EXECUTIVE SUMMARY
- GERMANY LOOSENS FISCAL CHAINS TO TRANSFORM EUROPEAN DEFENSE
- TRUMP ‘OPEN TO DEALS WITH CANADA AND MEXICO’ TO AVOID TRADE WAR
- TRUMP HAILS LETTER FROM ZELENSKIY BUT HOLDS OFF ON MINERALS DEAL
- CHINA AIMS FOR 5% GDP GROWTH, LOWERS 2025 CPI TARGET
Figure 1: EUR/AUD targets 2024 high, close higher would mark longest winning streak in over a decade
Source: MNI/Bloomberg
NEWS
GERMANY (BBG): Germany Loosens Fiscal Chains to Transform European Defense
Germany will unlock hundreds of billions of euros for defense and infrastructure investments in a dramatic shift that upends its ironclad controls on government borrowing. Chancellor-in-waiting Friedrich Merz said on Tuesday night that Germany would amend the constitution to exempt defense and security outlays from limits on fiscal spending and do “whatever it takes” to defend the country. He said that with the backing of his likely coalition partners he is also planning a €500 billion ($528 billion) infrastructure fund to invest in priorities such as transportation, energy grids and housing over 10 years.
US (The Times): Trump ‘Open to Deals with Canada and Mexico’ to Avoid Trade War
Howard Lutnick, the commerce secretary and one of Trump’s closest advisers on the tariffs, told Fox Business that after intense negotiations with Canada and Mexico, a deal would probably be announced on Wednesday. “Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president is listening because you know he’s very, very fair and very reasonable. [...] So I think he’s gonna work something out with them. It’s not gonna be a pause. None of that pause stuff. But I think he’s gonna figure out, you do more, and I’ll meet you in the middle and we’re going to probably be announcing that tomorrow.”
US (BBG): Trump Warns Americans of Economic Discomfort as Trade War Erupts
President Donald Trump took the lectern Tuesday for his primetime address beset by warning signs about the US economy, and acknowledged to Americans there could be more discomfort ahead. Trump defended his plan to remake the world’s largest economy through the biggest tariff increases in a century, saying it would raise “trillions and trillions” in revenue and rebalance trading relationships he called unfair. He cast the economic pain the levies are expected to cause in the form of higher prices as a “little disturbance” the nation ought to be able to overcome.
US/UKRAINE (BBG): Trump Hails Letter From Zelenskiy But Holds Off on Minerals Deal
President Donald Trump said he received an “important letter” from Ukraine’s leader looking to smooth over a clash that erupted during a contentious Oval Office meeting, but held back from lifting a US pause on military aid or announcing a revived minerals deal. Addressing a joint session of Congress on Tuesday night, Trump read out part of what he said was the letter from President Volodymyr Zelenskiy. It echoed a social media post he wrote earlier Tuesday voicing regret over how the Oval Office meeting with Trump played out and saying he was ready to sign the natural-resources deal that was scrapped after the encounter. “I appreciate that he sent this letter,” Trump said. “Just got it a little while ago.”
EU (MNI): Ukraine Aid Back in Draft EUCO Conclusions - Euronews
Ahead of the special European Council summit taking place on Thursday 6 March, Jorge Liboreiro at Euronews posts on X: "EUCO latest: The Kaja Kallas plan is back in the draft conclusions, after being removed. “The European Council calls on the Council to advance work swiftly on initiatives, notably that of the High Representative, to coordinate increased EU military support to Ukraine"." Previous reports had suggested that the EUR20B package of emergency aid for Ukraine had been left out of the draft conclusions due to objections from Hungarian PM Viktor Orbán.
UK (FT): UK Chancellor to Propose Spending Cuts to Fix Worsening Public Finances
Chancellor Rachel Reeves will this week submit plans to Britain’s official forecaster for billions of pounds of spending cuts, with a focus on slashing the welfare bill to shore up the country’s weak public finances. The £9.9bn of fiscal “headroom” Reeves left herself against her own fiscal rules has been wiped out by higher borrowing costs, while sluggish growth has contributed to her problems ahead of a spring statement on March 26. People briefed on the process say that Reeves will send in “measures” to the Office for Budget Responsibility intended to rebuild the public finances, with some saying they are more than £10bn worse off than at her October Budget.
