Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis.

Francis Kelly 3/16/26 Francis Kelly 3/16/26

U.S. Financial Regulatory Week Ahead

The Senate Approves A Bipartisan Housing Bill With Trump’s Controversial Provision Included, The Justice Department Appeals Powell Case, and The Fed To Vote on New Capital Rules

March 16 - 20, 2026

Congress is starting off the week with a bang – or more precisely with tornado and severe weather warnings for the greater Washington, D.C. area, resulting in the House of Representatives cancelling all votes on Monday.

Aside from that, it will be a big week for banks, as the Federal Reserve, the Comptroller of the Currency, and the FDIC boards will vote on a new bank capital rule to implement the final phase of Basel II this Thursday. Bowman previewed the proposals last week at the Cato Institute, saying bank capital rules will decrease “by a small amount” under the coming proposal.

She went on to point out that the proposal will eliminate duplicative capital calculations for the largest banks and will likely allow banks to rely solely on internal model-based risk-based capital ratios, rather than maintaining two sets of ratios (the other being the standardized approach).

Meanwhile, a federal judge squashed efforts to subpoena the Federal Reserve as part of the criminal investigation into Fed Chair Jay Powell. In a tough ruling, Judge James Boasberg said that the government has “produced essentially zero evidence to suspect Chair Powell of a crime” and called its justifications for the subpoenas so “thin and unsubstantiated” that they were simply a pretext to force Powell to cut interest rates, as Trump has repeatedly demanded.

He went on to write, “There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will.”

But the Justice Department defiantly announced that it intends to appeal the ruling. Our view is that the real impact of their decision to appeal will be on Kevin Warsh’s confirmation hearing, which we can now see will not take place until mid-summer. Senator Tom Tillis (R-NC) and a number of other senators have vowed to hold up Warsh’s confirmation until the investigation of Powell is dropped. Knowing how long appeals can take – and our guess is the Trump Administration will take this all the way to the Supreme Court – that means it will be months before Warsh gets his confirmation hearing. US Treasury officials we spoke to this past week acknowledged this and suggested that President Trump will likely name Federal Reserve Governor Stephen Miran as Acting Chair when Powell’s term as Chair expires on May 15th.

Looking at events on Capitol Hill, the Senate passed a major bipartisan housing bill last week and is now headed to the House for a vote. But a controversial provision championed – oddly enough – by both President Trump and Senator Elizabeth Warren (D-MA), blocking institutional investors from buying homes, was included. A number of House Republicans oppose the provision despite the President’s strong support for it. That is likely to significantly delay final passage.

Also last week, Commodity Futures Trading Commission Chair Michael Selig said in a speech that prediction markets are quickly becoming critical tools for everyday Americans seeking to understand current events and could serve as a check on “disinformation.” Considering how prediction markets are increasingly becoming a big part of political campaigns – in some way replacing traditional polling – we expect a lot of focus on what Selig does next to regulate them.

Below is the full report on financial regulatory-related events this week.‍ ‍Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Wednesday, March 18, 2:30 p.m. – The Joint Economic Committee holds a hearing entitled “Keeping Our Promises: Labor Inflows, Maintaining Competitiveness, and Supporting an Aging Population.”

House of Representatives

· Tuesday, March 17, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Updating America’s Financial Privacy Framework for the 21st Century.”

· Wednesday, March 18, 10:00 a.m. – The House Financial Services Committee holds a hearing entitled “Oversight of the Export-Import Bank.”

· Wednesday, March 18, 2:00 p.m. – The House Financial Services monetary policy task force will hold a hearing on the Treasury-Fed Accord, which separated the management of government debt from the central bank’s interest-rate decisions.

Federal Department & Regulatory Agency Meetings & Events

The White House

· Nothing significant to report.

Federal Reserve Board and Federal Reserve Banks

· Tuesday & Wednesday, March 17 & 18 – The Federal Reserve Board’s Federal Open Market Committee meets on interest rates. Fed Chair Jay Powell gives a press release on March 18 at 2:30 p.m. EST.

· Thursday, March 19, 10:00 a.m. – The Federal Reserve Board holds an Open Board Meeting. The agenda item is to vote on meet to vote on proposed new capital rules for small and large banks, including a re-proposal of the Basel endgame capital plan.

· Saturday, March 21, 1:30 p.m. – Federal Reserve Board Chair Jerome H. Powell gives brief acceptance remarks at the American Society for Public Administration (ASPA) Annual Conference: Paul A. Volcker Public Integrity Award Ceremony (virtual).

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Tuesday, March 17, 9:00 a.m. – SEC Chair Paul Atkins will give a keynote speech and participate in a fireside chat with CFTC Chair Michael Selig at the DC Blockchain Summit.

· Thursday, March 19, 9:00 a.m. – SEC Chair Paul Atkins and the rest of the SEC Commissioners, and a number of senior SEC officials will participate in the annual two-day SEC Speaks in 2026 Conference sponsored by the Practicing Law Institute.

· Thursday, March 19, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

· Nothing significant to report.

Federal Deposit Insurance Corporation

· Thursday, 10:00 a.m. – The FDIC Board meets to vote on proposed new capital rules for small and large banks, including a re-proposal of the Basel endgame capital plan.

Office of the Comptroller of the Currency

· Tuesday, March 17, 11:00 a.m. – Comptroller of the Currency Jonathan Gould speaks at the DC Blockchain Summit.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

Federal Trade Commission & Department of Justice Antitrust Division

· Thursday, March 19 – the FTC holds its Annual Conference on Marketing and Public Policy.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· There are no significant events scheduled at this time.

Think Tanks and Other Events

· Wednesday, March 18, 10:00 a.m. – The Brookings Institution holds a conference entitled “Reimagining Homeowners Insurance Amid Growing Climate Risk.”

· Wednesday, March 18, Noon – The Exchequer Club hosts Senator Mike Rounds (R-SD), a member of the Senate Banking Committee.

· Wednesday, March 18, Noon – The Urban Institute holds a virtual discussion, beginning at 12 p.m., on "The Credit Trajectories of Microbusiness Loan Borrowers."

· Wednesday, March 18, Noon. – The RAND Corporation holds a virtual discussion entitled “America's Housing Crunch: What the Evidence Says."

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 3/16/26 Francis Kelly 3/16/26

The Global Week Ahead

The Iran War Drags On and Expands, Trump to Meet with Japanese Prime Minister, EU Leaders Gather to Talk Energy, Trade, and War, and A Big Week Ahead of Central Banks

March 15 - 22, 2026

The Iran War is expected to continue this week and likely expand. Markets will continue to struggle to understand the scope and breadth of the impact on oil and other commodity markets, and for any signs of an “off-ramp” to the fighting.

Iran announced on Sunday they would expand their targeting after the US bombed Kaurq Island, accusing the UAE of allowing the attacks to come from US bases in the UAE. As a result, Iran said it would begin targeting three Emirati ports, this being the first direct stated threat by Tehran against any of their neighboring countries. Up until now, Iran has fired hundreds of missiles and drones at the UAE, Bahrain, Saudi Arabia, Qatar, and Oman, but has claimed they are only targeting US military and diplomatic targets in the respective countries.

President Trump is now appealing to allied countries to send naval ships to help open up the Strait of Hormuz. He stated on Friday that “many countries” will be sending warships to the Strait, but as of this writing, no country appears to be willing to do so, arguing it would be too risky. More worrisome, Trump threatened NATO over the weekend, saying it would be “very bad” for the organization if it failed to send ships to help him reopen the Straits.

