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All attention is on the situation in Ukraine after the invasion by Russia. Otherwise, there is the usual round of central bank speakers, decisions from the Bank of Canada and Reserve Bank of Australia and earnings from some of the more speculative end of the tech sector to look forward to. Finally, Friday sees the monthly US jobs report. 

Ukraine 

Markets have been tested enormously by Russia’s invasion of Ukraine. On Thursday, the ruble plunged to a record low against the USD and the Moscow stock market had its worst single day drop on record. Meanwhile the impact was felt globally as oil prices surged above $100 to levels last seen in 2014. The situation is dynamic, and markets will continue to be on the hook for news flow. 

OPEC meeting 

OPEC and allies, including Russia, are due to meet this week. Against the backdrop of surging oil prices and potential sanctions on Russian oil, the meeting comes at a difficult moment in terms of the geopolitics. Can the alliance between Russia and OPEC members survive the current crisis?  

Central banks 

The Bank of Canada is due to begin raising rates when it convenes on March 2nd, beginning a brisk hiking cycle The Reserve Bank of Australia meets but is not expected to raise interest rates yet. A hike is not expected until June at the soonest. Meanwhile we are set to hear from Fed chair Jay Powell as he testifies in front of the House Financial Services Committee.  

Jobs report 

The monthly nonfarm payrolls report is due Friday. Last time the January figures were much more impressive than expected, gaining +467k vs +110k expected. Wages were up big, jobs growth much better than expected. Also, there were some massive upwards revisions to prior months. This was a reading that seemed to offer the Fed carte blanche to hike rates by 50bps in March – but this was before Russia invaded Ukraine. 

Economic data 

Ahead of the NFP numbers we get the ADP jobs report on Wednesday. Seldom a good indicator for the official jobs report, it’s nevertheless a market-moving event. We are also watching for the ISM manufacturing and services PMI reports for the US. 

Earnings season continues 

Look for updates from tech names including Zoom, Salesforce, Snowflake and Broadcom. 

Major economic data (times in GMT) 