ISRAEL/MIDEAST (BBG): Israel to Return to Fighting If Hamas Doesn’t Free Hostages
The Israel Defense Forces will return to fighting in Gaza if Hamas doesn’t release the remaining hostages taken on Oct. 7, 2023, Defense Minister Israel Katz says at a military ceremony. If IDF returns to fighting, it will be at an intensity and in ways that Hamas hasn’t experienced until now. Israel “will never allow Hamas to control Gaza”
CHINA (MNI): China Aims for 5% GDP Growth, Gov Debt Quota Rises
MNI (Beijing) China will target 5% GDP growth for 2025 with proactive fiscal expansion for domestic demand as the economy faces increasing external challenges, according to the Government Work Report released during the opening ceremony of the annual National People’s Congress on Wednesday. Premier Li Qiang stressed the target is to ensure employment, mitigate risks, and improve people's livelihoods while aligning with the country’s medium- and long-term development goals.
CHINA (MNI): China Lowers 2025 CPI Target
MNI (Beijing) China has reduced its CPI target to around 2%, the lowest level since 2003 while repeating its moderately loss monetary stance, according to the Government Work Report released during the opening ceremony of the annual National People’s Congress on Wednesday. The Reserve Requirement Ratio (RRR) and interest rate will be cut in a timely manner and ample liquidity will be maintained, Premier Li Qiang told NPC delegates, noting authorities will ensure that the growth of total social financing and money supply aligns with economic growth and expected price level targets.
CHINA (MNI): China to Add CNY300bln for Consumer Trade-ins
MNI (Beijing) China will increase support for the consumer trade-in programme via an additional CNY300 billion in special treasury bonds this year, as the government puts consumption at the top of its priorities, according to the Government Work Report released during the opening ceremony of the annual National People’s Congress on Wednesday. In addition to boosting special treasury support from last year's CNY150 billion, authorities will also promote income growth, especially for middle- and low-income groups and expand the diversified supply of health, elderly care, childcare and housekeeping services.
BOJ (MNI): BOJ Uchida's Sees No Specific Hike Timing
Bank of Japan Deputy Governor Shinichi Uchida told reporters Wednesday the next hike will depend on the outlook for economic activity and prices, while the terminal rate level was difficult to identify. The BOJ will continue to gauge the terminal rate by examining the impact of rate hikes on economic activity and prices, he said. Earlier in the day, Uchida told business leaders, “It will be possible for the BOJ to proceed while examining the response of economic activity if it rases the policy interest rate at a pace in line with expectations.” Uchida said, "I don’t bear any specific timing, and I don’t talk about markets’ view and about the view that the bank is thinking.”
RBNZ (MNI): RBNZ Governor Orr Resigns
Governor Adrian Orr has resigned and will finish in the role on March 31, the Reserve Bank of New Zealand said in a statement Wednesday. Orr was first appointed as Governor in March 2018 and has worked at the Reserve since 1997. Deputy Governor Christian Hawkesby will serve as acting governor until March 31. From April 1 the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary governor for a period of up to six months. Hawkesby will also chair the Monetary Policy Committee, which next meets April 9.
RBNZ (MNI EXCLUSIVE): RBNZ Reform to Depend on New Governor
A former RBNZ economist comments on Governor Adrian Orr's shock departure - On MNI Policy MainWire now, for more details please contact sales@marketnews.com
DATA
EUROZONE DATA (MNI): EZ PPI Beats With First Y/Y Energy Boost Since Early 2023
- EUROZONE JAN PPI +0.8% M/M, +1.8% Y/Y
Eurozone PPI increased more than expected in January at 1.8% Y/Y (vs 1.3% consensus) after an upward revised 0.1% Y/Y (revised from 0.0%). This is the second non-deflationary Y/Y print since 2023 as energy prices have shifted from heavy drags. PPI ex energy meanwhile accelerated from 1.0% to 1.3% Y/Y. All five sub-components saw Y/Y increases, though non-durables within
consumer goods saw a slower pace. Energy producer prices rose a solid 3.5% Y/Y after -1.6% in December, the first increase since early 2023.
EUROZONE DATA (MNI): Worth Monitoring Labour Cost Increases in Feb Services PMIs
- EUROZONE FINAL FEB COMPOSITE PMI 50.2 (FLASH: 50.2))
- EUROZONE FINAL FEB SERVICES PMI 50.6 (FLASH: 50.7)
- GERMANY FINAL FEB COMPOSITE PMI 50.4 (FLASH: 51.0)
- GERMANY FINAL FEB SERVICES PMI 51.1 (FLASH: 52.2)
- FRANCE FINAL FEB COMPOSITE PMI 45.1 (FLASH: 44.5)
- FRANCE FINAL FEB SERVICES PMI 45.3 (FLASH: 44.5)
The Eurozone-wide services PMI saw a small downward revision to 50.6 (vs 50.7 flash, 51.3 prior), with a downward revision in Germany outweighing a smaller upward revision in France. The Spanish and Italian prints were stronger than consensus expectations, but this doesn't necessarily imply an upward revision to the flash reading. A key theme in the services PMIs across the four major Eurozone economies were increased input costs, largely driven by labour costs. These cost increases were passed into output charges, most notably in Spain and Italy.
