- Chinese and Hong Kong equity markets surged today, buoyed by optimism following a positive National People's Congress (NPC) meeting and anticipation of further supportive policy measures. HSI +2.65%, HS Tech +4.70%, CSI 300 +1.25%
- The BBDXY USD index fell 0.1% earlier but has rebounded off that low to be 0.1% higher during APAC today supported by higher Treasury yields, there has been little new information during the Asian session.
- Tsys yields are 3-5bps higher, with the belly of the curve underperforming, the 10yr is trading back above 4.30%.
MARKETS
US TSYS: Yields Cheaper, 10yr Above 4.30%, Trade Balance & Jobless Claims later
- Cash tsys have continued the moves made during the overnight session, trading 3-5bps cheaper, with the belly underperforming. Uncertainty surrounding the US fiscal situation is adding to market anxiety as the March 14 deadline approaches. The political standoff leading up to it is likely to keep bond investors on edge. However, the immediate focus will be on the upcoming labor market report.
- Tsys futures are all trading below Wednesday's lows, TU is -03 5/8 at 103-12+, while TY is -13 at 110-15
- ADP employment came in at just 77k vs 140k expected overnight, with Non-farms on Friday the market is likely see heightened volatility.
- The 10yr is now back above 4.30% rising 4.2bps this morning, after hitting a low of 4.10% on Tuesday. The 2s10s curve has steepened over the past two weeks after hitting a low of 16bps, we now trade at 27.758 up almost 1bps today.
- Trump is considering exempting certain agricultural products from tariffs imposed on Canada and Mexico. The administration has delayed tariffs on automotive imports from Mexico and Canada for one month, following pleas from industry executives.
- Projected rate cuts through mid-2025 recede from morning levels (*) as follows: Mar'25 at -2.2bp, May'25 at -10.6bp (-12.2bp), Jun'25 at -27bp (-29.2bp), Jul'25 at -36.2bp (-39.8bp).
- Later today we have weekly claims, trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
JGBS: Still Cheaper But Less So After 30Y Auction
JGB futures are sharply weaker and near session lows, -69 compared to settlement levels.
- Local market movements in the morning session were likely driven by offshore developments. Key drivers included President Trump’s decision to delay auto tariffs on Canada and Mexico by a month and a dramatic shift in Germany’s spending plans for defence and infrastructure.
- Cash US tsys are 3-4bps cheaper in today’s Asia-Pac session after yesterday’s heavy session. After today's weekly claims trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
- However, that changed after the results of today's 30-year auction. Cash JGBs are 2-7bps cheaper across benchmarks, with a steeper curve.
- The benchmark 30-year yield is 4.8bps higher at 2.464%, but 4bps lower than pre-auction levels. This move came despite the 30-year bond auction delivering mixed results. The low price exceeded dealer expectations according to the Bloomberg poll. However, the cover ratio slipped to 3.4997x from 3.7422x—the highest since 2020—while the auction tail widened to 0.12 from 0.07, signaling softer demand.
- The 10-year benchmark yield is 5.8bps higher at 1.506% after hitting 1.523% earlier, the highest since 2009.
- Swap rates are 1bp lower to 2bps higher, with a steepening bias. Swap spreads are tighter.
- Tomorrow, the local calendar will be empty.
AUSSIE BONDS: Sharply Weaker As Global Bonds Weigh
ACGBs (YM -10.0 & XM -13.5) are sharply cheaper and near Sydney session lows.
- While the domestic calendar featured building approvals, today's local market movements were likely driven by offshore developments. Key drivers included President Trump’s decision to delay auto tariffs on Canada and Mexico by a month and a dramatic shift in Germany’s spending plans for defence and infrastructure. German bunds experienced their worst day since 1990, with yields surging by as much as 30bps.
- Cash US tsys are 3-4bps cheaper in today’s Asia-Pac session after yesterday’s heavy session. After today's weekly claims trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
- Cash ACGBs are 9-13bps cheaper with the AU-US 10-year yield differential at +16bps.
- Swap rates are 7-11bps higher, with the 3s10s curve steeper.
- The bills strip has bear-steepened, with pricing -1 to -8.
- RBA-dated OIS pricing is flat to 5bps firmer across meetings today. A 25bp rate cut in April is given an 8% probability, with a cumulative 56 bps of easing priced by year-end (based on an effective cash rate of 4.09%).
- Tomorrow, the local calendar will see Household Spending and Foreign Reserves data.
