Index |
| 22/05/2025 | 0800/1000 | ** |  EU | S&P Global Services PMI (p) |
| 22/05/2025 | 0800/1000 | ** | EU | S&P Global Manufacturing PMI (p) |
| 22/05/2025 | 0800/1000 | ** | EU | S&P Global Composite PMI (p) |
| 22/05/2025 | 0830/0930 | *** | GB | S&P Global Manufacturing PMI flash |
| 22/05/2025 | 0830/0930 | *** | GB | S&P Global Services PMI flash |
| 22/05/2025 | 0830/0930 | *** | GB | S&P Global Composite PMI flash |
| 22/05/2025 | 1000/1100 | ** | GB | CBI Industrial Trends |
| 22/05/2025 | 1050/1150 | GB | BOE's Breeden On Climate Panel | |
| 22/05/2025 | 1100/1200 | GB | BOE's Dhingra On UK Productivity Panel | |
| 22/05/2025 | 1130/1330 | EU | ECB April Minutes Released | |
| 22/05/2025 | 1200/0800 |  US | Richmond Fed's Tom Barkin | |
| 22/05/2025 | 1230/0830 | *** | US | Jobless Claims |
| 22/05/2025 | 1230/0830 | ** | US | WASDE Weekly Import/Export |
| 22/05/2025 | 1230/0830 | * |  CA | Industrial Product and Raw Material Price Index |
| 22/05/2025 | 1230/1330 | GB | BOE's Pill At MonPol Conference (Text 16:30BST) | |
| 22/05/2025 | 1300/1500 | ** |  BE | BNB Business Confidence |
| 22/05/2025 | 1345/0945 | *** | US | S&P Global Manufacturing Index (Flash) |
| 22/05/2025 | 1345/0945 | *** | US | S&P Global Services Index (flash) |
| 22/05/2025 | 1400/1000 | *** | US | NAR existing home sales |
| 22/05/2025 | 1400/1000 | * | US | Services Revenues |
| 22/05/2025 | 1430/1030 | ** | US | Natural Gas Stocks |
| 22/05/2025 | 1500/1100 | ** | US | Kansas City Fed Manufacturing Index |
| 22/05/2025 | 1500/1700 | EU | ECB's Elderson Dinner Speech at Biodiversity Day | |
| 22/05/2025 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 22/05/2025 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 22/05/2025 | 1535/1735 | EU | ECB's de Guindos Speech in Madrid | |
| 22/05/2025 | 1700/1300 | ** | US | US Treasury Auction Result for TIPS 10 Year Note |
| 22/05/2025 | 1800/1400 | US | New York Fed's John Williams | |
| 22/05/2025 | 1900/1500 | US | New York Fed's Roberto Perli | |
| 23/05/2025 | 2301/0001 | ** | GB | Gfk Monthly Consumer Confidence |
| 23/05/2025 | 2330/0830 | *** |  JP | CPI |
| 23/05/2025 | 0600/0800 | ** |  SE | Unemployment |
| 23/05/2025 | 0600/0700 | *** | GB | Retail Sales |
| 23/05/2025 | 0600/0800 | *** | DE | GDP (f) |
| 23/05/2025 | 0645/0845 | ** | FR | Consumer Sentiment |
| 23/05/2025 | 0830/1030 | EU | ECB's Lane Inflation Lecture in Florence | |
| 23/05/2025 | 1230/0830 | * | CA | Quarterly financial statistics for enterprises |
| 23/05/2025 | 1230/0830 | ** | CA | Retail Trade |
| 23/05/2025 | 1230/0830 | ** | CA | Retail Trade |
| 23/05/2025 | 1335/0935 | US | Kansas City Fed's Jeff Schmid |
