MNI EUROPEAN OPEN: US Trade Court Rules Against Trump Tariffs

EXECUTIVE SUMMARY

• U.S. TRADE COURT RULES AGAINST TRUMP TARIFFS - MNI BRIEF 
• FED WELL-PLACED TO ASSESS TARIFF EFFECTS - MAY MINUTES - MNI 
• US SAYS IT WILL START REVOKING VISAS FOR CHINESE STUDENTS - RTRS
• NVIDIA EASES CONCERNS ABOUT CHINA WITH UPBEAT SALES FORECAST - BBG
• BANK OF KOREA CUTS POLICY RATE TO 2.50%: PRESS - MNI BRIEF 

Fig 1: US Equity Futures Continue To Push Higher 

Source: MNI - Market News/Bloomberg/Refinitiv. 

UK

DEFENCE (BBC): “The Ministry of Defence (MoD) will spend more than £1bn to develop technology to speed up decisions on the battlefield.”

EU

GERMANY (POLITICO): “Germany's new coalition committee met for the first time on Wednesday and agreed a work program to deal with budgetary and other key issues before the summer break. "By the middle of the year, everyone should be able to see that Germany is making progress," states a paper published by the ruling parties. "We will lay the foundations by swiftly adopting the 2025 and 2026 budgets and making significant investments."

GERMANY (DW): “For Germany's new foreign minister, Johann Wadephul, building a good relationship with US Secretary of State Marco Rubio couldn't be more important.”

UKRAINE (BBC): “Germany's new chancellor, Friedrich Merz, has told Ukraine's Volodymyr Zelensky that Berlin will help Kyiv produce long-range missiles to defend itself from Russian attack. "We want to talk about production and we will not publicly discuss details," he said, when asked by reporters in Berlin if Germany would supply Kyiv with its Taurus missiles.”

RUSSIA (POLITICO): “Donald Trump says American efforts to bring Russia and Ukraine to peace are going “fine,” but appears cognizant that Russian President Vladimir Putin may be only pretending to engage in good faith. “We’ll find out whether or not he’s tapping us along or not and if he is, we’ll respond a little bit differently but it will take about a week and a half to two weeks.”

PORTUGAL (BBG): “During Portugal’s recent election campaign, far-right Chega leader Andre Ventura argued that the two centrist parties that have ruled the nation for half a century have failed to increase living standards, control immigration and end systemic corruption.” 

US

TARIFFS (MNI BRIEF): The U.S. Court of International Trade ruled Wednesday that President Donald Trump's April 2 tariffs superseded his executive authority and sidelined Congress, a key setback to the administration's agenda that adds a new layer of uncertainty into an already clouded economic outlook. 

TARIFFS (RTRS): “A U.S. trade court on Wednesday blocked President Donald Trump's tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.” 

TECH (BBG): “Nvidia Corp. Chief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.””

FED (MNI): Federal Reserve officials believe they can take their time in assessing the effects of fluid tariff policies, though they fear larger-than-expected tariffs will raise inflation and hurt employment, according to minutes of their May meeting released Wednesday. 

FED (MNI BRIEF): Federal Reserve officials say the benefits of the 2020 shift to a flexible average inflation targeting framework have diminished and are looking at a strategy of flexible inflation targeting, according to minutes of the May Fed meeting released Wednesday. 

GOVERNMENT (RTRS): “Billionaire Tesla CEO Elon Musk is leaving the Trump administration after leading a tumultuous efficiency drive, during which he upended several federal agencies, but ultimately failed to deliver the generational savings he had sought.” 

US/CHINA (RTRS): “U.S. Secretary of State Marco Rubio announced on Wednesday the United States will start "aggressively" revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.” 

US/CHINA (BBG): “The Trump administration is moving to restrict the sale of chip design software to China, people familiar with the matter said, as the US government evaluates a broader policy announcement on the issue.”

US/CHINA (NYT): “President Trump has stopped some critical products and technologies made only in the United States from flowing to China, flexing the government’s power over global supply chains.”

OTHER 

CANADA (MNI INTERVIEW): Alberta Pipeline Dream Hurt By Separation Talk

SOUTH KOREA (MNI BRIEF): The Bank of Korea on Thursday decided to lower the base rate 25 basis points to 2.50% on the back of growing concern over slower economy caused by weak domestic demand and exports, driven by U.S. trade policy, Yonhap News Agency reported.

