- Solar: OPEC Assembly
- Mon: German Retail Gross sales (Jan), Closing Manufacturing PMIs (Feb), US ISM Manufacturing PMI (Feb)
- Tue: Japanese Unemployment (Jan), EZ Flash HICP (Feb), US RCM/TIPP (Mar), UK Spring Assertion
- Wed: Australian GDP (This fall), Chinese language NBS PMIs (Feb), Swiss CPI (Feb), Closing Composite/Companies PMIs (Feb), EZ Unemployment (Jan), PPI (Jan), US ISM Companies PMI (Feb)
- Thu: ECB Minutes (Feb); Australian Commerce Stability (Jan), Swedish CPIF prelim. (Feb), EZ Retail Gross sales (Jan), US Challenger (Feb), Export/Import Costs (Jan), Weekly Claims
- Fri: German Manufacturing unit Orders (Jan), US NFP (Feb), US Retail Gross sales (Jan), Fitch on France, DBRS on Greece
OPEC Assembly (Solar):
The eight core OPEC+ members – Saudi Arabia, Russia, UAE, Iraq, Kuwait, Kazakhstan, Algeria and Oman – are because of meet on 1 March to determine whether or not to start unwinding their 2.2mln BPD of voluntary cuts from April or prolong the present pause into Q2. Latest reporting by Bloomberg and Reuters suggests the group is leaning in direction of resuming gradual output will increase, doubtlessly round 137k BPD from April, marking a shift from earlier expectations of a continued freeze. Brent crude has recovered to round USD 71/bbl, supported by geopolitical danger premia and provide disruptions, together with in Kazakhstan, giving the alliance higher scope so as to add barrels with out considerably undermining costs. The said rationale consists of making ready for stronger summer season demand and permitting members such because the UAE to utilise expanded capability, whereas additionally managing market share in opposition to non-OPEC producers. Nonetheless, the choice stays data- and market-contingent, with delegates indicating {that a} sudden deterioration in situations might nonetheless immediate an extension of the pause.
US ISM Manufacturing PMI (Mon):
As a foundation for comparability, the S&P World Flash US Manufacturing PMI fell to 51.2 in February, from 52.4 in January, a seven-month low, signalling softening demand however continued enlargement within the manufacturing sector. Output progress eased to its weakest since July, whereas new orders slipped barely for the second time in three months. Employment progress practically stalled amid weaker demand. Provider supply instances lengthened markedly because of climate, shortages and tariff-related disruption, contributing to the sharpest fall in enter inventories in 13 months. Enter prices remained elevated, although output worth inflation moderated to a 14-month low as corporations discounted to help gross sales. Regardless of the slowdown, producers have been extra optimistic in regards to the yr forward, with expectations rising to a 13-month excessive, though considerations over tariffs and the broader political surroundings endured.
UK Spring Assertion (Tue):
Chancellor Reeves will current her Spring fiscal replace from 12:00GMT adopted by OBR forecasts and the DMO remit. The federal government has modified the format so the OBR will solely assess the adherence to fiscal guidelines, i.e ‘headroom’ and if debt might be falling as a share of nationwide earnings by the tip of the time period, within the Autumn Finances. Regardless of this, the forecasts supplied by the OBR imply it is going to be doable to estimate the headroom. In November 2025, headroom was GBP 21.7bln. Usually, desks count on it to stay roughly round this mark. The principle elements influencing it are prone to be near-term funding for SEND, funding that can price GBP 3.4bln over three years, current yield strikes and up to date PSNB knowledge. Chancellor Reeves has made clear that she needs this to be a non-event for markets, the FT quotes a minister as saying it is going to be a “very, very boring Spring Assertion…”; underscoring this, the speech is predicted to final for not more than 20 minutes. A speech anticipated to be pro-growth and adopted by one other speech later within the month. Except for SEND, no new spending or tax changes are anticipated. Nonetheless, current reporting round a sooner path to three% defence spending and/or the scholar mortgage scenario might function, although the bottom case stays for nothing new. Alongside the OBR launch, the DMO will present its FY26/27 financing remit. The FY25/26 Gilt remit was GBP 303.7bln and Morgan Stanley expects this to drop to GBP 252bln for FY26/27. Inside that, the intently watched lengthy allocation is predicted at round GBP 20bln, down from GBP 31.3bln within the prior interval. A remit that ought to help Gilts.
EZ Flash HICP (Tue):
A have a look at regional inflation metrics forward of the euro zone HICP reveals French and Spanish readings barely above expectations, whereas Germany was beneath expectations. Following the metrics, Oxford Economics see headline inflation Y/Y ticking larger to 1.8%. January’s HICP Y/Y stood at 1.7% (2.0% in Dec., 2.5% in Jan’25), remaining barely under the ECB workers projection of 1.9%. Regardless of the inflation charge operating under goal, the ECB doesn’t seem in a rush to chop charges, with President Lagarde lately saying that “inflation and coverage stay in a great place”, feedback broadly echoed by different officers. As such, this launch is unlikely to materially have an effect on near-term coverage, although analysts at Oxford Economics say, “dangers are tilted in direction of extra charge cuts”. The agency provides that whereas their baseline is for regular charges, additional deterioration in inflation or exercise might immediate policymakers to chop charges.
Australian GDP (Wed):
Westpac expects This fall 2025 GDP to rebound strongly, forecasting progress of 0.9% Q/Q (vary 0.7-1.1%), lifting annual progress to 2.4%. The desk sees Q3’s softer 0.4% studying as noise, with This fall power reflecting a rebound in exercise. Excessive-frequency indicators, together with family spending, credit score progress and capability utilisation, strengthened via the December quarter, pointing to stable momentum into year-end. Draw back dangers embody a 0.1% fall in complete building work achieved in This fall, pushed by a 4.0% drop in public infrastructure, whereas softer partial labour market indicators could have modestly weighed on exercise late in 2025. General, Westpac’s nowcast factors to a marked pickup in progress heading into 2026.