One country President Trump will be directly appealing to is Japan, as Prime Minister Sanae Takaichi makes her first visit to Washington on Thursday. The two leaders have a long agenda of issues they intend to discuss, including wrapping up a US-Japan free trade agreement, access to critical minerals, and Trump’s request for naval assistance in the Strait of Hormuz. Takaichi is likely to put off the request. Senior Japanese officials said Saturday they “regard the threshold as extremely high” for sending naval ships to the region under existing Japanese laws (Japan does not have a formal army or navy but instead a defense agency). Japan is highly dependent on oil from the Middle East and has announced it will release 80 million barrels from its strategic petroleum reserve.

Also, this week, EU heads of state will gather in Brussels for a European Council meeting. The agenda will be dominated by the War in Ukraine and the Iran War. But leaders will also discuss how to improve EU competitiveness and ensure greater energy independence amid spiking fuel prices. As leaders meet, the EU Parliament’s International Trade Committee will meet to vote on the EU-US trade deal. They had postponed doing so weeks ago after the Trump Administration launched new global tariffs following the US Supreme Court striking down the use of the International Emergency Economic Powers Act (IEEPA) as a means to impose worldwide tariffs.

Finally, we would note that US Treasury Secretary Scott Bessent is in Paris this weekend, meeting with Chinese Vice Premier He Lifeng to hammer out an agenda for President Trump’s upcoming trip to Beijing on March 31st. We believe there is a strong chance the meeting will be cancelled as Trump is demanding China send naval ships to the Straits of Hormuz. We will be watching this closely.

Beyond that, and if the summit indeed happens, we understand the major sticking points to finalizing an agenda are President Trump’s desire to negotiate directly with President Xi in person, while Xi wants a framework hammered out in advance of the meeting. We would also note that, so far, no US CEOs have been asked to accompany Trump on the trip – something that normally happens at bilateral leaders’ meetings, as it gives CEOs on both sides an opportunity to announce new deals and investment plans.

Looking at the global economic and financial markets radar screens, it is going to be a very big week for central banks. The US Federal Reserve, the European Central Bank, the Central Bank of Japan, the Bank of Canada, and the Bank of England are all meeting this week on interest rates. Also meeting this week are the central banks of Australia, Brazil, China, Canada, Indonesia, Sweden, and Switzerland.

Looking at key economic data releases this week, the US markets are awaiting the February industrial production figures on Monday. Europe is awaiting Germany’s ZEW Survey on Tuesday and the UK labor market data on Thursday. In Asia, China releases its economic activity indicators (retail sales and industrial output) on Monday.

And in earnings news, US firms FedEx, Micron, and Dollar General are reporting this week. And in China, powerhouse companies Tencent and Alibaba report.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, March 15, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Treasury Secretary Scott Bessent meets with Chinese Vice Premier He Lifeng in Paris, France, to discuss President Trump’s upcoming trip to China in April.

· The Academy Awards are held in Los Angeles.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Vietnam will host the inaugural China-Vietnam 3+3 Summit through March 17.

· Vietnam holds parliamentary elections.

· North Korea holds parliamentary elections.

· Kazakhstan holds a constitutional referendum on whether to approve a new constitution. The new constitution includes restructuring Parliament, redefining the balance of powers between state institutions, and expanding constitutional guarantees of human, digital, and environmental rights .

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Belarus celebrates Constitution Day.

· France holds regional elections including the first round of mayoral elections.

· The UK celebrates Mothering Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Inflation Rate (February)/ Wholesale Prices (February)

· Israel Inflation Rate (February)

· Jordan Industrial Production (January)

Africa

Political/Social Events –

· The Republic of the Congo holds presidential elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, March 16, 2026

Global

· The Global Fraud Summit will be held at the Vienna International Centre in Viena, Austria. The Summit will be co-organized by the United Nations Office on Drugs and Crime (UNODC) and INTERPOL.

Americas

Political/Social Events –

· The first round of preparatory discussions for the review of the U.S.-Mexico-Canada Agreement begins.

· Canadian Prime Minister Mark Carney visits the U.K. to meet with Keir Starmer.

· Nvidia GTC, a four-day AI conference, including a keynote speech from the chipmaker’s founder and CEO Jensen Huang, begins in San Jose, California.

· Mexico celebrates Benito Juarez Day, a national holiday. Financial markets are closed.

Economic & Financial Reports/Events –

· Brazil IBC-BR Economic Activity (January)/ BCB Focus Market Readout

· Canada Housing Starts (February)/ Inflation Rate (February)/ CPI Common (February)/ CPI Median (February)/ CPI Trimmed-Mean (February)/ New Motor Vehicle Sales (January)

· USA NY Empire State Manufacturing Index (March)/ Capacity Utilization (February)/ Industrial Production (February)/ Manufacturing Production (February)/ NAHB Housing Market Index (March)

· Ecuador Balance of Trade (January)

· Colombia Industrial Production (January)/ Retail Sales (January)

· Paraguay Consumer Confidence (February)

· Uruguay Industrial Production (January)

· EARNINGS: Marshalls, SAIC, Telos, Semtech, Dollar Tree

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· New Zealand Composite NZ PCI (February)/ Services NZ PSI (February)/ Electronic Retail Card Spending (February)

· China House Price Index (February)/ Industrial Production (January-February)/ Retail Sales (January-February)/ Fixed Asset Investment (YTD) (January-February)/ Unemployment Rate (February)/ FDI (YTD) (February)

· India WPI Food Index (February)/ WPI Fuel (February)/ WPI Inflation (February)/ WPI Manufacturing (February)/ Unemployment Rate (February)/ Imports/ Exports/ Balance of Trade (February)

· Kazakhstan GDP (February)/ Industrial Production (February)

· EARNINGS: Foxconn

Europe

Political/Social Events –

· EU Energy Ministers will meet in Brussels as the Energy Council, taking stock of the progress made on the action plan for affordable energy, which was presented by the European Commission a year ago to lower energy costs.

· Separately, the Foreign Affairs Council will meet to discuss Russia’s war of aggression against Ukraine.

· UK Prime Minister Keir Starmer will unveil new steps the government intends to take to solidify UK energy needs in the wake of the Iran War.

· Finish President Alexander Stubb travels to London for bilateral meetings with UK Prime Minister Keir Starmer.

· The 7th meeting of the EU-UK Parliamentary Assembly meets in Brussels through Tuesday.

Economic & Financial Reports/Events –

· In the UK, today is the annual review of the “shopping basket” of goods and services used to measure consumer price inflation indices. Also, the S&P Global UK Consumer Sentiment Index and Rightmove’s March House Price Index.

· Turkey Budget Balance (February)/ Auto Production (February)/ Auto Sales (February)

· Serbia Building Permits (January)

· Belarus Industrial Production (February)

· Poland Balance of Trade (January)/ Current Account (January)/ Core Inflation Rate (January)/ Core Inflation Rate (February)

· EARNINGS: Standard Life

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Current Account Q4

· Jordan Unemployment Rate Q4

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Inflation Expectations Q1

· Nigeria Food Inflation (February)/ Inflation Rate (February)

Tuesday, March 17, 2026

Global

· Happy St. Patrick’s Day!

· The International Energy Agency and the OECD cohost a Global Forum on the Environment and Climate Change in Paris, France.

Americas

Political/Social Events –

· President Trump hosts President Donald Trump hosts Irish Taoiseach Micheál Martin at the White House.

· The Senate Homeland Security Committee holds confirmation hearings for Markway Mullin to be the new Secretary of Homeland Security.