CHINA 

DEPOSIT RATES (CSJ): “Several small and medium-sized banks have lowered their deposit rates by more than the 10-basis-point decline in Loan Prime Rates last week, following similar moves by larger institutions, China Securities Journal reported, citing analysts who noted the cuts were likely to help protect net interest margin.”

CAR SALES (CPCA): “China's passenger car retail sales reached 1.3 million units between May 1-25, up 16% y/y and 9% m/m, data from the China Passenger Car Association showed.” 

CHINA MARKETS 

MNI: PBOC Net Injects CNY111.5 Bln via OMO Thursday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY266 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY111.5 billion after offsetting the maturities of CNY154.5 billion today, according to Wind Information. 

• The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.5393% at 09:32 am local time from the close of 1.6062% on Wednesday.
• The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 46 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 Higher At 7.1907 Thurs; +0.75% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1907 on Thursday, compared with 7.1894 set on Wednesday. The fixing was estimated at 7.2045 by Bloomberg survey today.

MARKET DATA

AUSTRALIA Q1 BUSINESS INVESTMENT -0.1% Q/Q; EST. +0.5%; Q4 +0.2%
AUSTRALIA Q1 PLANT/MACHINERY CAPEX -1.3% Q/Q, S/ADJ; Q4 -0.6%
AUSTRALIA Q1 BUILDING CAPEX +0.9% Q/Q, S/ADJ; Q4 +1.0%

NEW ZEALAND MAY ANZ BUSINESS CONFIDENCE INDEX 36.6; APR. 49.3
NEW ZEALAND MAY ANZ BUSINESS ACTIVITY OUTLOOK 34.8; APR. 47.7

MARKETS

US TSYS: Asia Wrap - Yields Extend Higher

The TYM5 range has been 109-27+ to 110-07+ during the Asia-Pacific session. It last changed hands at 110-01, down 0-06 from the previous close.

• The US 2-year yield has edged higher, dealing around 4.01%, up 0.02 from its close.
• The US 10-year yield has extended higher, dealing around 4.50%, up 0.02 from its close.
• (Bloomberg) -  “The rallies in risk assets are gathering pace despite the US administration announcing it will appeal the decision, setting aside any concerns that the president might be determined to impose these measures in the longer term.”
• “This excitement is understandable in the short term, because the risk scenarios surrounding the situation are extremely unclear -- and could range from a modest hiccup for Trump’s tariffs to a serious confrontation between the administration and the judiciary. For today, investors will focus on the immediate story that tariffs are being switched off -- and worry about any fallout when that becomes apparent.”
• "The court gave the administration 10 days to "effectuate" its order, but didn't provide any specific directions of steps it must take to unwind the tariffs."(BBG)
• The 10-year looks likely to see supply on any dips in yield in the short-term, should yields hold above 4.35/40% the target looks to be the 4.75/80% area. 

JGBS: Cheaper With US Tsys, Nvidia Beats & Trump Tariff Uncertainty

JGB futures are stronger, +12 compared to settlement levels, hovering near Tokyo session highs.

• Cash US tsys are 2-4bps cheaper in today's Asia-Pac session.
• Eminis and Nasdaq futures are stronger after Nvidia printed better-than-expected results, despite headwinds regarding chip curbs to China.
• Bloomberg - "There's an apparent irony that US stock futures, which were already higher than they were when Trump's 'Liberation Day' tariffs were announced, are now rallying on news that they've been blocked by a US court. The decision, for as long as it stands, is clearly good news for the US economy, though it doesn't say much about the state of US policymaking and it won't help businesses make decisions."
• Japan’s consumer confidence index rose to 32.8 in May, compared with the median estimate of 31.8.
• Cash JGBs are flat to 4bps cheaper across benchmarks, with a steeper curve. The benchmark 40-year yield is 3.4bps higher at 3.39% versus its high of 3.68%.
• Swap rates are 1bp lower to 4bps higher. Swap spreads are mixed.
• Tomorrow, the local calendar will see Jobless Rate, Job-To-Applicant Ratio, Tokyo CPI, Industrial Production, Housing Starts and Retail Sales data alongside 2-year supply.