Sun Feb 27 11:50pm JPY Prelim Industrial Production m/m 
  JPY Retail Sales y/y 
Mon Feb 28 12:00am AUD MI Inflation Gauge m/m 
  NZD Final ANZ Business Confidence 
 12:30am AUD Company Operating Profits q/q 
  AUD Private Sector Credit m/m 
  AUD Retail Sales m/m 
 5:00am JPY Housing Starts y/y 
 7:00am GBP Nationwide HPI m/m 
 7:30am CHF Retail Sales y/y 
 8:00am CHF KOF Economic Barometer 
  CHF GDP q/q 
  EUR Spanish Flash CPI y/y 
 1:30pm CAD Current Account 
  CAD IPPI m/m 
  CAD RMPI m/m 
  USD Goods Trade Balance 
  USD Prelim Wholesale Inventories m/m 
 2:45pm USD Chicago PMI 
 9:30pm AUD AIG Manufacturing Index 
Tue Mar 1 12:30am AUD Current Account 
  JPY Final Manufacturing PMI 
 1:00am CNY Manufacturing PMI 
  CNY Non-Manufacturing PMI 
 1:45am CNY Caixin Manufacturing PMI 
 3:30am AUD Cash Rate 
  AUD RBA Rate Statement 
 3:35am JPY 10-y Bond Auction 
 5:30am AUD Commodity Prices y/y 
 7:00am EUR German Retail Sales m/m 
 All Day EUR German Prelim CPI m/m 
 8:15am EUR Spanish Manufacturing PMI 
 8:30am CHF Manufacturing PMI 
 8:45am EUR Italian Manufacturing PMI 
 8:50am EUR French Final Manufacturing PMI 
 8:55am EUR German Final Manufacturing PMI 
 9:00am EUR Final Manufacturing PMI 
 9:30am GBP Final Manufacturing PMI 
  GBP M4 Money Supply m/m 
  GBP Mortgage Approvals 
  GBP Net Lending to Individuals m/m 
 10:00am EUR Italian Prelim CPI m/m 
 1:30pm CAD GDP m/m 
 2:30pm CAD Manufacturing PMI 
 2:45pm USD Final Manufacturing PMI 
 3:00pm USD ISM Manufacturing PMI 
  USD Construction Spending m/m 
  USD ISM Manufacturing Prices 
 All Day USD Wards Total Vehicle Sales 
 Tentative NZD GDT Price Index 
 6:30pm GBP MPC Member Saunders Speaks 
 7:00pm GBP MPC Member Mann Speaks 
 9:45pm NZD Building Consents m/m 
  NZD Overseas Trade Index q/q 
 11:50pm JPY Capital Spending q/y 
  JPY Monetary Base y/y 
Wed Mar 2 12:01am GBP BRC Shop Price Index y/y 
 12:30am AUD GDP q/q 
 7:45am EUR French Gov Budget Balance 
 8:00am EUR Spanish Unemployment Change 
 8:55am EUR German Unemployment Change 
 10:00am EUR German Buba President Nagel Speaks 
  EUR CPI Flash Estimate y/y 
  EUR Core CPI Flash Estimate y/y 
 All Day All OPEC-JMMC Meetings 
 Tentative EUR German 10-y Bond Auction 
 Tentative GBP Annual Budget Release 
 1:15pm USD ADP Non-Farm Employment Change 
 2:30pm USD FOMC Member Bullard Speaks 
 3:00pm CAD BOC Rate Statement 
  CAD Overnight Rate 
  USD Fed Chair Powell Testifies 
 3:30pm USD Crude Oil Inventories 
 7:00pm USD Beige Book 
 9:30pm AUD AIG Construction Index 
Thu Mar 3 12:00am NZD ANZ Commodity Prices m/m 
 12:30am AUD Building Approvals m/m 
  AUD Trade Balance 
 1:45am CNY Caixin Services PMI 
 3:35am JPY 30-y Bond Auction 
 5:00am JPY Consumer Confidence 
 7:30am CHF CPI m/m 
 8:15am EUR Spanish Services PMI 
 8:45am EUR Italian Services PMI 
 8:50am EUR French Final Services PMI 
 8:55am EUR German Final Services PMI 
 9:00am EUR Final Services PMI 
  EUR Italian Monthly Unemployment Rate 
 9:30am GBP Final Services PMI 
 10:00am EUR PPI m/m 
  EUR Unemployment Rate 
 12:30pm EUR ECB Monetary Policy Meeting Accounts 
  USD Challenger Job Cuts y/y 
 1:30pm USD Unemployment Claims 
  USD Revised Nonfarm Productivity q/q 
  USD Revised Unit Labour Costs q/q 
 2:45pm USD Final Services PMI 
 3:00pm USD Fed Chair Powell Testifies 
  USD ISM Services PMI 
  USD Factory Orders m/m 
 3:30pm USD Natural Gas Storage 
 4:30pm CAD BOC Gov Macklem Speaks 
 6:30pm GBP MPC Member Tenreyro Speaks 
 8:00pm GBP MPC Member Cunliffe Speaks 
 11:00pm USD FOMC Member Williams Speaks 
 11:30pm JPY Unemployment Rate 
Fri Mar 4 12:30am AUD Retail Sales m/m 
 7:00am EUR German Trade Balance 
 7:45am EUR French Industrial Production m/m 
 9:30am GBP Construction PMI 
 10:00am EUR Retail Sales m/m 
 Tentative EUR French 10-y Bond Auction 
 Tentative GBP 10-y Bond Auction 
 1:30pm CAD Building Permits m/m 
  CAD Labour Productivity q/q 
  USD Average Hourly Earnings m/m 
  USD Non-Farm Employment Change 
  USD Unemployment Rate 
 3:00pm CAD Ivey PMI 

 

 

 

Key earnings data 

28.02 01.03 02.03 03.03 04.03 

 

Viatris (VTRS) PMO 

 

Lucid Group (LCID) AMC 

 

Zoom Video Communications (ZM) AMC 

 

Salesforce.com (CRM) AMC 

 

 

ChargePoint (CHPT) AMC 

 

 

Snowflake (SNOW) AMC 

 


 Broadcom (AVGO) AMC 
 

 

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