Economic & Financial Reports/Events –

· USA ADP Employment Change Weekly/ NY Fed Services Activity Index (March)/ Redbook (March/14)/ Pending Home Sales (February)/ API Crude Oil Stock Change (March/13)

· EARNINGS: Prudential, Boku

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea Import Prices (February)/ Export Prices (February)

· New Zealand Food Inflation (February)/ Global Dairy Trade Price Index (March/17)

· Singapore Balance of Trade (February)/ Non-Oil Exports (February)

· Australia RBA Interest Rate Decision/ RBA Press Conference

· Japan Tertiary Industry Index (January)

· Indonesia Interest Rate Decision/ Deposit Facility Rate (March)/ Lending Facility Rate (March)/ Loan Growth (February)

· Philippines Cash Remittances (January)

· Sri Lanka Manufacturing PMI (February)/ Services PMI (February)

Europe

Political/Social Events –

· Scottish parliament debates and votes on the assisted dying for terminally ill adults (Scotland) bill, which is similar to that under consideration for England and Wales. The Isle of Man and Jersey have already passed their own versions of assisted dying laws.

· UK Chancellor Rachel Reeves delivers the annual Mais Lecture at Bayes Business School in London. Reeves is expected to use it to pitch her vision for closer ties with the EU, central to a new growth strategy for the UK.

· The EU General Affairs Council meets in Brussels. Ministers will discuss preparations for the European Council meetings later this week.

· The European Parliament lead negotiators will decide whether to restart work on the EU-U.S. trade framework ratification process.

· The EU Environmental Council meets in Brussels to discuss the CO2 emission standards for cars and vans.

· The 26th Accession Conference with Montenegro takes place in Brussels.

Economic & Financial Reports/Events –

· Switzerland Producer & Import Prices (February)

· Italy Inflation Rate (February)

· Euro Area ZEW Economic Sentiment Index (March)

· Germany ZEW Economic Sentiment Index (March)/ ZEW Current Conditions (March)

· Romania Current Account (January)

· Great Britain BoE Evans Speech

· Serbia Current Account (January)

· Belarus GDP (February)

· EARNINGS: Travis Perkins, Ashtead Technology

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Angola Foreign Exchange Reserves (February)/ M3 Money Supply (February)

· Ghana GDP Growth Rate Q4

Wednesday, March 18, 2026

Global

· The International Maritime Organization convenes an extraordinary session on the situation in the Middle East in London.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The Federal Reserve concludes two days of meetings on interest rates/Fed Chair Jay Powell holds a press conference/USA MBA 30-Year Mortgage Rate (March/13)/ MBA Mortgage Market Index (March/13)/ MBA Purchase Index (March/13)/ PPI (February)/ Factory Orders (January)/ EIA Crude Oil & Gasoline Stocks Change (March)/ Net Long-term TIC Flows (January)/ Foreign Bond Investment (January)/ Overall Net Capital Flows (January)

· Chile Current Account Q4/ GDP Growth Rate Q4

· The Bank of Canada meets on Interest Rates and BoC Head Tiff Macklen holds a press conference/Canada Foreign Securities Purchases (January)/

· The Central Bank of Brazil meets on Interest rates/Brazil Business Confidence (March)

· Colombia ISE Economic Activity (January)

· Argentina Unemployment Rate Q4

· EARNINGS: Micron Technology, General Mills

Asia

Political/Social Events –

· In Japan, large corporations will begin announcing pay-raise plans for the fiscal year starting in April. Also, Japanese Trade Union Confederation will publish the first tabulation of spring wage-talk results, offering markets an early indication of whether wage growth will sustain the momentum of the past three years.

· The Japan National Tourism Organization will release data on the number of foreign visitors to Japan in February. While inbound tourism had been recovering since the COVID-19 pandemic, visitors in January declined year on year for the first time in four years amid warnings from the Chinese government to its citizens not to travel to Japan in response to remarks on Taiwan by Japanese Prime Minister Sanae Takaichi.

Economic & Financial Reports/Events –

· New Zealand Current Account Q4/ Westpac Consumer Confidence Q1

· South Korea Unemployment Rate (February)

· Japan Imports/ Exports/ Balance of Trade (February)

· Australia Westpac Leading Index (February)/ RBA Chart Pack

· Hong Kong Unemployment Rate (February)

· Sri Lanka GDP Growth Rate Q4

· EARNINGS: Tencent

Europe

Political/Social Events –

· The Netherlands holds municipal elections.

· The Tripartite Social Summit takes place in Brussels. The purpose of the meeting to have a forum for dialogue between the EU institutions at the presidential level and with European social partners at top management levels. The agenda includes closing investment gaps and reducing strategic dependencies in the EU.

· The EU Space Agency Council meets in Brussels through March 19th.

Economic & Financial Reports/Events –

· European Central Bank Board Member Pedro Machado gives the keynote speech at the Handelsblatt annual Banking Supervision Conference "Regulierung vereinfachen. Stabilität sichern. Wettbewerbsfähigkeit stärken." in Frankfurt, Germany.

· European Central Bank Board Member Claudia Buch gives an introductory statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

· Slovakia Inflation Rate (February)

· Switzerland SECO Economic Forecasts

· Euro Area CPI (February)/ Inflation Rate (February)

· Poland Consumer Confidence (March)

· Ireland Residential Property Prices (January)

· Turkey MPC Meeting Summary

· Russia PPI (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Oman Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Inflation Rate (February)/ Retail Sales (January)

· Ghana Interest Rate Decision

Thursday, March 19, 2026

Global

· Today is the end of Ramadan (Eid al-Fitr). Financial markets are closed across most of the Middle East.

Americas

Political/Social Events –

· Japanese Prime Minister Sanae Takaichi will make her first visit to the U.S. as prime minister, holding a summit with Trump. The two leaders are expected to talk about various topics including the Middle East situation as well as economic and security cooperation. President Trump is expected to pressure Takaichi to send warships to the Middle East to support the US/Israeli war on Iran.

Economic & Financial Reports/Events –

· The Federal Reserve Board holds an Open Board Meeting. The agenda item is to vote on meet to vote on proposed new capital rules for small and large banks, including a re-proposal of the Basel endgame capital plan.

· USA Building Permits (January)/ Initial Jobless Claims (March/14)/ Philadelphia Fed Manufacturing Index (March)/ Philly Fed Business Conditions (March)/ Philly Fed CAPEX Index (March)/ Philly Fed Employment (March)/ Philly Fed New Orders (March)/ Philly Fed Prices Paid (March)/ New Home Sales (January)/ Wholesale Inventories (January)/ EIA Natural Gas Stocks Change (March/13)/ 15- & 30-Year Mortgage Rate (March/19)/ Fed Balance Sheet (March/18)/ CB Leading Index (January)

· Argentina Consumer Confidence (March)/ Balance of Trade (February)/ Leading Indicator (February)

· Chile Imports/ Balance of Trade (January)

· EARNINGS: Accenture, FedEx, Darden

Asia

Political/Social Events –

· Thailand’s parliament votes on a candidate for prime minister, a key step for government formation after the February 8th election.

Economic & Financial Reports/Events –

· The Bank of China meets on interest rates.

· New Zealand GDP Growth Rate Q4

· The Bank of Japan meets on interest rates/Japan Machinery Orders (January)/ Foreign Bond Investment (March/14)/ Stock Investment by Foreigners (March/14)/ Reuters Tankan Index (March)/ Capacity Utilization (January)/ Industrial Production (January)

· Australia Employment Change (February)/ Unemployment Rate (February)/ Participation Rate (February)

· Malaysia Inflation Rate (February)/ Import/ Export/ Balance of Trade (February)

· Philippines Budget Balance (January)

· Taiwan M2 Money Supply (February)/ Interest Rate Decision

· EARNINGS: Alibaba, CK Hutchison

Europe

Political/Social Events –

· The European Council begins a two-day Euro Summit in Brussels. Leaders of the EU nations will meet to discuss the situation in Ukraine, the situation in the Middle East, and the EU competitiveness agenda.