- The AOFM also plans to sell A$700mn of the 1.00% 21 December 2030 bond tomorrow.
NZGBS: Bear-Steepening Driven By Global Factors
NZGBs closed showing a bear-steepener, with benchmark yields 6-9bps higher. The NZGB 10-year underperformed the US, with the yield differential 3bps wider at +28bps.
- Today’s supply showed mixed results with the cover ratios for the May-28 and May-41 lines showing above 4.0x. However, the NZ$200mn sale of the May-36 bond drew a more lacklustre 2.75x cover.
- While the domestic calendar featured government financial statements and construction work data, today's local market movements were likely driven by offshore developments. Key drivers included President Trump’s decision to delay auto tariffs on Canada and Mexico by a month and a dramatic shift in Germany’s spending plans for defence and infrastructure. German bunds experienced their worst day since 1990, with yields surging by as much as 30bps.
- Cash US tsys are 3-4bps cheaper in today’s Asia-Pac session after yesterday’s heavy session. After today's weekly claims trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
- Swap rates closed 3-12bps higher, with the 2s10s curve steeper.
- Tomorrow, the local calendar is empty.
ASIA STOCKS: Wider Asian Equities Mixed On Tariff & German Fiscal News
Asian equity markets are mixed today, driven by a blend of global and regional factors. Optimism over Germany’s expansive fiscal overhaul and China’s ambitious 5% growth target for 2025, signaling potential stimulus, lifted sentiment for export-oriented and tech stocks. The U.S. decision to delay auto tariffs on Mexico and Canada by a month eased pressure on carmakers, boosting their shares, while a rebound in U.S. indices like the S&P 500 and Nasdaq fueled gains in IT and AI-related sectors. Steel stocks surged due to China’s pledge to cut output, Germany’s spending plans, and Trump’s proposed Alaska gas pipeline, enhancing supply-side dynamics. However, tariff uncertainties, particularly the U.S. push for zero import tariffs from India, weighed on Indian automakers, while Malaysia’s semiconductor ambitions with Arm Holdings drove gains in its tech sector.
- South Korean stocks extended gains, with the KOSPI rising 0.70%. Auto and IT sectors led the rally, driven by the U.S. suspension of new auto tariffs on Mexico and Canada and a strong U.S. market rebound. Hyundai Motor rose 1.28%, Kia jumped 2.19%, Naver surged 5.06%, and Kakao climbed 4.06% on AI optimism. Steel stocks also soared, with Hyundai Steel up 10%, its highest since July 16, POSCO Holdings is also up 6.7%, fueled by China’s output cut pledge and global steel sentiment.
- Taiwan's TAIEX is trading 0.40% lower today, with TSMC down 1%.
- Japanese stocks advanced, with the Topix Index up 1.3% and the Nikkei rising 1%. Exporters led gains, buoyed by Germany’s fiscal overhaul and the U.S. delay on auto tariffs from Mexico and Canada. Sony rose 4.3%, significantly contributing to the TOPIX climb. Carmakers and tech shares rallied after a strong Nasdaq recovery, while defense and machinery stocks tied to Europe made up over half of the Nikkei 225’s top gainers. Rising bond yields, with Japan’s 10-year hitting 1.5%, also supported bank stocks.
- The ASX 200 is 0.70%, diverging from Wall Street’s overnight rally. Tariff concerns, particularly on Canadian and Mexican oil imports, pushed Brent crude below $US70 dragging energy stocks down over 2%. Woodside, the worst performer, shed 4.4% to $23.07. Mining giants BHP (-0.3%) and Rio Tinto (-1.3%) slipped despite iron ore holding near $US100, while utilities like APA Group and AGL lost over 1.5%. New Zealand’s NZX 50 index remaining nearly unchanged
- Indian automakers faced potential declines after Reuters reported U.S. demands for zero import tariffs as part of a bilateral trade deal. India’s hesitation to eliminate car duties immediately, though open to further cuts, created uncertainty. The Indian market has seen significant outflows, as foreign investors dump nearly $15b since the start of Jan, the Nifty 50 has found some support today, up 1.15%.
- Malaysia’s equity market saw gains in its semiconductor-related stocks following a decade-long pact with Arm Holdings Plc to advance chip design and technology. This deal aims to shift the nation from assembly to advanced production, supporting integrated circuit design, equipment manufacturing, and outsourced semiconductor services. However, the broader market struggles with the KLCI down 0.30% and 2.80% lower over the past week.