AUSSIE BONDS: Holding Weaker Despite Weaker Capex, Trump Tariff HLs In Focus

ACGBs (YM -2.0 & XM -3.0) are holding in negative territory.

• Q1 private capital expenditure volumes were weaker than expected, falling 0.1% q/q to be down 0.5% y/y driven by a contraction in machinery & equipment investment. Q4 was revised up to +0.2% q/q, there appears to be a trend of upward revisions to the previous quarter as was also the case with construction. Q1 GDP prints on June 4, with the inventory and net export components released on June 3, but currently it is looking soft.
• Cash US tsys are 2-4bps cheaper in today's Asia-Pac session.
• (Reuters) - A U.S. federal court on Wednesday blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board taxes on imports from nations that sell more to the United States than they buy."
• Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at -15bps.
• The bill strip has cheapened, with pricing -2 to -3.
• RBA-dated OIS pricing is slightly firmer across meetings today. A 25bp rate cut in July is given a 54% probability, with a cumulative 68bps of easing priced by year-end.
• Tomorrow, the local calendar will see Retail Sales, Private Sector Credit and Building Approvals data.
• The AOFM plans to sell A$1200mn of the 4.25% 21 March 2036 bond tomorrow. 

BONDS: NZGBS: Closed With A Bear-Flattener But Off Worst Levels

NZGBs closed showing a bear-flattener, with yields 2-6bps higher. NZGBs did, however, finish off the session’s worst levels. 

• Today’s supply saw solid demand, with cover ratios of 3.27x (May-36) to 3.54x (May-30).
• Swap rates closed 5-7bps higher.
• RBNZ Governor Hawkesby just spoke with Bloomberg today and reiterated that the message at yesterday’s press conference was not to assume that a July rate cut is programmed into the MPC’s thinking.
• Elevated uncertainty means that there could be many different paths from here, which is why the central bank presented different scenarios in its May Monetary Policy Statement.
• ANZ business confidence fell to 36.6 in May from 49.3, the lowest since July, while the outlook moderated to 34.8 from 47.7. The survey suggests a gradual, soft recovery with higher costs difficult to pass through, which ANZ believes will allow the RBNZ to cut rates to 2.5%.
• RBNZ-dated OIS pricing is 10-13bps higher across meetings compared to yesterday’s pre-RBNZ decision levels.
• Markets had fully priced in yesterday’s 25bp cut ahead of the decision, with a total of 64bps of easing expected by November 2025. That has now adjusted to 50bps, inclusive of yesterday’s move.
• Tomorrow, the local calendar will see ANZ Consumer Confidence data.

FOREX: Asia FX Wrap - The USD Correction Extends In Asia

The BBDXY has had a range of 1219.81 - 1225.58 in the Asia-Pac session, it is currently trading around 1223. Ben Hunt on X: “The initial USD positive reaction to the tariff block is weird to me. Either the Supreme Court reverses the trade court ruling and we’re back to where we were (only worse) or they don’t reverse and Trump initiates the biggest constitutional crisis of the past 70 years. Both are intensely USD negative. https://x.com/EpsilonTheory/status/1927912996174549490

• EUR/USD -  Asian range 1.1210 - 1.1297, Asia is currently trading 1.1250. EUR has had a big drop during the Asian session. The news this morning tipped the USD buying over the edge. Dips back to 1.1000/100 should continue to find support.
• GBP/USD - Asian range 1.3416 - 1.3472, Asia is currently dealing around 1.3445. The GBP could not hold above the pivotal 1.3500 area for now. Look for support to return back towards the 13300/3400 area.
• USD/CNH - Asian range 7.1908 - 7.2087, the USD/CNY fix printed 7.1907. Asia is currently dealing around 7.1975. Sellers should be found on a bounce back towards the 7.2200 area again. Andreas Steno Larsen on X : The elephant in the room. USDCNH needs to go to 6.80 at least. https://x.com/AndreasSteno/status/1926115935200440525
• Cross asset : SPX +1.60%, Gold $3270, US 10-Year 4.50%, BBDXY 1223, Crude oil $62.74

• Data/Events : Spain Retail Sales, Italy Consumer Confidence & Industrial Sales

  Fig 1: GBP/USD Spot Daily Chart

  

  Source: MNI - Market News/Bloomberg

JPY: Asia Wrap - The Correction Testing The 146.00 Resistance

The Asia-Pac USD/JPY range has been 144.76 - 146.28, Asia is currently trading around 145.70. USD/JPY stayed well supported all through our day, what looks like overextended positioning is being challenged. 