· UK Prime Minister Keir Starmer hosts a bilateral meeting with Nigerian President Bola Ahmed Tinubu in London.

· The Airlines4Europe Aviation Summit begins in Brussels. Europe’s leading airline executives, including Ryanair’s Michael O’Leary and Lufthansa’s Carsten Spohr, are expected to join the two-day meeting, which will discuss European competitiveness and reactions to the Middle East conflict.

Economic & Financial Reports/Events –

· Switzerland Balance of Trade (February)/ SNB Interest Rate Decision

· The Bank of England meets on interest rates/Great Britain Unemployment Rate (January)/ Employment Change (January)/ Claimant Count Change (February)/ HMRC Payrolls Change (February)/ BoE Interest Rate Decision/

· Poland Corporate Sector Wages (February)/ Employment Growth (February)/ Industrial Production (February)/ PPI (February)

· The European Central Bank meets on Interest Rates and ECB President Christine Lagarde holds a press conference/Euro Area Construction Output (January)/ Labour Cost Index Q4/ Wage Growth Q4

· Ireland Balance of Trade (January)

· Ukraine Interest Rate Decision

· EARNINGS: Lloyds of London, Enel

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa Building Permits (January)

· Ghana PPI (February)

Friday, March 20, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· In Washington DC, the National Cherry Blossom Festival begins and runs until April 12th.

Economic & Financial Reports/Events –

· Today is “Quadruple Witching” in US markets, with stock-index futures and options, as well as single-stock options and futures, all expiring.

· Mexico Aggregate Demand Q4/ Private Spending Q4

· Canada New Housing Price Index (February)/ Retail Sales (February)/ PPI (February)/ Raw Materials Prices (February)/ Retail Sales (January)

· USA Baker Hughes Total Rigs Count (March/20)

· El Salvador Balance of Trade (February)

· Argentina Full Year GDP Growth 2025/ GDP Growth Rate Q4/ Retail Sales (January)

· Paraguay Interest Rate Decision

· Uruguay GDP Growth Rate Q4

Asia

Political/Social Events –

· Japan celebrates the Spring Equinox, a national holiday. Financial markets are closed.

Economic & Financial Reports/Events –

· New Zealand Imports/ Exports/ Balance of Trade (February)/ Credit Card Spending (February)

· China Loan Prime Rate 5Y & 1Y (March)

· Singapore Unemployment Rate Q4

· Thailand Imports/ Exports/ Balance of Trade (February)

· Malaysia Coincident Index (January)/ Leading Index (January)

· Taiwan Export Orders (February)

· Hong Kong Current Account Q4/ Inflation Rate (February)

· India Bank Loan Growth (March/06)/ Deposit Growth (March/06)/ Foreign Exchange Reserves (March/13)/ Infrastructure Output (February)

Europe

Political/Social Events –

· The European Council concludes.

Economic & Financial Reports/Events –

· European Central Bank Governing Council member Joachim Nagel speaks on the German economy in Goslar, Germany.

· Germany PPI (February)

· Great Britain Public Sector Net Borrowing Ex Banks (February)/ CBI Industrial Trends Orders (March)

· Euro Area Current Account (January)/ Balance of Trade (January)

· Italy Balance of Trade (January)/ Current Account (January)/ Construction Output (January)

· Poland Business Confidence (March)

· Slovenia PPI (February)/ Consumer Confidence (March)/ Unemployment Rate (January)

· Russia Interest Rate Decision/ CBR Press Conference/ M2 Money Supply (February)

· Slovakia Current Account (January)/ Unemployment Rate (February)

· EARNINGS: Smiths Group, JD Wetherspoon

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Saturday, March 21, 2026

Global

· Today is World Downs Syndrome Day.

Americas

Political/Social Events –

· Twitter (now known as X) was launched 20 years ago.

Economic & Financial Reports/Events –

· Federal Reserve Board Chair Jerome H. Powell gives brief acceptance remarks at the American Society for Public Administration (ASPA) Annual Conference: Paul A. Volcker Public Integrity Award Ceremony (virtual).

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· The European Conservative Political Action Conference (CPAC) begins in Budapest, Hungary.

Economic & Financial Reports/Events –

· European Central Bank Board Member Piero Cipollone gives a virtual speech at a workshop on the transformation of the international monetary and financial system organized by Suomen Pankki in Saariselkä, Finland.

· Euro Area ECB Cipollone Speech

· Slovenia Parliamentary Elections

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Namibia celebrates Independence Day, a national holiday.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, March 22, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Bolivia holds regional elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Vietnam announces election results from its twice-a-decade National Assembly elections. Following this, the parliament then meets to pick a prime minister and a president for a five-year term.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· France holds its second round of municipal elections.

· Slovenia holds parliamentary elections.

· Italy votes on a referendum changing the justice system which will separate the career paths of judges and splits Italy’s judicial self-governing body into two separate councils. The reform effort is one of Prime Minister Giorgia Meloni’s primary government reform agenda items.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 3/14/26 Francis Kelly 3/14/26

U.S. Financial Regulatory Week Ahead

The ABA and IIB Hold Their Big Annual Conferences, The Bipartisan Housing Bill Faces New Skepticism, And Fintech Firms Now Race To Become Banks

March 9 - 13, 2026

Washington will be awash with bankers this week as the American Bankers Association (ABA) and the Institute for International Bankers (IIB) both hold their annual Washington conferences simultaneously. The ABA will have a powerhouse lineup on Wednesday with Federal Reserve Vice Chair for Supervision Michelle Bowman, Comptroller of the Currency Jonathan Gould, and FDIC Chair Travis Hill speaking.

Meanwhile, on Capitol Hill, the Senate is in session, but there is nothing significant to the financial world happening this week. We would note that the White House formally submitted the nomination papers to the Senate Banking Committee for Kevin Warsh’s nomination to be the next Federal Reserve Board Chair. But with the Justice Department’s investigation into Fed Chair Kevin Warsh apparently still ongoing, the Warsh nomination is going to sit and wait, as Senator Tom Tillis (R-NC) and a number of other senators have said they will block the nomination until the investigation is stopped.

The House is out of session this week, so they can go to the Doral Resort in Florida for their Legislative Retreat, where President Trump will be speaking to them on Monday.

Also, last week, the bipartisan housing bill hit turbulence when Senator Tillis said he was withdrawing his support due to a provision that blocks private equity firms from buying single-family homes – something President Trump has championed as part of his affordability policy drive.

Tillis was joined in his opposition to the provision by the National Association of Home Builders and a number of House Republicans who had been supporting the bill, including House Financial Services Committee Vice Chair Bill Huizenga (R-MI). President Trump is adamant that the provision remain in the bill, leaving the much-wanted package in limbo about when it could get a final vote.

Finally, we would note an interesting trend in the bank regulatory world: FinTechs and crypto firms seeking banking licenses. On Wednesday, crypto firm Kraken was granted a Federal Reserve master account. And on Thursday, payment company Revolut applied for a US bank license. This follows PayPal's December application for a state banking license. We expect to see a number of other FinTechs and crypto firms doing the same in the coming year.

Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Wednesday, March 11, 3:00 p.m. – The Senate Finance Fiscal Responsibility and Economic Growth Subcommittee holds a hearing on "The Fiscal Outlook: 2027-2036."

House of Representatives

· Friday, March 13, 10:00 a.m. – The House Financial Services Committee’s Subcommittee on Oversight and Investigations holds a hearing entitled “Broken Promises: Failures of the Little Rock Housing Authority and the Impact on Residents.”

Federal Department & Regulatory Agency Meetings & Events

The White House

· Nothing significant to report.

Federal Reserve Board and Federal Reserve Banks

· Wednesday, March 11, 8:30 a.m. – Federal Reserve Vice Chair for Supervision Michelle W. Bowman

gives a speech on supervision and regulation at the American Bankers Association Washington Summit, Washington, D.C.

· Thursday, March 12, 11:00 a.m. – Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Monday, March 9, 1:00 p.m. – The SEC hosts the 45th Annual Small Business Forum at SEC Headquarters in Washington, D.C.

· Thursday, March 12, 10:00 a.m. – The SEC’s Investor Advisory Committee meets. Among the agenda items includes discussing public company disclosure reform, fund proxy voting, and a potential recommendation regarding the tokenization of equity securities.

· Thursday, March 12, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

· Nothing significant to report.

Federal Deposit Insurance Corporation

Wednesday, March 11, 9:30 a.m. – FDIC Chair Travis Hill will participate in a fireside chat at the American Bankers Association Washington Summit, Washington, D.C.

Office of the Comptroller of the Currency

· Wednesday, March 11, 10:00 a.m. –Comptroller of the Currency Jonathan Gould will participate in a fireside chat at t the American Bankers Association Washington Summit, Washington, D.C.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· Thursday, March 12, 10:00 a.m. – The Farm Credit Administration Board meets.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Monday – Wednesday, March 9 – 11 – The American Bankers Association holds its Washington Summit in Washington, D.C.

· Monday – Wednesday, March 8 – 10 – The Institute of International Bankers holds its 2026 Annual Washington Conference in Washington, D.C.

· Tuesday, March 10, 7:00 a.m. – The Institute for International Finance holds a virtual 2026 Global AI Update.

Think Tanks and Other Events

· Tuesday, March 10, 8:30 a.m. – 3:00 p.m. – The US Chamber of Commerce holds its 2026 Tax Summit.

· Tuesday, March 10, 3:00 p.m. – The Urban Institute holds a discussion on "The Future of FinTech: How Emerging Financial Technologies Are Shaping Our Financial Lives."

· Thursday, March 12, 11:00 a.m. – The Cato Institute hosts an event where Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 3/9/26 Francis Kelly 3/9/26

The Global Week Ahead

The Iran War Expands, G7 Ministers Meet To Discuss Releasing Strategic Petroleum Reserves, US and China Hold Trade Talks in Paris, and Markets Grapple with Spiking Oil Prices

March 8 - 15, 2026

The conflict in Iran will continue to dominate the geopolitical and geoeconomic landscape in the week ahead. Oil prices spiked over $100 a barrel over the weekend, surpassing $110 before settling back around the $100-mark early Monday. The Strait of Hormuz has become gridlocked with oil carriers.

Markets are looking for the “off-ramp” of hostilities between the US, Israel, and Iran but none seem to be materializing as the US/Israeli forces grind away at Iranian military targets and infrastructure (including Israeli attacks on Iranian oil facilities over the weekend). Iranian missile and drone attacks continue (hitting 14 countries) but have decreased, according to US military sources, by roughly 90% in the last four days. Yet, Iranian leaders remain defiant, choosing as their new Supreme Leader Mojtaba Khamenei, the son of Supreme Leader Ali Khamenei, who was killed in airstrikes last week. The new Supreme Leader is seen as hardline – perhaps even more so – than his late father. It is believed his wife and son were killed along with his father. He has vowed to fight on.

With intensifying concern over the spike in oil prices and massive likely economic impact – especially for the European Union and most major Indo-Asian nations (except for China, which has built up an estimated 2-billion-barrel oil reserve), G-7 finance ministers are meeting today (Monday) to discuss a coordinated release of strategic oil reserves.

Elsewhere this week, Treasury Secretary Scott Bessent is expected to arrive in Paris to meet with Chinese Vice Premier He Lifeng to discuss the agenda for President Trump’s upcoming trip to Beijing (March 31 – April 2) to meet with Chinese President Xi Jinping. While tariffs are sure to be the primary discussion point between Trump and Xi, it has been noted that so far no US CEO delegation has been arranged – something US corporates are hoping for to secure deals.

Looking at the global economic and financial radar screen, while investors will continued to be laser-focused on the Iran conflict, the US Federal Reserve and the European Central Bank are now going into their quiet-period before their respective rate-setting meetings (the Fed meets on March 17 & 18 and the ECB meets March 19) – meaning, there will be likely little to no commentary from the two central banks on the potential economic impact of the Iran situation.

In terms of major economic data releases this week, the US will release February CPI on Wednesday and January PCE on Friday. Also out this week will be the January durable goods orders and the University of Michigan’s March consumer survey on Friday.

In Europe, the UK GDP is out on Friday, and Germany’s industrial production, January factory orders, and trade balance are out on Tuesday. In the Indo-Pacific, Japan’s February Economy Watchers Survey and China will release February’s inflation report (reflecting the Lunar New Year holidays) on Monday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, March 8, 2026

Global

· Daylight Saving Time begins in the United States with clocks going forward one hour in each state except Hawaii and Arizona, which do not observe daylight saving time.

Americas

Political/Social Events –

· Colombia holds legislative elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· China Chinese People's Political Consultative Conference/ National People’s Congress winds down.

Europe

Political/Social Events –

· The Commonwealth Foreign Ministers Meeting will be held in London.

· Switzerland holds a nationwide referendum. Voters will be asked on whether to cap the annual license fee for the Swiss Broadcasting Corporation at 200 francs while exempting other companies from the levy, whether to introduce individual taxation requiring married couples to file separate tax returns, whether to create a federal climate fund, and whether to protect cash in the constitution by guaranteeing that coins and banknotes remain in circulation.

· Germany will hold state elections in Baden-Wurttemberg.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, March 9, 2026

Global

· G7 Finance Ministers and Central Bank Governors are expected to meet virtually to discuss the US/Israel War with Iran and the possible coordinated release of strategic oil reserves.

· IMF Managing Director Kristalina Georgieva gives the keynote speech at the Japanese Ministry of Finance’s “Future of Global Economy among Fluid International Economic and Monetary Order Symposium” in Tokyo, Japan.

· The UN Security Council will meet on the situation in Afghanistan.

· Today is the 250th anniversary of the publication of Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations.

Americas

Political/Social Events –

· The SpaceX Falcon 9 rocket that will put an EchoStar 25 broadcast communications satellite into geostationary orbit is scheduled to launch from Cape Canaveral in Florida at 11.14 pm local time.

· The US Senate is in session this week. The US House of Representatives are out of session this week and will be holding their annual legislative retreat at President Trump’s Doral resort in Doral, Florida. President Trump will speak to the Caucus.

Economic & Financial Reports/Events –

· Chile Imports/ Exports/ Balance of Trade (February)

· Mexico Inflation Rate (February)/ Auto Exports (February)/ Auto Production (February)

· USA Consumer Inflation Expectations (February)

· Brazil BCB Focus Market Readout

· EARNINGS: Hewlett Packard, Korn Ferry

Asia

Political/Social Events –

· ASEAN Economic ministers will gather in Manila, the Philippines. The region is struggling to assess and plan accordingly from the Iran conflict and will focus heavily on the war. They will also discuss policy proposals to generate growth in ASEAN.

