• MON: Holiday: Japanese Marine Day (Jul), Chinese LPR (Jul), German PPI (Jun), Canadian CPI (Jun), NZ Inflation Rate Y/Y (Q2)
• TUE: Norwegian Unemployment Rate (Jun), UK Unemployment Rate (May), German/EZ ZEW Economic Sentiment (Jul), US ADP Employment Change Weekly, South Korean PPI (Jun)
• WED: Eurogroup EU-UK summit, Japanese Balance of Trade (Jun), UK Inflation (Jun), South African CPI (Jun)
• THU: South Korean GDP (Q2), Aussie Jobs...

• MON: OPEC MOMR (Jul), Turkish Retail Sales (May), US Monthly Budget Statement (Jun)
• TUE: Fed Chair Warsh Testimony, UK BRC Retail Sales (Jun), Chinese Balance of Trade (Jun), German Wholesale Prices (Jun), Chinese M2 Money Supply (Jun), US NFIB Business Optimism Index (Jun), US CPI (Jun)
• WED: BoC Policy Announcement (Jul), Chinese Activity Data (Jun), Fed Beige Book, Swedish CPIF Final (Jun), Spanish CPI Final (Jun), EZ Industrial Production (May), US PPI...

• MON: BoC Business Outlook Survey (Jul), German FactoryOrders (May), Swiss Unemployment Rate (Jun), EZ Construction PMI (Jun), RetailSales (May), PPI (May), US Composite/Services PMI Finals (Jun), ISM ServicesPMI (Jun)
• TUE: EIA STEO (Jul), Japanese Household Spending(May), German Industrial Production (May), French Balance of Trade (May), USADP Weekly Employment Change, Balance of Trade, RCM/TIPP Economic Optimism(Jul), Canadian Balance of Trade (May)
• WED:...

• MON: Japanese Retail Sales (May), Spanish HICP Flash (Jun), Retail Sales (May), EZ Consumer Confidence Final (Jun), US Dallas Fed Manufacturing Index (Jun)
• TUE: RBA Minutes (Jun), Japanese Industrial Production (May), Unemployment Rate (May), Chinese NBS Manufacturing PMI (Jun), German Retail Sales (May), Import Prices (May), Swedish Retail Sales (May), UK GDP Final (Q1), French HICP Flash (Jun), PPI (May), German Unemployment Rate (Jun), German State/Nationwide CPI (Jun), Italian...

• MON: CNB Minutes (Jun), Chinese LPR, Canadian Inflation (May)
• TUE: BCB Minutes (Jun), Global Flash PMIs (Jun), US ADP Employment Change Weekly, Richmond Fed Index (Jun)
• WED: Riksbank Minutes (Jun), BoJ SOO (Jun), BoC Minutes (Jun), Holiday: Canada Provincial Holiday (Quebec), Australian Inflation (May), German Ifo (Jun), Canadian Manufacturing Sales (May)
• THU: Banxico Policy Announcement, Australian Jobs (May), German GfK Consumer...

• MON: G7 Summit (15-17 Jun), German Wholesale Prices (May), Indian WPI (May), EZ Industrial Production (Apr), US Industrial Production (May)
• TUE: BoJ Policy Announcement (Jun), RBA Policy Announcement (Jun), G7 Summit (15-17 Jun), Chinese Industrial Production (May), Retail Sales (May), Unemployment Rate (May), Italian HICP Final (May), EZ/German ZEW Survey (Jun), US ADP Employment Change Weekly, US Building Permits (May), US Import Prices (May)
• WED: Fed...

• SUN: OPEC/JMMC Meeting (Jun)
• MON: Japanese GDP (Q1), German Factory Orders (Apr), US Consumer Inflation Expectations
• TUE: EIA STEO (Jun), South Korean GDP (Q1), UK BRC Retail Sales (May), Australian Westpac (Jun), Chinese Balance of Trade (May), German Balance of Trade (Apr), German Imports (Apr), Mexican Inflation (May), US ADP Weekly Change, Exports/Imports, Canadian Exports/Imports (Apr), Existing Home Sales (May), Wholesale Inventories...

Highlights include

• MON: Global Manufacturing Final PMIs (May), South Korean Balance of Trade (May), German Retail Sales (Apr), Swiss Retail Sales (Apr), GDP (Q1), EZ Unemployment Rate (Apr), US ISM Manufacturing (May)
• TUE: NBP Policy Announcement (Jun), South Korean CPI (May), EZ HICP (May), JOLTs Job Openings (Apr), RCM/TIPP Economic Optimism, New Zealand Export/Import Prices (Q1)
• WED: Fed Beige Book, Global Final PMIs (May), Australian GDP (Q1),...