• (Bloomberg) - “There’s an apparent irony that US stock futures, which were already higher than they were when Trump’s ‘Liberation Day’ tariffs were announced, are now rallying on news that they’ve been blocked by a US court. The decision, for as long as it stands, is clearly good news for the US economy, though it doesn’t say much about the state of US policymaking and it won’t help businesses make decisions.”
• Ben Hunt on X: “ The initial USD positive reaction to the tariff block is weird to me. Either the Supreme Court reverses the trade court ruling and we’re back to where we were (only worse) or they don’t reverse and Trump initiates the biggest constitutional crisis of the past 70 years. Both are intensely USD negative. https://x.com/EpsilonTheory/status/1927912996174549490
• There was a definitive demand for USD’s all through our session. This has seen USD/JPY challenge its resistance around 146.00, the JPY bulls need this move to top out somewhere around here.
• The market has been very confident of a move lower in USD/JPY but with positioning quite large now the risk of pullbacks does increase. The market is currently testing the resistance around the 146.00 area, there should be sellers around these levels but a close back above 146.00/50 would signal the retracement could have further to go. 

• Options : Close significant option expiries for NY cut, based on DTCC data: 145.00($2.14b), 143.00($1.98b), 144.00($1.67b). Upcoming Close Strikes : 143.00($3.34b May 30), 140.00($2.78b May 30).

  Fig 1 : USD/JPY Spot Daily Chart

  

  Source: MNI - Market News/Bloomberg

NZD: Asia Wrap - Can't Ignore The USD Strength

The NZD/USD had a range of 0.5925 - 0.5977 in the Asia-Pac session, going into the London open trading around 0.5940. The NZD has fallen pretty hard in our session as it seems to be catching up to the general USD move. It seemed to brush off the USD strength overnight but the extension this morning looked like risk moving higher was a bridge too far.

• NEW ZEALAND Data: Soft Economy But Outlook Improved Later In May. ANZ business confidence fell to 36.6 in May from 49.3, the lowest since July, while the outlook moderated to 34.8 from 47.7.
• RBNZ Governor Hawkesby spoke with Bloomberg today and reiterated that the message at yesterday's press conference was not to assume that a July rate cut is programmed into the MPC's thinking.
• Elevated uncertainty means that there could be many different paths from here, which is why the central bank presented different scenarios in its May Monetary Policy Statement.
• The NZD continues to trade in a 0.5850/0.6050 range, the hawkish slant from the RBNZ probably saw a portion of the new shorts added last week by leveraged accounts pared back overnight.
• The support back towards 0.5800 has held very well, and while this continues to hold expect buyers to be around on dips. A break above 0.6050 is needed to  provide the spark for the next leg higher.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.5975(NZD440m). Upcoming Close Strikes : 0.6100(NZD375m June 3)

• AUD/NZD range for the session has been 1.0764 - 1.0821, currently trading 1.0815. NZD looks to have played catch up in Asia this morning. A top looks to have been put in place now just above 1.0900, the market will have been looking for a more dovish tone from the RBNZ yesterday and AUD/NZD should now see supply on bounces. The first target is around 1.0650.

  Fig 1: NZD/USD Spot Daily Chart

  

  Source: MNI - Market News/Bloomberg

AUD: Asia Wrap - AUD Outperforms In The Crosses

The AUD/USD has had a range of 0.6407 - 0.6436 in the Asia- Pac session, it is currently trading around 0.6425. The AUD has outperformed in the crosses retracing some of its recent moves.

• AUSTRALIA DATA: Weak Equipment Capex Drives Q1 Investment Lower. Q1 private capital expenditure volumes were weaker than expected falling 0.1% q/q to be down 0.5% y/y driven by a contraction in machinery & equipment investment.
• (AFR) "Inflation is not a barrier to another cash rate cut as soon as the next Reserve Bank of Australia board meeting in July, as new figures showed price pressures remained within the central bank's target band last month."
• Most of the possible month end corporate USD buying would have been transacted overnight, but there could still be some residual to get done today.
• Expect buyers to continue 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. A break above 0.6550 and the move higher could begin to accelerate.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6555(AUD389m). Upcoming Close Strikes : 0.6400(AUD 786m June 2)

• AUD/JPY - Today's range 92.98 - 93.87, it is trading currently around 93.60. The pair has surged this morning above the 93.00 area that has capped price in the last couple of days. If this break is sustained and risk holds onto its gains it implies this pair can once again head higher with the focus turning back towards the 96.00 area.