Economic & Financial Reports/Events –

· Japan Overtime Pay (January)/ Current Account (January)/ Bank Lending (February)/ Coincident Index (January)/ Eco Watchers Survey Outlook (February)/ Leading Economic Index (January)

· China Inflation Rate (February)/ PPI (February)/ Chinese People's Political Consultative Conference/ National People’s Congress

· Indonesia Consumer Confidence (February)

· Taiwan Imports/ Exports/ Balance of Trade (February)

· Singapore Foreign Exchange Reserves (February)

· Pakistan Interest Rate Decision/ Balance of Trade (February)

Europe

Political/Social Events –

· The Eurogroup meets in Brussels. Ministers will discuss energy prices and impact on the Euro area economy, the digital finance workstream, macroeconomic development in the Euro area, an assessment of the Belgian draft budgetary plan for 2026 and prepare for the upcoming Euro Summit on March 19 & 20.

· The EU Employment, Social Policy, Health and Consumer Affairs Council (Social Policy) meets in Brussels. Ministers will discuss investing in children, Human Capital, quality jobs and AI, and how to break the poverty cycle.

· In Portugal, José Seguro is sworn in as president.

· NATO will hold “Cold Response 2026,” a military exercise being held in arctic Norway, running through March 19.

· The 2nd Nuclear Energy Summit will begin in Paris, France.

· Commonwealth Day service at Westminster Abbey marking the annual celebration of the Commonwealth of Nations. King Charles and Queen Camilla, and the Prince and Princess of Wales, are expected to attend.

Economic & Financial Reports/Events –

· European Central Bank Chief Economist Frank Elderson gives remarks at the Network for Greening the Financial System (NGFS) annual plenary meeting hosted by the South African Reserve Bank in Pretoria, South Africa.

· Germany Factory Orders (January)/ Industrial Production (January)

· Slovakia Construction Output (January)

· Switzerland Consumer Confidence (February)

· Euro Area ECB Elderson Speech/ ECOFIN Meeting

· Hungary Budget Balance (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia GDP Growth Rate Q4

· Israel Business Confidence (February)/ Foreign Exchange Reserves (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Angola Inflation Rate (February)

Tuesday, March 10, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· President Trump will host Philippine President Ferdinand Marcos at the White House to discuss bilateral trade and regional security issues.

· US Presidential Envoy’s Stephen Witkoff and Jared Kushner are expected to travel to Israel for meetings with Prime Minister Benjamin Netanyahu to discuss the Iran situation.

· Ontario Finance Minister Peter Bethlenfalvy gives his annual pre-budget speech at the Empire Club of Canada.

· The US Nuclear Regulatory Commission holds its 38th annual Regulatory Information Conference through March 12.

Economic & Financial Reports/Events –

· USA NFIB Business Optimism Index (February)/ ADP Employment Change Weekly/ Redbook (March/07)/ Existing Home Sales (February)/ API Crude Oil Stock Change (March/06)

· El Salvador PPI (February)

· EARNINGS: Domino’s Pizza, Oracle, NioNTech

Asia

Political/Social Events –

· Philippine President Ferdinand Marcos Jr. visits New York until Wednesday. He will participate in a series of high-level engagements, including an address before a special session of the United Nations' General Assembly.

· South Korea and the U.S. will hold their annual Freedom Shield military drills, which involve large-scale live defensive training exercises, until March 19. In previous years, regional tensions have sometimes spiked during the exercises, as North Korea condemns them as rehearsal for an invasion, and past military maneuvers have sparked clashes in border areas.

Economic & Financial Reports/Events –

· South Korea GDP Growth Rate Q4

· Australia Westpac Consumer Confidence Index (March)/ NAB Business Confidence (February)/ Building Permits (January)/ Private House Approvals (January)

· Japan Household Spending (January)/ Average Cash Earnings (January)/ GDP Growth Annualized Q4/ GDP Price Index Q4/ Machine Tool Orders (February)

· China Imports/ Exports/ Balance of Trade (January-February)/ Chinese People's Political Consultative Conference/ National People’s Congress

· Indonesia Retail Sales (January)

· Malaysia Industrial Production (January)

· Kazakhstan PPI (February)

· EARNINGS: Jardine Matheson

Europe

Political/Social Events –

· The EU Economic and Financial Affairs Council meets in Brussels. Ministers will discuss savings and investment union, economic governance, and recovery and resilience in the financial sector.

Economic & Financial Reports/Events –

· ECB Governing Council members Gediminas Simkus and Madis Muller join a roundtable discussion on “Baltic Economic Resilience” at Lietuvos Banks in Vilnius, Lithuania.

· Great Britain BRC Retail Sales Monitor (February)

· Ireland Construction PMI (February)

· Germany Imports/ Exports/ Balance of Trade (January)

· Turkey Industrial Production (January)

· Hungary Inflation Rate (February)

· France Imports/ Exports/ Balance of Trade (January)/ Current Account (January)

· Slovakia Industrial Production (January)

· Italy PPI (January)

· Slovenia Industrial Production (January)

· Greece Balance of Trade (January)/ Industrial Production (January)/ Inflation Rate (February)

· Ukraine Inflation Rate (February)

· Belarus Inflation Rate (February)

· EARNINGS: Volkswagen, Hugo Boss, Lindt

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Industrial Production (January)

· Israel GDP Growth Annualized 2nd Est Q4

· EARNINGS: Saudi Aramco

Africa

Political/Social Events –

· The Africa Forex Trading Expo begins in Nairobi, Kenya and runs through March 11.

· The Africa CISO Summit in Nairobi, Kenya begins and runs through March 11.

Economic & Financial Reports/Events –

· South Africa GDP Growth Rate Q4

· Egypt Inflation Rate (February)

· Mozambique Inflation Rate (February)

· Ethiopia Inflation Rate (February)

· Tanzania Inflation Rate (February)

Wednesday, March 11, 2026

Global

· The International Energy Administration’s Monthly Oil Report is released.

· OPEC releases its monthly report.

· Today is the 150th anniversary of Alexander Graham Bell speaking for the first time on the telephone.

Americas

Political/Social Events –

· Chile's new president, Jose Antonio Kast, will be sworn into office.

· The Inter-American Development Bank Group Annual meeting takes place in Asuncion.

· The US Infrastructure Summit takes place in Washington, D.C. Transportation Secretary Sean Duffy, Energy Secretary Chris Wright and a number of members of Congress will attend.

Economic & Financial Reports/Events –

· Federal Reserve Vice Chair for Supervision Michelle W. Bowman gives a speech on supervision and regulation at the American Bankers Association Washington Summit, Washington, D.C.

· USA MBA Mortgage Market Index (March/06)/ MBA Purchase Index (March/06)/ Inflation Rate (February)/ CPI (February)/EIA Crude Oil & Gasoline Stocks Change (March/06)/ Monthly Budget Statement (February)

· Brazil Retail Sales (January)

· Peru Balance of Trade (January)

· EARNINGS: Hill & Smith

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Japan PPI (February)

· Philippines Foreign Direct Investment (December)

· Malaysia Unemployment Rate (January)

· India M3 Money Supply (February/28)

· China Vehicle Sales (February)/ National People’s Congress

· Thailand Monetary Policy Meeting Minutes

· EARNINGS: Cathy Pacific

Europe

Political/Social Events –

· There will be an informal meeting of EU Defense Ministers in Brussels through March 12th.