ASIA STOCKS: China & Hong Kong Equities Surge Ahead Of NPC
Chinese and Hong Kong equity markets opened on a strong note today, buoyed by optimism following a positive National People's Congress (NPC) meeting and anticipation of further supportive policy measures. The Hang Seng China Enterprises Index surged as much as 2.6%, reflecting heightened investor expectations ahead of a joint press conference by Chinese government ministries scheduled for 3 PM local time. Key officials, including the heads of the state economic planner, finance ministry, commerce ministry, central bank (PBOC), and securities regulator (CSRC), are expected to provide insights into the policy outlook, with potential extensions of monetary support likely to further fuel the rally.
- In Hong Kong, the Hang Seng Index climbed 2.4%, erasing losses triggered earlier in the week by a 10% US tariff hike announced on Tuesday. The index is on track for its highest close since February 21, 2022. The HS Tech Index outperformed, rising as much as 4.20%. On the mainland, the CSI 300 Index gained up to 1.1%, while the Shanghai Composite Index advanced 0.8%.
- Alibaba Group Holding led gains, soaring 7.5% after unveiling its latest open-source reasoning model, QwQ-32B, which boasts performance comparable to DeepSeek’s R1 model despite having far fewer parameters (32 billion vs. 671 billion). Alibaba’s shares have now rallied over 70% from their January low, driven by optimism around its AI potential. While other AI-related stocks also saw significant gains: Kingdee International Software soared 14%, SenseTime added 4.8%, and Lenovo climbed 5.4%.
- Chinese education stocks also gained traction after the NPC vowed to expand high school capacity and promote vocational-academic integration. New Oriental Education & Technology rose as much as 5.3% with Citi analysts noting its strong position in senior high school credentials. China New Higher Education advanced 2.7%, and Doushen Beijing Education gained 5.1%. The report’s mild language on the "Double Reduction" policy signaled a shift from crackdowns to stabilization, further supporting the sector.
- Morgan Stanley strategists, remain positive on offshore Chinese equities, citing China’s improved preparedness for trade escalations compared to Trump’s first term and earlier pessimistic tariff expectations. The 10% US tariff hike is seen as a temporary disruption unlikely to derail the rally.
The NPC’s focus on technology innovation, consumption, and private sector support has bolstered market sentiment. China’s 5% growth target for 2025, combined with hints of looser monetary policies, such as potential cuts to borrowing costs and banks’ reserve requirement ratios. This has raised expectations of robust stimulus to counter deflation, property market challenges, and US trade tensions.
ASIA STOCKS: Investors Continue Selling Asian Equities
Another day of outflows in the region, Taiwan now at almost $4b in outflow in just the past 5 sessions. India saw another $400m in outflows, while Thailand was the only region to register inflows.
- South Korea: Recorded -$110m in outflows Wednesday, bringing the 5-day total to -$1.9b. YTD flows remain negative at -$4.06b. The 5-day average is -$380m, worse than the 20-day average of -$135m and the 100-day average of -$120m.
- Taiwan: Recorded -$555m in outflows Wednesday, bringing the 5-day total to -$3.98b. YTD flows remain negative at -$8.15b. The 5-day average is -$796m, significantly worse than the 20-day average of -$213m and the 100-day average of -$158m.
- India: Posted -$405m in outflows Tuesday, bringing the 5-day total to -$2.51b. YTD outflows remain heavy at -$14.71b. The 5-day average is -$502m, worse than the 20-day average of -$315m and the 100-day average of -$219m.
- Indonesia: Recorded -$5m in outflows Wednesday, bringing the 5-day total to -$266m. YTD flows remain negative at -$1.32b. The 5-day average is -$53m, slightly better than the 20-day average of -$51m but worse than the 100-day average of -$33m.
- Thailand: Saw +$41m in inflows Wednesday, bringing the 5-day total to -$250m. YTD flows remain negative at -$555m. The 5-day average is -$50m, worse than the 20-day average of -$12m and the 100-day average of -$17m.
- Malaysia: Posted -$33m in outflows Wednesday, bringing the 5-day total to -$254m. YTD flows are negative at -$1.29b. The 5-day average is -$51m, worse than the 20-day average of -$27m and the 100-day average of -$28m.
- Philippines: Recorded -$2m in outflows Wednesday, bringing the 5-day total to -$67m. YTD flows remain negative at -$260m. The 5-day average is -$13m, worse than the 20-day average of -$8m and the 100-day average of -$7m.