WEEK AHEAD

RBNZ POLICY ANNOUNCEMENT (WED): The RBNZ is expected to keep its Official Cash Rate unchanged at 2.25% for a third consecutive meeting. A recent Reuters poll showed 28 of 29 economists surveyed called for a continued pause, while money markets priced in about a 69% chance of a hold and around a 31% likelihood of a 25bps hike. As a reminder, the RBNZ unsurprisingly maintained rates at its last meeting in April, although the language was hawkish, as it noted that inflation was...

WEEK AHEAD

RBA MINUTES (TUE): The RBA will release the minutes from its 4th-5th May meeting, when it raised the cash rate by 25bps to 4.35% for a third consecutive increase, reinforcing a firm tightening stance. The RBA said it expects inflation to peak at around 4.8% in June and only return to target by mid-2027, while the Middle East shock is adding a stagflationary impulse through higher energy costs. The decision was made by an 8-1 vote, indicating stronger internal alignment. However, RBA Governor...

• SAT: Chinese Trade
• MON: Chinese Inflation (Apr), Norwegian Inflation (Apr)
• TUE: BoJ SOO (Apr), IEA STEO (May), EU Informal Meeting of Energy Ministers (May 12-13), Japanese Household Spending (Mar), German HICP Final (Apr), Italian Industrial Production (Mar), German ZEW (May), US Inflation (Apr)
• WED: BoC Minutes (Apr), EIA OMR (May), OPEC MOMR (May), Riksbank Minutes (May), French Unemployment Rate (Q1), Swedish Inflation Final...

• SUN: OPEC+
• MON: Holiday: UK May Bank Holiday, Holiday: Japan's Greenery Day, Turkish Inflation (Apr), Global Manufacturing PMI (Apr), US Factory Orders (Mar)
• TUE: RBA Policy Announcement (May), BCB Minutes (Apr), Holiday: Japan's Children's Day, Swiss Inflation (Apr), US Building Permits Final (Mar), Canadian Balance of Trade (Mar), Canadian PMI (Apr), US PMI Final (Apr), US ISM Services (Apr), US JOLTS (Mar), US New Home Sales (Mar), US RCM/TIPP Economic...

• MON: German GfK Consumer Confidence (May), US Dallas Fed Manufacturing Index (Apr)
• TUE: BoJ Policy Announcement (Apr), Spanish/Italian Retail Sales (Mar), Italian PPI (Mar), US ADP Weekly Employment Change, US House Price Index (Feb), US CB Consumer Confidence (Apr), US Richmond Fed Index (Apr), US Dallas Fed Index (Apr)
• WED: Fed Policy Announcement (Apr), BoC Policy Announcement (Apr), BCB Policy Announcement (Apr), Australian Inflation (Mar), Spanish HICP...

• MON: BoC SCE (Apr), Chinese LPR (Apr), German PPI (Mar), Canadian Inflation (Mar), New Zealand NZIER Business Confidence (Q1), New Zealand Inflation (Q1)
• TUE: Eurogroup Foreign Affairs Council (Apr), UK Jobs (Feb), German/EZ ZEW Sentiment Index (Apr), US ADP Employment Change Weekly, US Retail Sales (Mar), US Pending Home Sales (Mar), Warsh Senate Hearing
• WED: CBRT Policy Announcement (Apr), Bank of Indonesia Policy Announcement (Apr), UK Inflation (Mar),...

• SAT: US/Iran Talks
• SUN: Hungary Election
• MON: OPEC MOMR (Apr), Chinese M2 Money Supply (Mar), US Existing Home Sales (Mar), US Monthly Budget Statement (Mar)
• TUE: IEA OMR (Apr), IMF World Economic Outlook Press Briefing (Apr), Chinese Balance of Trade (Mar), Japanese Industrial Production Final (Feb), German Wholesale Prices (Mar), Spanish HICP Final (Mar), US NFIB Business Optimism Index (Mar), US ADP Weekly Change, US PPI (Mar),...

• MON: Holiday: Easter Monday, Canadian Services/Composite PMI (Mar), US ISM Services (Mar), Australian Services/Composite PMI Final (Mar), Japanese Household Spending (Feb)
• TUE: EIA STEO (Apr), EZ/UK Services/Composite PMI Final (Mar), US ADP Employment Change Weekly, US Durable Goods Orders (Feb), US RCM/TIPP Economic Optimism Index (Apr), US Consumer Inflation Expectations (Mar)
• WED: FOMC Minutes (Mar), RBNZ Policy Announcement (Apr), RBI Policy...

• MON: German Prelim. CPI (Mar)
• TUE: RBA Minutes (Mar), Chinese NBS Manufacturing PMI (Mar), French CPI Prelim (Mar), EZ CPI Flash (Mar), BoJ Tankan Survey (Q1)
• WED: BoC Minutes (Mar), CBR Minutes (Mar), Chinese RatingDog Manufacturing PMI (Mar), Global Manufacturing PMI Finals (Mar), EZ Unemployment Rate (Feb), US ADP Employment Change (Mar), US Retail Sales (Feb), US ISM Manufacturing PMI (Mar), US Business Inventories (Jan), South Korean Inflation...