Economic & Financial Reports/Events –

· European Central Bank Vice President Luis de Guindos participates in a fireside chat at the 32nd Encuentro del Sector Financiero organized by ABC and Deloitte in Madrid, Spain.

· European Central Bank Board Member Isabel Schnabel gives a guest lecture at the Frankfurt School of Finance and Management Centre for Central Banking in Frankfurt, Germany.

· Bank of England Deputy Governor Sarah Breeden speaks in a House of Lords Financial Services Regulation Committee hearing on stablecoins.

· Germany Inflation Rate (February)

· Romania Retail Sales (January)

· Turkey Retail Sales (January)

· Slovakia Balance of Trade (January)

· Spain Retail Sales (January)

· Hungary Monetary Policy Meeting Minutes

· Russia Corporate Profits (December)

· EARNINGS: Rheinmetall, Legal & General, Kloeckner & Co, London Gatwick Airport

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Consumer Confidence (February)

· Jordan Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Ghana GDP Growth Rate Q4

Thursday, March 12, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Federal Vice Chair for Supervision Michelle W. Bowman gives a speech on Basel III and Bank Capital Rules at the Cato Institute in Washington, D.C.

· Brazil Inflation Rate (February)

· Canada Imports/ Exports/ Balance of Trade (January)/ Building Permits (January)/ New Motor Vehicle Sales (January)/ Wholesale Sales (January)

· USA Housing Starts (January)/ Building Permits (January)/ Imports/ Exports/ Balance of Trade (January)/ Goods Trade Balance Adv (January)/ Initial Jobless Claims (March/07)/ EIA Natural Gas Stocks Change (March/06)/15- & 30-Year Mortgage Rate (March/12)/ Fed Balance Sheet (March/11)

· Argentina Inflation Rate (February)

· Peru Interest Rate Decision

· EARNINGS: Adobe, Computacenter, Dollar General

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· New Zealand Manufacturing Sales Q4

· Japan BSI Large Manufacturing Q1/ Foreign Bond Investment (March/07)/ Stock Investment by Foreigners (March/07)

· Australia Consumer Inflation Expectations (March)

· Malaysia Retail Sales (January)

· India Inflation Rate (February)/ Passenger Vehicles Sales (February)

· Thailand Consumer Confidence (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· The European Central Bank enters its quiet period in advance of the March 18 – 19 rate-setting meeting.

· Bank of England Governor and Financial Stability Board Chair Andrew Bailey gives opening remarks at the Financial Stability Board Payments Summit in London.

· Bank of England Director Vickey White speaks at the Connect Global Group’s 4th Annual Treasury and Capital markets Forum in London.

· ECB Governing Council member Francois Villeroy de Galhau speaks on financial stability at Bloomberg’s Future of Finance summit in Paris, France.

· Great Britain RICS House Price Balance (February)

· Romania Balance of Trade (January)

· Turkey Current Account (January)/ TCMB Interest Rate Decision/ Overnight Borrowing Rate (March)/ Overnight Lending Rate (March)/ Foreign Exchange Reserves (March/06)

· France IEA Oil Market Report

· Ireland Inflation Rate (February)

· Serbia Inflation Rate (February)/ Interest Rate Decision

· EARNINGS: Swiss Re, BMW, TP ICAP, Vivendi, RWE, Savills, Helios Towers

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (February)

Africa

Political/Social Events –

· Mauritius celebrates Independence Day.

· The Nigeria Solar Forum is being held in Lagos, Nigeria.

· The PanAfrican Tourism Board hosts a conference in Johannesburg, South Africa running through March 14.

Economic & Financial Reports/Events –

· South Africa Current Account Q4/ Gold Production (January)/ Mining Production (January)/ Manufacturing Production (January)

· Angola Interest Rate Decision

Friday, March 13, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Bolivian President Rodrigo Paz will meet with Brazilian President Luiz Inacio Lula da Silva.

· Colombian President Gustavo Petro and interim Venezuelan President Delcy Rodriguez plan to meet in the border city of Cucuta, Colombia.

Economic & Financial Reports/Events –

· Mexico Industrial Production (January)

· Canada Unemployment Rate (February)/ Employment Change (February)/ Participation Rate (February)/ Average Hourly Wages (February)/ Capacity Utilization Q4/ Manufacturing Sales (January)

· USA Personal Income (January)/ Personal Spending (January)/ PCE Price Index (January)/ JOLTs Job Openings (January)/ Michigan Current Conditions (March)/ Baker Hughes Oil Rig Count (March/13)

· Colombia Consumer Confidence (February)

· Paraguay Balance of Trade (February)

· EARNINGS: Lennar

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· New Zealand Business NZ PMI (February)/ Visitor Arrivals (January)

· Philippines Unemployment Rate (January)

· Singapore Unemployment Rate Q4

· Hong Kong Industrial Production Q4

· India Bank Loan Growth (February/28)/ Deposit Growth (February/28)/ Foreign Exchange Reserves (March/06)

· Indonesia Car Sales (February)

· Kazakhstan GDP (February)

Europe

Political/Social Events –

· German Chancellor Friedrich Merz meets with Norwegian Prime Minister Jonas Gahr Støre in North Norway.

Economic & Financial Reports/Events –

· Germany Wholesale Prices (February)/ Current Account (January)

· Romania Industrial Production (January)/ Inflation Rate (February)

· Great Britain GDP (January)/ Goods Trade Balance (January)/ Construction Output (January)/ Balance of Trade (January)/ Industrial Production (January)/ Manufacturing Production (January)/ NIESR Monthly GDP Tracker (February)

· Hungary Construction Output (January)/ Industrial Production (January)

· France Inflation Rate (February)

· Slovakia Inflation Rate (February)

· Spain Inflation Rate (February)

· Italy Industrial Production (January)

· Poland Inflation Rate (February)

· Euro Area Industrial Production (January)

· Greece Construction Output Q4

· Serbia Balance of Trade (January)

· Russia Balance of Trade (January)/ Inflation Rate (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Saturday, March 14, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The U.S. National Energy Dominance Council, a body created by U.S. President Donald Trump to boost American energy production, will co-host the two-day Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo. Nearly a dozen Indo-Pacific countries are expected to attend the event, which will include a behind-closed-doors ministerial meeting.

Economic & Financial Reports/Events –

· China New Yuan Loans (February)/ M2 Money Supply (February)/ Outstanding Loan Growth (February)/ Total Social Financing (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, March 15, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Treasury Secretary Scott Bessent meets with Chinese Vice Premier He Lifeng in Paris, France to discuss President Trump’s upcoming trip to China in April.

· The Academy Awards are held in Los Angeles.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Vietnam holds parliamentary elections.

· North Korea holds parliamentary elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Belarus celebrates Constitution Day.

· France holds regional elections including the first round of mayoral elections.

· The UK celebrates Mothering Day.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Inflation Rate (February)/ Wholesale Prices (February)

· Israel Inflation Rate (February)

· Jordan Industrial Production (January)

Africa

Political/Social Events –

· The Republic of the Congo holds presidential elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 3/6/26 Francis Kelly 3/6/26

U.S. Financial Regulatory Week Ahead

The Senate Moves Closer to Passing Landmark Housing Legislation, and the Federal Reserve Continues to Battle the Justice Department Over the Powell Investigation

March 2 - 6, 2026

Washington is enjoying another snowy day (ok – not really, we are sick of it). But Congress is busy this week as the Senate Banking Committee votes this evening on historical bipartisan housing legislation.

The bill aims to increase affordable housing by reforming zoning, streamlining federal permitting, expanding the HOME Investment Partnerships program, and strengthening rural housing programs.