  Fig 1: AUD/JPY spot Daily Chart

  

  Source: MNI - Market News/Bloomberg

ASIA STOCKS: Mostly Higher, Led By Tech Plays Post Nvidia & Tariff News

Regional Asia Pac equity markets are mostly tracking higher. Several positives are in play, with positive spill over evident from US equity futures. Late Wednesday in the US we had Nvidia results, which were better than expected and renewed tech/AI optimism. This helped US equity futures re-open higher. Not long after headlines crossed that the US trade court had ruled Trump's reciprocal tariffs were illegal. 

• In latest dealings, Nasdaq futures are up around 1.9%, putting the index at fresh highs back to Feb. Eminis are up close to 1.55%. The Trump administration has already stated it will appeal the decision, but for the moment broader risk appetite is staying positive.
• South Korean stocks continue to outperform, the Kospi last up +1.75%. The tariff news, tech/AI sentiment (post Nvidia), along with corporate value up optimism, are all combining to drive these strong gains.
• The Taiex is also higher, up +0.55% at the time of writing, while Japan benchmarks are up +1.4% for the Topix and +1.6% for the NKY.
• Hong Kong and China markets are also firmer, albeit with gains of around 0.65% to the lunchtime break.
• US-China news flow has mostly been negative, with reports of further tech related curbs in the software space (related to semiconductor manufacturing), while the NYTs reported other export related restrictions.  Visas for China students will also reportedly start to be revoked. These moves haven't weighed on aggregate share performance though.
• In SEA, market moves are more muted, with Singapore and Malaysian markets down modestly. Thailand shares are up close to 0.80%. 

OIL: US Court Tariff Ruling Eases Oil’s Demand Worries, EIA Data Out Later

Crude is up sharply during today’s APAC session following a rise of around 1.5% yesterday. News that the US Court of International Trade blocked most of the proposed tariffs saying that the President had overstepped his authority has boosted risk appetite and driven a relief rally in oil prices. The market had been concerned that increased protectionism would weigh on global energy demand. The USD index is up 0.2% after 0.3% on Wednesday.

• WTI is up 1.3% to $62.66/bbl, close to the intraday high of $62.72, and slightly above the 50-day EMA. A clear break above would open $64.19, 21 May high. The benchmark is up 1.8% this week and at its highest since May 21. But OPEC’s meeting on the weekend could push prices down again if another large output increase is decided for July.
• Brent is now 1.4% higher this week after rising 1.1% to $65.64 today, just short of resistance at $66.05, 50-day EMA.
• Most of the US tariffs have now been put on hold with the appeal possibly to be heard by the US Supreme Court. A lengthy national security review may be required for tariffs to go ahead. Either way there is likely to be an extended delay.
• Attention will be on the official EIA inventory data after Bloomberg reported that US crude inventories fell 4.24mn barrels last week, according to people familiar with the API data. But gasoline demand will also be a key part of the release.
• Later the Fed’s Barkin, Goolsbee, Kugler and Daly and BoE’s Bailey appear. Revised Q1 US GDP and jobless claims print.

Gold Breaks Below Support As Risk Sentiment Improves

Gold is down 0.4% to $3274/oz during Thursday’s APAC trading after falling 0.4% yesterday. It has been pressured by the stronger US dollar (USD BBDXY +0.3%), higher US yields and better risk appetite after robust Nvidia earnings and news that a US Court of International Trade blocked most of the proposed tariffs saying that the President had overstepped his authority. The administration has appealed the decision but for now it looks like tariffs may be on hold beyond July 8, which has reduced safe-haven interest in gold. 