UK FINAL FEB COMPOSITE PMI 50.5 (FLASH: 50.5); JAN 50.6 (MNI)
UK FINAL FEB SERVICES PMI 51.0 (FLASH: 51.1); JAN 50.8 (MNI)
FRANCE DATA (MNI): France IP Disappoints Again; Manufacturing Decline Driven Ex Autos
- FRANCE JAN INDUSTRIAL PRODUCTION -0.6% M/M, -1.6% Y/Y
- FRANCE JAN MANUFACTURING OUTPUT -0.7% M/M, -2.4% Y/Y
France industrial production in January was significantly weaker than expected at -0.6% M/M (vs 0.4% consensus, -0.5% revised prior from 0.4%). This is the weakest sequential print since May 2024. This also led to IP disappointing on an annual basis at -1.6% Y/Y (vs -0.2% consensus, -1.5% revised prior from -1.7%). Given the revision, this was the weakest annual print since May 2024 - although note that this is only because last month was revised higher. The M/M decline was driven by a fall in manufacturing production, though extractive industries, energy and water production also fell. This contrasts with the January Manufacturing PMI index which rose to 45 from 41.9 in December (though remains in contraction).
SPAIN DATA (MNI): Expansionary Composite PMI for the Last 15 Months
- SPAIN FEB COMPOSITIE PMI 55.1 (FCST: 54.8); JAN 54.0
- SPAIN FEB SERVICES PMI 56.2 (FCST: 55.5); JAN 54.9
Spain continues to assert itself as the Eurozone growth outperformer, with the composite PMI marking its 15th consecutive month in expansionary territory. The composite reading exceeded expectations at 55.1 (vs 54.8 cons, 54.0 prior), with services rebounding to 56.2 (vs 55.5 cons, 54.9 prior). This follows a weaker-than-expected manufacturing PMI earlier this week.
ITALY DATA (MNI): Stronger-Than-Expected Services PMI Helps Composite Into Expansion
- ITALY FEB COMPOSITE 51.9 (FCST: 50.0); JAN 49.7
- ITALY FEB SERVICES 53.0 (FCST: 51.0); JAN 50.4
The Italian services PMI rose to its highest level since June 2024 in February, printing at 53.0 (vs 51.0 cons, 50.4 prior). Taken alongside the stronger-than-expected manufacturing PMI on Monday, the composite reading moved into expansionary territory for the first time since October at 51.9 (vs 50.0 cons, 49.7 prior).
SWITZERLAND DATA (MNI): Swiss February CPI Slightly Firmer Than Expected
- SWISS FEB CPI 0.6% M/M, 0.3% Y/Y
- SWISS FEB CORE CPI 0.7% M/M, 0.9% Y/Y
Swiss CPI inflation printed 0.1pp above consensus at +0.3% Y/Y in February (vs 0.4% prior). On a sequential comparison, CPI rose 0.6% M/M (vs 0.5% consensus, -0.1% prior). The print at 0.3% Y/Y means that average Q1 inflation to date should come in
between 0.3-0.4% Y/Y - pointing to some slight upside risks to the SNB's December conditional inflation forecast at 0.3%. On first sight, regardless of the slight upside surprise vs consensus, the print gives no clear indication for markets to change their expectation for a 25bp cut at the March 20 SNB meeting.
SWEDEN DATA (MNI): Services Sentiment at Broadly Neutral Levels
The Swedish services PMI has been in expansionary territory for the last five months, after ticking up to 50.8 in February (vs 50.2 prior). The PMI has been somewhat more stable than the Economic Tendency Indicator services series in recent months, though both now sit around neutral levels. New orders returned to expansionary territory at 50.5 (vs 49.6 prior), with production also increasing to 51.0 (vs 50.3 prior). The input price series remains elevated at 60.6 (vs 64.5 prior), which likely
feeds into recent increases in expected output prices in the Economic Tendency survey.
AUSTRALIA DATA (MNI): Aussie Q4 GDP Rises 0.6% Q/Q
- AUSTRALIA Q4 GDP +0.6% Q/Q
- AUSTRALIA Q4 GDP +1.3% Y/Y
The Australian economy grew 0.6% q/q in Q4, up from Q3’s 0.3% and in line with expectations, data from the Australian Bureau of Statistics showed Wednesday. The economy grew 1.3% on a year-ended basis, up 50 basis points over Q3, the National Accounts showed. GDP per hours worked, a measure of productivity closely followed by the Reserve Bank of Australia, fell 0.1% q/q, up from Q3’s -0.5%, while real unit labour costs rose 0.6%, down from the previous 0.7% increase.