Table 1: EM Asia Equity Flows
OIL: Crude Higher On Better Risk Appetite But Still Worried About Trade Policy
Oil prices are off their intraday high but still up moderately during APAC trading aided by better risk appetite. WTI is up 0.5% to $66.66/bbl after a high of $66.86, and Brent is 0.5% higher at $69.67/bbl after rising to $69.85. Both benchmarks broke through key support levels yesterday. The negative impact of increased trade protectionism has driven crude significantly lower over recent weeks and markets remain nervous. OPEC sticking with its plan to increase output in April has added to this downward pressure.
- The US trade picture remains unclear with some US automakers being exempted from the latest tariffs and some agricultural products also being considered. At this stage, reciprocal taxes scheduled for April 2 will go ahead but the situation is constantly changing.
- Canadian oil producers are making alternative plans with Alberta now intending to build a pipeline to the coast so that it can export crude outside North America. Mexico is scheduled to announce its retaliatory measures on March 9.
- Morgan Stanley revised down its Brent forecast for Q2 by $5 to $70/bbl. Whereas Citigroup expects it to fall to $60/bbl, according to Bloomberg.
- Later the Fed’s Waller and Harker speak and US jobless claims and final Q4 productivity/ULC print. The oil market will watch Friday’s February payroll data closely given current uncertainty.
- The ECB is expected to cut rates 25bp today with President Lagarde appearing afterwards and euro area January retail sales are released. Canada’s February Ivey PMI is also out.
LNG: European Gas Prices Continue Correction On Demand Outlook
European natural gas prices sank on Wednesday falling 5.7% to EUR 41.00 off the intraday trough of EUR 40.83, the lowest since December. They are down 7.5% this week. Concerns that increased trade protectionism will weigh on global growth and reduce demand for energy plus speculation that sanctions on Russia will be eased are driving a reduction in net-long positions. Europe’s industrial sector has been struggling for some time and the February manufacturing PMI remained in contractionary territory.
- With European storage at under 40%, the challenges of refilling ahead of next winter remain significant. There have been hopes the European Commission would introduce some flexibility around its refilling targets. Unplanned outages plus negative developments regarding a deal on Ukraine could cause volatility in Europe’s natural gas market.
- The EC delayed a March 26 report on plans to phase out Russian energy use. Meanwhile, Ukraine’s DTEK, a private energy company, is negotiating to increase US LNG imports. The Ukraine is a major storage site for supplies used in Europe.
- US gas prices rose 2.8% yesterday to $4.47 to be up 16.6% this week. They have been supported by forecasts of colder weather.
- US President Trump approved an extension of Texas’ Golden Pass LNG project which will allow it to start before 2029 rather than November 2026. He wants to boost US LNG exports and rescinded former President Biden’s pause on new export permits. He also spoke of investment in a “gigantic” gas pipeline in Alaska.
- Bloomberg is reporting that Asian natural gas demand was at its lowest for eight years for this time of year. Moderate growth, a milder winter and elevated inventories have seen China’s consumption fall to its lowest since 2020. This helps Europe who has been competing with Asia for global supplies since Russia’s invasion of Ukraine in 2022.
- Demand from India is likely to increase over time though with Indian Oil looking for three LNG deliveries this year increasing to six per annum over 2026-2029, according to Bloomberg.
FOREX: Moderate FX Moves During APAC Session, Yen Underperforming
The BBDXY USD index fell 0.1% earlier but has rebounded off that low to be 0.1% higher during APAC today supported by higher Treasury yields. There also has been little new information during the session. The yen is underperforming in light of stronger risk appetite with USDJPY 0.3% higher at 149.28 after a high of 149.33. EURJPY continues to climb with the pair up 0.3% to 161.12 off today’s high of 161.28.
- EURUSD is little changed currently at 1.0791 off its intraday peak of 1.082 with it unable to hold the break above 1.0800. With the Swiss franc also pressured by the improvement in risk sentiment, EURCHF is 0.1% higher at 0.9625.
- GBPUSD is down slightly to 1.2890 leaving EURGBP slightly higher at 0.8372 but off the intraday high of 0.8383.
- AUDUSD reached 0.6357 when the greenback was weakening but has moderated since to be up around 0.1% to 0.6340. NZDUSD is 0.1% higher at 0.5733 leaving AUDNZD moderately lower at 1.1059. The pair has range traded through the session.
- AUDEUR has been declining on increased trade protectionism but today is up slightly to 0.5875, close to the intraday high.