• MON: Italian Judicial Referendum, Japanese CPI (Feb)
• TUE: BoJ Minutes (Jan), EZ/UK/US Flash PMIs (Mar)
• WED: Riksbank Minutes, ECB Wage Tracker, UK Inflation (Feb), German Ifo Survey (Mar), US Durable Goods (Feb)
• THU: Norges Bank Policy Announcement, German GfK Consumer Confidence (Apr)
• FRI: UK Retail Sales (Feb), Moody's on Italy

JAPANESE CPI (MON): National CPI for February is...

• WEEKEND: US/China Meeting
• MON: Chinese Retail Sales (Jan-Feb), Canadian Inflation (Feb)
• TUE: RBA Policy Announcement, German ZEW Survey (Mar), Japanese Trade Balance (Feb)
• WED: BoC Policy Announcement, FOMC Policy Announcement and Press Conference, CBRT Minutes (Mar), US PPI (Feb), Japan Shunto Response
• THU: BoE Policy Announcement, BoJ Policy Announcement, ECB Policy Announcement, Riksbank Policy...

• MON: Eurogroup Meeting, Chinese Inflation (Feb), Japanese GDP Final (Q4),Japanese Average Cash Earnings (Jan)
• TUE: EIA STEO, Chinese Trade Balance (Jan-Feb), German Trade Balance (Jan)
• WED: OPEC MOMR, US CPI (Feb)
• THU: CBRT Policy Announcement, IEA OMR,US PPI (Feb)
• FRI: UK GDP (Jan), US PCE (Jan), US GDP 2nd Est (Q4), US JOLTS (Jan), Fitch on Italy & Spain, Moody's on Germany &...

• SUN: OPEC Meeting
• MON: German Retail Sales (Jan), Final Manufacturing PMIs (Feb), US ISM Manufacturing PMI (Feb)
• TUE: Japanese Unemployment (Jan), EZ Flash HICP (Feb), US RCM/TIPP (Mar), UK Spring Statement
• WED: Australian GDP (Q4), Chinese NBS PMIs (Feb), Swiss CPI (Feb), Final Composite/Services PMIs (Feb), EZ Unemployment (Jan), PPI (Jan), US ISM Services PMI (Feb)
• THU: ECB Minutes (Feb); Australian Trade...

• MON: German Ifo (Feb)
• TUE: Mainland Chinese markets return from Lunar New Year, PBoC LPR, US ADP Weekly, House Prices (Dec), Consumer Confidence (Feb), Dallas/Richmond Fed (Feb)
• WED: Australian CPI (Jan), Norwegian Consumer Confidence (Q1), Unemployment (Jan), German GfK (Mar), GDP Final (Q4), Swiss Sentiment (Feb), EZ HICP Final (Jan), Nvidia earnings
• THU: EZ Consumer Confidence Final (Feb), Mexican Unemployment (Jan), UK Gorton...

• SUN: Japanese Prelim. GDP (Q4)
• MON: US Holiday (Washington's Birthday/Presidents Day); Eurogroup Meeting; Swedish Unemployment (Jan), EZ Industrial Production (Dec)
• TUE: RBA Minutes (Feb); UK Unemployment/Wages (Dec), German ZEW (Feb), US ADP Weekly, Canadian CPI (Jan), NY Fed (Feb), Chinese Lunar New Year (Hong Kong markets closed from 17th-19th Feb)
• WED: RBNZ Announcement, FOMC Minutes (Jan); Japanese Trade Balance (Jan),...

• SUN: Japanese Average Cash Earnings, Japanese Snap Election
• MON: Swiss Consumer Confidence (Jan), Mexican Inflation (Jan), US Consumer Inflation Expectations (Jan), Australian Household Spending (Dec)
• TUE: EIA STEO; Norwegian prelim. CPI (Jan), US NFIB (Jan), Weekly ADP, ECI (Q4), Export/Import Prices (Dec)
• WED: BoC Minutes (Jan), OPEC MOMR; ECB Wage Tracker (post-meeting); Chinese Inflation (Jan), Norwegian GDP (Q4), US NFP...

OPEC MEETING (SUN): OPEC+ is widely expected to keep its pause on oil output increases in place for March when eight key members meet on Sunday, after a sharp rebound in prices this month. Delegates told Reuters there is little appetite to change policy after Brent prices climbed by around 8% in January to above USD 70/bbl, supported by supply disruptions rather than demand. Bloomberg also reports expectations are for policy to remain unchanged, with delegates saying there is no immediate need to respond to...