FOREX: EUR Surge Far Exceeds Expectations, Markets Gear For Further Upside
- The EUR surge this morning is extending the higher yields, higher currency Europe-oriented trade this week, putting EUR/USD again well clear to new YTD highs. The updated German fiscal plan provided the latest driver, infitting with the EU's rearmament plan outlined on Monday. Yesterday’s technical break of 1.0533 in EUR/USD was significant, and today’s impressive follow through has seen spot rise to a high of 1.0722, closing in on 1.0728, the Nov 11 high. Above here, technical levels of note reside at 1.0804 (retracement point) and 1.0825, the Nov 7 high.
- This has worked further against the USD. We wrote yesterday that EUR/USD trading ~1.0630 and above could trigger a test of key USD Index support at 105.178 - the 50% retracement of the Trump-tied rally off last year's lows. That level's under pressure this morning and a break below would a bearish technical signal for the greenback, and could draw further focus into Friday's payrolls.
- Outside off the EUR and USD, SEK is trading very well as a higher beta to European equities, while CAD is again coming under pressure from both heavy oil prices, and the doubling-down of tariff pressure from the US confirmed by Trump at the State of the Union address overnight.
- ISM services data will be carefully watched later today - particularly after the market-moving manufacturing release on Monday for any further signals of stagflationary pressure. Prices paid are seen unchanged at 60.4, although we saw a sizeable upside surprise on Monday (62.4 vs. Exp. 56.0) for manufacturing and the largest one-month gain since 1957 in the MNI Chicago PMI on Friday.
- BoE's Bailey, Pill, Greene and Taylor are set to speak later today in front of the Treasury Select Committe, but will likely stick to the key themes and messaging from the last Monetary Policy Report.
EGBS: German Fiscal Reform and 30-year Syndication Set The Tone
German yields are sharply higher after incoming German Chancellor Merz announced a proposal to reform the debt brake and set up a E500bln infrastructure fund last night. Although today’s 30-year syndication has added extra pressure to the long-end, 10-year tenors underperform at typing (+19bps today), with Schatz yields up 13bps and 30-year yields up 17bps.
- Bund futures (RXM5) are -211 ticks below yesterday’s settlement levels at 129.24. The session low at 128.77 provides initial support, with 128.68 (1.618 proj of the Feb 5 - 19 - 28 price swing) seen next.
- German ASWs (vs 3-month Euribor) have registered fresh year-to-date or cycle lows this morning, with the long-end unsurprisingly leading the move.
- 10-year EGB spreads to Bunds tighten on the back of German paper’s underperformance, while rallying European equities provide an additional narrowing catalyst for peripherals.
- Eurozone January PPI was stronger-than-expected, while the February services PMIs also signalled increasing cost pressures.
- Broader macro focus remains on any further German fiscal details, fresh US tariff headline flow (after US Commerce Secretary Lutnick suggested Canada/Mexico tariffs could be rolled back to some extent yesterday evening) and today’s US data.
GILTS: Holding Lower on Macro Factors, Swap Spreads Narrow
Gilt futures to fresh session lows of 92.05 in recent trade.
- The bullish short-term technical setup is at risk.
- Key short-term support at 91.79, the Feb 20 low.
- Yields 8-11bp higher across the curve, steepening seen.
- Increased odds of a more meaningful fiscal impulse out of Germany has driven a sell off in core global FI markets, along with swap spread narrowing.
- The UK/Germany10-Year yield spread is set to close below 200bp for the first time since October (more on that to follow).
- Suggestions that U.S. President Trump could moderate tariffs against both Mexico and Canada, as well as the presence of 5-Year gilt supply, provided further pressure.
- That was before 5-Year supply was well-received.
- Domestic headline flow has focused on the need for further fiscal spending cuts as Chancellor Reeves’ already limited fiscal headroom is eroded, although that had little market impact as fiscal headwinds are well documented.
- BoE-dated OIS prices 51.5bp of cuts through year-end vs. ~57bp late yesterday.
- 19bp priced through the May MPC and 24bp priced through June. We still look for a 25bp cut in May at this stage.
- SONIA futures flat to -16.0, strip steepens.
- Looking ahead, a Treasury Select Committee appearance from BoE’s Bailey, Pill, Taylor & Greene gets underway at 14:30 GMT.