- Equities are mixed with the Hang Seng up 2.6%, CSI 300 +1.3% and Nikkei +0.9% but ASX down 0.5% and Nifty 50 -0.1% and the S&P e-mini is flat. Oil prices are moderately higher with WTI +0.6% to $66.70/bbl. Copper is 0.3% higher and iron ore $101-102/t.
- Later the Fed’s Waller and Harker speak and US jobless claims and final Q4 productivity/ULC print. The ECB is expected to cut rates 25bp with President Lagarde appearing afterwards and euro area January retail sales are released. Canada’s February Ivey PMI is also out.
AUSTRALIA DATA: Sharp Rise In Exports To US But Weak To Asia
Australia’s merchandise exports to the US rose to a record high in January to be up 257% y/y. It suggests that producers sent shipments to avoid any tariffs on Australian goods. At this stage they will only be impacted by those on aluminium, steel and copper due at the start of April. Exports to the US accounted for 4.6% of Australia’s total in 2024 and 0.9% of GDP, which is smaller than many other countries. Australia is more vulnerable to US trade policy indirectly through its exposure to China which accounted for 34.6% of exports.
- Exports to Asia were weak in January falling 19.7% y/y to China, 9.6% to both Japan and Korea and were also negative to India, Taiwan, Singapore, Indonesia and Malaysia. This is not good news as they are some of Australia’s largest export destinations.
- Along with the US, shipments to NZ and Germany rose on the year.
- Export volumes of key commodities were generally lower in January, while prices were higher for iron ore and coal. There were sharp declines in the quantity of iron ore shipped to China and Japan. This trend to China may continue as it wants to reduce its overproduction of steel.
- Coal export volumes were down on the month to China, Taiwan and Japan but also India and the Netherlands.
- LNG exporters had a difficult month with unit values down 3.7% and quantities shipped -5.3%. Asia has had a mild winter reducing its gas demand for heating.
Australia merchandise exports y/y%
Source: MNI - Market News/ABS
AUSTRALIA DATA: Goods Surplus Widens But Below Year Ago Level
The merchandise trade surplus widened in January as expected with export growth outpacing import. It rose to $5.62bn up from $4.92bn, but is well below January 2024. It trended lower from H2 2022 but appears to have stabilised in line with the terms of trade. The composition of exports was weaker than the headline suggests with key commodity shipments lower. The pickup in plant & equipment imports though was good for the capex outlook.
Australia merchandise trade balance $mn
Source: MNI - Market News/ABS
- Goods exports rose 1.3% m/m, the fourth straight increase, to be down 2.4% y/y an improvement on December’s -3.0% y/y and September’s -11.2% y/y. The increase was driven by rural items (+0.7% m/m) and non-monetary gold (+78.6% m/m), while non-rural goods fell 5.3% due to a fall in volumes of key commodities and some price falls. The data is nominal.
- Merchandise imports fell 0.3% m/m after rising strongly in December (+5.9% m/m). They are now up 7.4% y/y down from 9.2%. The decline in January was driven by capital goods (-7.7% m/m) with consumer goods also lower (-0.6%), while intermediate rose (+5.5%) due to fuel and parts for transport equipment.
- The weakness in capital goods was not broad based and was concentrated in aircraft and other goods, while imports of machinery & equipment including telecoms were higher.
Australia goods exports vs imports y/y% 3-mth ma
Source: MNI - Market News/ABS
AUSTRALIA DATA: Dwelling Approvals Clearly Recovering & Stand 10% Above Q4 2019
Australia’s January building approvals rose 6.3% m/m after 1.7% the previous month. The strong rise was driven by both private houses and multi-unit dwellings, which recorded their second consecutive double digit monthly increase. With the total number of approvals up 21.7% y/y in January, there now appears to be progress on boosting the housing supply, which has lagged demand.
- Private house approvals rose 1.1% m/m in January after three straight monthly falls. They are now up 8.9% y/y after 1.0% y/y in December and 6.8% above the Q4 2019 average. Queensland, SA and WA drove the increase, while approvals fell in NSW and Victoria.
- Dwellings excluding houses rose 12.7% m/m and 40.9% y/y after 17.4% m/m & 45.4% in December. Both months were driven by NSW. They are now 12.2% higher than the Q4 2019 average.
- The value of total residential building rose 4.5% m/m with new builds up 5% and alterations +1.1%.
