🇯🇵 Japan Finance Minister Katayama: - Trump expressed concern about the weak yen during the leaders' summit - PM Takaichi also expressed concern over yen weakness, pointing to its undervaluation as an issue - Will closely coordinate with the US and continue to communicate with Bessent on FX - BOJ's latest rate hike was done to achieve its price goal, with specific policy tools up to the BOJ

🇮🇷 🇺🇸 Supreme Leader's adviser Safavi: - Conflict with the US could expand further - If the US starts a new war, a new front may open centred on the Red Sea and Bab al Mandab - Linking the Strait of Hormuz and Bab al Mandab "will change the scene of the war" #OOTT

🇨🇭 SNB holds policy rate at 0%, as expected - Drops "increased willingness" wording from FX statement, now willing to intervene in FX markets if needed - Sees inflation at 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028 - Sees 2026 GDP growth at 1.5% to 2%, 2027 around 1.5%

🇫🇷 France September Confidence Data: - Consumer confidence: 86 (est. 85) - Business confidence: 96 (est. 98) - Manufacturing confidence: 101 (est. 102)

Today’s events. 🇺🇸 🇨🇳 President Trump’s summit with President Xi is the main watch. Any developments on trade and tariffs could matter for #ES, #NQ and commodities. 🇨🇭 The SNB rate decision at 08:30 puts $CHF in focus, followed by SNB Chairman Schlegel at 09:00. 🇺🇸 Initial jobless claims at 13:30 provide a fresh labour market check, with 7yr Treasury supply at 18:00 testing bond demand. 🌍 Middle East tensions, the Russia Ukraine war and tensions between Russia and the Baltic states remain the main unscheduled risks.

🇺🇸 President Trump’s schedule. President Trump and President Xi deliver remarks at 15:15, the main watch for trade, tariff and diplomatic headlines relevant to #ES, #NQ and commodities. The welcome begins at 15:00, with ceremonies continuing through 16:00. No substantive talks or signing events are listed in this schedule.

🇺🇦 🇷🇺 @axios reports on Zelensky interview: - US pushing three immediate steps: an energy infrastructure ceasefire, reopening the Black Sea grain corridor, and a US Russia Ukraine trilateral, possibly in Abu Dhabi - Zelensky says Ukraine is ready to agree to the energy ceasefire, which the US proposed partly due to the impact of strikes on Russian diesel on global fuel prices - Putin envoy Dmitriev to meet Witkoff and Kushner in New York on Thursday. Trump has invited Putin to December's G20 in Miami - Kremlin says conditions are not ready to resume peace talks, with no prospect of high-level meetings for now #OOTT #OATT

🇦🇺 Australia August Employment Report: - Employment change: +39.5K (est. +20.0K) - Unemployment rate: 4.6% (est. 4.5%) - Participation rate: 67.1% (est. 66.9%) - Full-time employment: -6.3K

🇯🇵 @Reuters : Japan's Finance Ministry may consider cutting medium term JGB issuance in liquidity enhancement auctions

🇺🇸 🇨🇳 Trump on Xi visit: - Will discuss Iran with Xi, among other topics - Entire tech and banking world will be at dinner with Xi tomorrow

🇺🇸 President Trump’s schedule. The arrival ceremony with the President of China at 23:00 is the main watch. Open press access could bring trade or diplomatic headlines relevant to #ES and #NQ. A policy meeting at Joint Base Andrews at 20:30 also includes media access, though the subject is not listed.

Today’s events. 🇪🇺 Flash PMIs lead the calendar: France at 08:15, Germany at 08:30, Eurozone at 09:00 and UK at 09:30. Growth and price pressures are the key watch for $EUR, $GBP and European rates. 🇺🇸 US flash PMIs follow at 14:45, with 5yr Treasury supply at 18:00 providing a check on bond demand. 🛢️ US crude inventories at 15:30 put #CL in focus, alongside Middle East headline risk. 🌍 UN General Assembly diplomacy, the Russia Ukraine war and tensions between Russia and the Baltic states remain worth watching for energy and European markets.

🇫🇷 France September PMIs: - Composite PMI: 51.2 (est. 48.7) - Services PMI: 51.4 (est. 48.3) - Manufacturing PMI: 50.3 (est. 51.0)

🇺🇸 🇮🇷 Witkoff on Iran talks at the UN: - Talks with the Iranian delegation were indirect, with mediators shuttling between the two sides throughout the day - Hopes talks prove constructive and promising, mediators to continue their work

🇬🇧 UK public finances: - August budget deficit: £18.3bn (est. £15.6bn) - April to August deficit: £77.3bn (est. £69.2bn)

Today’s events. 🇺🇸 A light data calendar puts Chicago Fed President Goolsbee at 11:30 in focus. Watch for comments on the rate outlook relevant to #ZN and the dollar. 🇪🇺 ECB President Lagarde speaks at 16:00, with any policy guidance in focus for $EUR and EGBs. 🇨🇦 Bank of Canada Governor Macklem follows at 16:20, worth watching for guidance on inflation and rates for $CAD. 🛢️ Middle East tensions and the Russia Ukraine war remain the main unscheduled risks.

From @UK_MTO : - Tanker hit by an unknown projectile in the Strait of Hormuz, causing a fire onboard that has since been extinguished #OOTT

🇬🇧 UK August Retail Sales: - Retail sales incl. fuel: +0.5% m/m (est. -0.2%) - Retail sales incl. fuel: +2.4% y/y (est. +1.9%) - Retail sales ex fuel: +0.6% m/m (est. -0.2%) - Retail sales ex fuel: +2.7% y/y (est. +1.9%)

🇩🇪 Germany August PPI: - PPI: +4.6% y/y (est. +3.9%) - PPI: +1.1% m/m (est. +0.6%)

Today’s events. 📅 Major quarterly futures and options expiry across Europe, Canada and the US, including #ES, Euro Stoxx and DAX. Keep an eye on contract selection and potential volatility around the roll. 🇺🇸 US industrial production at 14:15 offers a fresh read on the manufacturing sector. 🇯🇵 BoJ Governor Ueda speaks at 07:30 following the policy meeting, with $JPY and Japanese rates in focus. 🛢️ Middle East tensions and the Russia Ukraine war remain the main unscheduled risks.