Chinese language NBS PMI (Wed):
February’s official NBS Manufacturing PMI is predicted to stay near the 50.0 threshold, with forecasts round 49.5-50.0 (prev. 49.3), as Lunar New 12 months distortions weigh on exercise because of manufacturing facility closures and survey timing results across the 17 February vacation. January’s knowledge confirmed Manufacturing at 49.3 and Non-Manufacturing at 49.4, each in contraction territory amid weak home demand and continued drag from the property sector, whereas the Caixin Manufacturing PMI remained in enlargement at 50.3, highlighting the divergence between massive state-linked corporations and smaller export-oriented companies. Markets will watch whether or not vacation journey supplied any help to providers, though residual seasonal noise could cloud the sign till the March knowledge, with consideration additionally on the upcoming Caixin launch for clues on exterior demand momentum.
Swiss CPI (Wed):
UBS expects Swiss CPI (Y/Y) to print at 0.00% in February. Analysts say a dip under that degree would have restricted implications for the SNB, because the Financial institution would possible “proceed to look via” the info and push again in opposition to requires NIRP. SNB President Schlegel lately maintained the SNB’s 2026 inflation forecast at 0.3%, regardless of January’s studying of 0.1% Y/Y and -0.1% M/M, pushed by decrease electrical energy and lodging costs. February’s knowledge precedes the March SNB assembly, the place charges are anticipated to be held at 0.00%, with policymakers persevering with to emphasize that the bar for a return to NIRP is excessive.
US ISM Companies PMI (Wed):
The S&P World Flash US Companies PMI Enterprise Exercise index fell to 52.3 in February, from 52.7 in January, a 10-month low however nonetheless signalling enlargement. Development in new enterprise softened, although remained optimistic, whereas export orders declined sharply. Employment rose solely marginally as corporations cited subdued demand and elevated prices. Backlogs of labor elevated on the quickest tempo since Might 2022, partly reflecting capability constraints and climate disruption. Enter price inflation remained elevated, with providers promoting costs rising to a seven-month excessive. In the meantime, enterprise expectations improved to a 13-month excessive, though total confidence remained barely under its long-run common.
ECB Minutes (Thu):
The ECB will publish the Financial Coverage Accounts from the 5 February assembly, at which the Governing Council left charges unchanged, and reiterated a data-dependent stance. At that assembly, President Lagarde stated disinflation was broadly on observe, with headline inflation projected to common round 1.9% in 2026, however flagged that providers inflation stays elevated and wage progress should average additional earlier than coverage could be eased extra decisively. The accounts might be scrutinised for the diploma of confidence within the disinflation course of amid current EUR strikes, inner debate over providers worth stickiness, and the way shut policymakers imagine they’re to chopping charges. Markets can even look ahead to dialogue of wage dynamics, the transmission of previous tightening, and whether or not the Council sees dangers as balanced forward of the 19 March assembly, which can embody up to date workers projections.
Swedish CPIF (Thu):
SEB expects CPIF Y/Y at 1.7% (Riksbank forecast 1.3%, earlier 2% Y/Y). Analysts count on core CPIF Y/Y to ease from 1.7% to 1.4%, undershooting the Riksbank’s 1.7% forecast. As a reminder, the January inflation shocked to the draw back, led by stress in core providers. One other set of dovish inflation readings might immediate markets to start pricing in a near-term reduce, with markets at present assigning a forty five% probability of a transfer in Spring/Summer season. Nonetheless, SEB maintains its name for regular charges over the long run, saying policymakers seem centered on long-term inflation expectations. Nonetheless, analysts argue that if the Financial institution have been to ship a charge discount, it might be seen as “fine-tuning” quite than the beginning of a brand new chopping cycle.
US Retail Gross sales (Fri):
January’s retail gross sales knowledge might be weighed in opposition to indicators of resilient client spending at first of the yr. BofA’s client checkpoint knowledge confirmed complete card spending rose 2.6% Y/Y in January, versus 1.8% Y/Y in its December report, marking the strongest tempo in practically two years regardless of weather-related disruptions. The financial institution flagged persistent income-based divergence in spending and wage progress, warning of a “Okay” form between higher- and middle-income households, alongside the prevailing hole with lower-income teams. It stated households have been broadly adaptive and financially steady, navigating affordability pressures by buying and selling down, sustaining elevated financial savings and drawing on obtainable borrowing capability. Greater tax refunds are additionally seen as a possible near-term help for client spending.
US Jobs Report (Fri):
The February jobs report might be appeared to to see whether or not January’s stronger-than-expected 130k payroll acquire and the drop in unemployment to 4.3% marked a turning level, or was a one-off. Consensus expectations are for payroll progress of 70-90k, above the estimated 50k breakeven tempo. Some analysts count on unemployment to edge larger, citing potential volatility within the family survey after January’s surge in employment, whereas the Chicago Fed’s February labour market indicators mannequin is monitoring unemployment at 4.28%, broadly in step with January’s official 4.3% charge. Weekly preliminary jobless claims have been regular over the comparable survey intervals, whereas persevering with claims rose barely. The Convention Board reported a modest enchancment in labour market perceptions, with the labour market differential growing. On coverage, Fed officers view the labour market as steady and resilient, having cooled steadily and now exhibiting indicators of stabilising. With unemployment low, layoffs subdued and vacancies regular, officers’ focus seems to have shifted extra in direction of inflation dynamics. A number of have confused the necessity for clearer proof that worth pressures, notably in core providers, are returning to focus on earlier than contemplating additional charge cuts.
This text initially appeared on Newsquawk.