Australia number of dwellings approved
Source: MNI - Market News/ABS
STIR: RBA Dated OIS Pricing Firmer Today But Mixed Vs. Pre-RBA Decision Levels
RBA-dated OIS pricing is flat to 4bps firmer across meetings today.
- Nevertheless, pricing remains mixed compared to February’s pre-RBA Decision levels—meetings through July are 1-4bps firmer, while those beyond are 3-9bps softer.
- A 25bp rate cut in April is given a 10% probability, with a cumulative 57 bps of easing priced by year-end (based on an effective cash rate of 4.09%).
Figure 1: RBA-Dated OIS – Today Vs. Pre-RBA Levels
Source: MNI – Market News / Bloomberg
STIR: RBNZ Dated OIS Pricing Firmer Today, Mixed Vs Pre-RBNZ Decision Levels
RBNZ dated OIS pricing is flat to 3bps firmer across meetings today.
- Nevertheless, pricing remains mixed versus pre-RBNZ policy decision levels on February 19. While pricing for the April meeting is 3bps firmer, meetings from May to November are flat to 4bps softer.
- Currently, 25 bps of easing is priced for April, with a cumulative 69 bps by November 2025.
Figure 1: RBNZ Dated OIS Today vs. Pre-RBNZ (%)
Source: MNI – Market News / Bloomberg
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 06/03/2025 | 0645/0745 | ** |  CH | Unemployment |
| 06/03/2025 | 0700/0800 |  SE | Flash CPI | |
| 06/03/2025 | 0830/0930 | ** |  EU | S&P Global Final Eurozone Construction PMI |
| 06/03/2025 | 0930/0930 |  GB | Decision Maker Panel data | |
| 06/03/2025 | 0930/0930 | ** | GB | S&P Global/CIPS Construction PMI |
| 06/03/2025 | 1000/1100 | ** | EU | Retail Sales |
| 06/03/2025 | 1100/0600 | *** |  TR | Turkey Benchmark Rate |
| 06/03/2025 | 1315/1415 | *** | EU | ECB Deposit Rate |
| 06/03/2025 | 1315/1415 | *** | EU | ECB Main Refi Rate |
| 06/03/2025 | 1315/1415 | *** | EU | ECB Marginal Lending Rate |
| 06/03/2025 | 1330/0830 | *** |  US | Jobless Claims |
| 06/03/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 06/03/2025 | 1330/0830 | ** |  CA | International Merchandise Trade (Trade Balance) |
| 06/03/2025 | 1330/0830 | ** | CA | International Merchandise Trade (Trade Balance) |
| 06/03/2025 | 1330/0830 | ** | US | Trade Balance |
| 06/03/2025 | 1330/0830 | ** | US | Non-Farm Productivity (f) |
| 06/03/2025 | 1345/1445 | EU | ECB Press conference post Governing council meeting | |
| 06/03/2025 | 1345/0845 | US | Philly Fed's Pat Harker | |
| 06/03/2025 | 1445/1545 | EU | Publication of ECB Staff macroeconomic projections | |
| 06/03/2025 | 1500/1000 | * | CA | Ivey PMI |
| 06/03/2025 | 1500/1000 | ** | US | Wholesale Trade |
| 06/03/2025 | 1515/1615 | EU | ECB Podcast: Lagarde presents latest MonPol decision | |
| 06/03/2025 | 1515/1615 | EU | Lagarde video message at Women's Forum event | |
| 06/03/2025 | 1530/1030 | ** | US | Natural Gas Stocks |
| 06/03/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 06/03/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 06/03/2025 | 1700/1200 | US | Treasury Secretary Scott Bessent | |
| 06/03/2025 | 2030/1530 | US | Fed Governor Christopher Waller | |
| 06/03/2025 | 0000/1900 | US | Atlanta Fed's Raphael Bostic | |
| 07/03/2025 | 0700/0800 | ** |  DE | Manufacturing Orders |
| 07/03/2025 | 0745/0845 | * |  FR | Foreign Trade |
| 07/03/2025 | 0800/0900 | ** |  ES | Industrial Production |
| 07/03/2025 | 0930/1030 | EU | Lagarde Address at ECB International Women's Day 2025 conf | |
| 07/03/2025 | 0940/1040 | EU | ECB International Women's Day conf. incl. Lagarde, Nagel, Panetta | |
| 07/03/2025 | 1000/1100 | *** | EU | GDP (final) |
| 07/03/2025 | 1000/1100 | * | EU | Employment |
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