• Bullion fell to a low of $3245.50 following the US tariff news but has recovered somewhat since then. This is below initial support at $3284.6, 20-day EMA, which if sustained opens up $3202.9, 50-day EMA. Initial resistance is at $3365.9, 23 May high. The yellow metal is currently down 2.5% this week and 0.4% in May.
• Most of the US tariffs have now been put on hold with the appeal possibly to be heard by the US Supreme Court. There is the chance that duties already paid will have to be refunded and that a lengthy national security review will be required for tariffs to go ahead. Either way there is likely to be an extended delay which will reduce gold’s appeal as a safe-haven asset.
• Equities have rallied on the US tariff news with the S&P e-mini up 1.6% and Nikkei +1.6%. Commodity prices are also higher with WTI +1.3% to $62.63, copper +0.3% and silver +0.6% to $33.20.
• Later the Fed’s Barkin, Goolsbee, Kugler and Daly and BoE’s Bailey appear. Revised Q1 US GDP and jobless claims print. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
29/05/2025	0800/1000	**	IT	ISTAT Consumer Confidence
29/05/2025	0800/1000	**	IT	ISTAT Business Confidence
29/05/2025	0900/1000		GB	BOE's Breeden opening remarks at conference on non-bank financial sector and financial stability
29/05/2025	1230/0830	***	US	Jobless Claims
29/05/2025	1230/0830	*	CA	Current account
29/05/2025	1230/0830	*	CA	Payroll employment
29/05/2025	1230/0830	***	US	GDP
29/05/2025	1230/0830		US	Richmond Fed's Tom Barkin
29/05/2025	1400/1000	**	US	NAR Pending Home Sales
29/05/2025	1430/1030	**	US	Natural Gas Stocks
29/05/2025	1445/1545		GB	BOE's Saporta panellist on hedge funds' role in recent crises
29/05/2025	1500/1100	**	US	DOE Weekly Crude Oil Stocks
29/05/2025	1500/1600		GB	BOE's Bailey speech and fireside chat at Irish IAIM Dinner
29/05/2025	1530/1130	**	US	US Bill 04 Week Treasury Auction Result
29/05/2025	1530/1130	*	US	US Bill 08 Week Treasury Auction Result
29/05/2025	1700/1300	**	US	US Treasury Auction Result for 7 Year Note
29/05/2025	1800/1400		US	Fed Governor Adriana Kugler
29/05/2025	2000/1600		US	San Francisco Fed's Mary Daly
30/05/2025	2330/0830	**	JP	Tokyo CPI
30/05/2025	2330/0830	*	JP	Labor Force Survey
30/05/2025	2350/0850	**	JP	Industrial Production
30/05/2025	2350/0850	*	JP	Retail Sales (p)
29/05/2025	0025/2025		US	Dallas Fed's Lorie Logan
30/05/2025	0130/1130	*	AU	Building Approvals
30/05/2025	0130/1130	**	AU	Retail Trade
30/05/2025	0600/0800	***	SE	GDP
30/05/2025	0600/0800	**	DE	Import/Export Prices
30/05/2025	0600/0800	**	DE	Retail Sales
30/05/2025	0630/0730		GB	DMO to release FQ2 (Jul-Sep) issuance ops calendar
30/05/2025	0700/0900	***	ES	HICP (p)
30/05/2025	0700/0900	**	CH	KOF Economic Barometer
30/05/2025	0800/1000	**	EU	M3
30/05/2025	0800/1000	***	IT	GDP (f)
30/05/2025	0800/1000	***	DE	Bavaria CPI
30/05/2025	0800/1000	***	DE	North Rhine Westphalia CPI
30/05/2025	0800/1000	***	DE	Baden Wuerttemberg CPI
30/05/2025	0900/1100	***	IT	HICP (p)
30/05/2025	1000/1200	**	IT	PPI
30/05/2025	1200/1400	***	DE	HICP (p)
30/05/2025	1230/0830	**	US	WASDE Weekly Import/Export
30/05/2025	1230/0830	***	US	Personal Income and Consumption
30/05/2025	1230/0830	**	US	Advance Trade, Advance Business Inventories
30/05/2025	1230/0830	***	CA	GDP - Canadian Economic Accounts
30/05/2025	1230/0830	***	CA	Gross Domestic Product by Industry
30/05/2025	1230/0830	***	CA	CA GDP by Industry and GDP Canadian Economic Accounts Combined
30/05/2025	1342/0942	***	US	MNI Chicago PMI