- However, macro cues should continue to dominate.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Mar-25 | 4.453 | -0.2 |
May-25 | 4.265 | -19.0 |
Jun-25 | 4.213 | -24.2 |
Aug-25 | 4.082 | -37.4 |
Sep-25 | 4.047 | -40.8 |
Nov-25 | 3.962 | -49.3 |
Dec-25 | 3.941 | -51.4 |
EQUITIES: Eurostoxx 50 Futures Continue to Trade in Volatile Manner
The trend in the Eurostoxx 50 futures contract remains bullish and Monday’s strong start to the week reinforces current conditions. However, the contract has traded in a volatile manner this week and pulled back from Monday’s high. Key S/T support at 5394.00, the Feb 28 low, has been pierced. A clear break of it would signal scope for a deeper retracement towards the 50-day EMA at 5281.53. For bulls, a resumption of the trend would open 5600.00. A sharp sell-off in the S&P E-Minis contract this week, reinforces a short-term bear threat. The contract traded to a fresh short-term cycle low yesterday - price has breached support at 5809.00, the Jan 13 low. This highlights a stronger reversal and a double top pattern on the daily scale. A resumption of weakness would open 5698.25, a Fibonacci retracement. Initial firm resistance to watch is 6019.64, the 50-day EMA.
- Japan's NIKKEI closed higher by 87.06 pts or +0.23% at 37418.24 and the TOPIX ended 8.03 pts higher or +0.3% at 2718.21.
- Elsewhere, in China the SHANGHAI closed higher by 17.755 pts or +0.53% at 3341.965 and the HANG SENG ended 652.44 pts higher or +2.84% at 23594.21.
- Across Europe, Germany's DAX trades higher by 767.88 pts or +3.44% at 23084.59, FTSE 100 higher by 58.74 pts or +0.67% at 8818.11, CAC 40 up 175.17 pts or +2.18% at 8221.37 and Euro Stoxx 50 up 126.69 pts or +2.35% at 5512.54.
- Dow Jones mini up 277 pts or +0.65% at 42874, S&P 500 mini up 48 pts or +0.83% at 5837.25, NASDAQ mini up 204.75 pts or +1% at 20603.
Time: 09:55 GMT
COMMODITIES: Fresh Cycle Lows in WTI Futures Reinforces Current Conditions
The current bearish trend condition in WTI futures remains intact and this week’s fresh short-term cycle lows reinforces current conditions. Recent weakness has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $66.41, the Dec 6 ‘24 low. Key short-term pivot resistance is seen at $71.05, the 50-day EMA. The recent pullback in Gold appears to be a correction. The move through the 20-day EMA does signal scope for an extension towards the next important support around the 50-day EMA, at $2812.4. However, this week’s gains are a positive development and potentially an early reversal signal. A stronger rally would refocus attention on the next objective at $2962.2, a Fibonacci projection. This would also open the $3000.0 handle.
- WTI Crude down $0.78 or -1.14% at $67.45
- Natural Gas down $0.1 or -2.28% at $4.256
- Gold spot up $0.68 or +0.02% at $2919.07
- Copper up $20.85 or +4.58% at $476.2
- Silver up $0.34 or +1.06% at $32.3215
- Platinum up $9.65 or +1% at $972.97
Time: 09:55 GMT
| Date | GMT/Local | Impact | Country | Event |
| 05/03/2025 | 1200/0700 | ** |  US | MBA Weekly Applications Index |
| 05/03/2025 | 1315/0815 | *** | US | ADP Employment Report |
| 05/03/2025 | 1430/1430 |  GB | TSC: Bailey/Pill/Taylor/Greene | |
| 05/03/2025 | 1430/1430 | GB | Greene annual report | |
| 05/03/2025 | 1445/0945 | *** | US | S&P Global Services Index (final) |
| 05/03/2025 | 1445/0945 | *** | US | S&P Global US Final Composite PMI |
| 05/03/2025 | 1500/1000 | *** | US | ISM Non-Manufacturing Index |
| 05/03/2025 | 1500/1000 | ** | US | Factory New Orders |
| 05/03/2025 | 1530/1030 | ** | US | DOE Weekly Crude Oil Stocks |
| 05/03/2025 | 1900/1400 | US | Fed Beige Book | |
| 05/03/2025 | 2315/1815 | US | New York Fed's Roberto Perli | |
| 06/03/2025 | - |  EU | European Central Bank Meeting | |
| 06/03/2025 | 0030/1130 | * |  AU | Building Approvals |
| 06/03/2025 | 0030/1130 | ** | AU | Trade Balance |
| 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 |