The legislation was passed by the House of Representatives in December. President Trump is expected to sign the legislation once it is passed by the Senate.

Also this week, SEC Chair Paul Atkins will be joining with CFTC Chair Michael Selig on Tuesday at the Milken Institute’s Future of Finance 2026 Conference in Washington, D.C. The conference features a powerhouse lineup of speakers, including White House Economic Advisor Kevin Hassett, House Financial Services Committee Chair Representative French Hill, and Housing and Urban Development Secretary Scott Turner.

Meanwhile, new reports suggest the ongoing criminal investigation by the Justice Department into Federal Reserve Board Chair Jay Powell for allegedly lying in testimony before the Senate Banking Committee is not going away. Politico and the Wall Street Journal reported late last week that the Federal Reserve is battling the Justice Department in federal court over a grand jury subpoena. The matter is now before a federal judge, and it is unclear when a ruling will be issued.

The entire situation has angered members of the Banking Committee – especially Republican members, including Committee Chair, Senator Tim Scott (R-SC) – who strongly dispute that Powell lied to the committee and are bewildered as to why the investigation is even taking place. Moreover, committee member Senator Tom Tillis (R-NC) has said he will block the confirmation of Federal Reserve Board Chair-nominee Kevin Warsh until the case is dismissed.

Next week, we note that both the American Bankers Association (March 9 -11) and the Institute for International Bankers(March 8 – 10) are holding their annual conferences. Washington will be awash in bankers! More in next week’s edition.

Below is the full report on financial regulatory-related events this week. Please let us know if you have any questions.

U.S. Congressional Hearings

U.S. Senate

· Wednesday, March 4, 10:30 a.m. – The Joint Economic Committee holds a hearing on "Evaluating the U.S. Competitiveness and Investment Advantages of a Destination-Based Cash Flow Tax."

House of Representatives

· Wednesday, March 4, 10:00 a.m. – The House Financial Services Committee holds a mark-up hearing on five pieces of legislation. You can see which bills and which amendments are under consideration HERE.

· Thursday, March 5, 10:00 a.m. – The House Financial Services Committee’s Subcommittee will hold a hearing entitled “Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions.”

· Thursday, March 5, 2:00 p.m. – The House Financial Services Committee’s Capital Markets Subcommittee will hold a meeting entitled “The Role of Self-Regulatory Organizations in U.S. Markets: Examining FINRA (Financial Industry Regulatory Authority) and the MSRB (Municipal Securities Rulemaking Board)."

Federal Department & Regulatory Agency Meetings & Events

The White House

· Nothing significant to report.

Federal Reserve Board and Federal Reserve Banks

· Tuesday, March 3, 9:55 a.m. –New York Federal Reserve Bank President John Williams speaks before the ACU Governmental Affairs Conference 2026 organized by America's Credit Unions.

· Tuesday, March 3, 11:55 a.m. – Minneapolis Federal Reserve Bank President Neel Kashkari participates in a conversation before the 2026 Bloomberg Invest Conference.

· Thursday, March 5, 10:00 a.m. – Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman speaks virtually at the “Navigating What’s Next: Perspective on the Economy & Innovation.”

· Friday, March 6, 1:30 p.m. – Cleveland Federal Reserve Bank President Beth Hammack participates in “On the Safe-haven Status of the Dollar" panel before the 2026 U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business.

U.S. Treasury Department

· Friday, March 6, Noon – US Treasury Secretary Scott Bessent delivers a keynote address at the SIEPR Economic Summit at Stanford University, Stanford, California.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Tuesday, March 3, 9:00 a.m. – SEC Chair Paul Atkins will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by CFTC Chairman Michael Selig, and the conversation will focus on modernizing market regulation.

· Wednesday, March 4, 1:00 p.m. – The SEC will hold a Private Market Roundtable to discuss “governance, valuation, and other considerations with the aim of promoting responsible retailization.”

· Thursday, March 5, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

· Tuesday, March 3, 9:00 a.m. – CFTC Chair Michael Selig will participate in the opening plenary of the Milken Institute's Future of Finance 2026 event in Washington D.C. He will be joined by SEC Chair Paul Atkins, and the conversation will focus on modernizing market regulation.

Federal Deposit Insurance Corporation

· Nothing significant to report.

Office of the Comptroller of the Currency

· Nothing significant to report.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

FINRA

· There are no significant events scheduled at this time.

National Credit Union Administration

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit System Insurance Corporation

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Sunday – Thursday, March 1 – 5 – The Government Affairs Conference 2026, the largest and most influential government relations conference for the credit union industry, runs through March 5th in Washington, D.C. New York Federal Reserve Bank President & CEO John Williams will speak.

Think Tanks and Other Events

· Monday, March 2, 1:00 p.m. – The New America holds a virtual discussion entitled "A Quarter of U.S. Homes Cost Under $200,000. Why Can't Families Buy Them?

· Wednesday, March 4, 11:00 a.m. – The Bipartisan Policy Center holds a discussion on "Is Homeownership Still Part of the American Dream?"

Please let us know if you have any questions or would like to be added to our email distribution list.

Francis Kelly 3/2/26 Francis Kelly 3/2/26

The Global Week Ahead

The US Goes to War Against Iran, China’s 14th National People’s Congress Holds Its 4th Session, Canada’s Carney Travels to India, and Markets Focus on US Jobs Numbers and ECB Speeches

March 1 - 8, 2026

In our last Global Week Ahead, we suggested we were likely to live through a historic week. With the US and Israeli massive attack on Iran, the killing of Iranian Supreme Leader Ayatollah Khamenei and a large number of senior Iranian leaders, the Middle East is now forever changed. At the time of this writing, more than 2,000 military targets have been hit inside Iran – including the destruction of most of its navy. In response, Iran has lashed out, firing ballistic missiles and drones, striking eleven countries (Israel, Bahrain, Cyprus, Iraq, Jordan, Kuwait, Qatar, Saudi Arabia, Syria, the United Arab Emirates, and Oman).

As to how long the conflict lasts is anyone’s guess, as no new popular uprising against the Iranian regime has begun (yet), and how the regime would be replaced and who would lead is completely unclear. And the longer-term impact on oil and gas prices is very much in flux, dependent on the length and impact of the conflict.

Elsewhere in the world, China begins its People’s Political Consultative Conference on Wednesday and its National People’s Congress (NPC) on Thursday – otherwise known as the “Two Sessions” legislative term. Both events are taking place in Beijing and will formalize the 15th Five-Year Plan for economic policy through 2030.

Markets will be watching the Sessions to expand debt-funded social spending and boost domestic consumption to balance China’s massive reliance on exports. Politically, in the wake of the large number of senior military officers being purged and arrested in recent weeks and months (nine more senior generals were removed just last week, bringing the total to more than 200 in the last year), Chinese President Xi Jinping is likely to unveil a small cadre of new military leaders.

Here in the US, President Trump will be holding three high-level meetings this week, starting with a bilateral meeting with Brazilian President Luiz Inácio Lula da Silva (Lula) at the White House. Trump and Lula have often verbally sparred over the years, and the meeting is an attempt to improve relations and discuss trade. The US and Brazil traded more than $95 billion in goods and services in 2025, with the US selling more than $55 billion to Brazil (up almost 11% from 2024).

Then on Tuesday, German Chancellor Friedrich Merz visits with Trump at the White House. The two leaders are expected to discuss the status of EU-US trade negotiations and Merz’s meetings last week with Chinese President Xi. The European Parliament has put on hold the US – EU trade process in the wake of President Trump slapping the EU with 10% tariffs following the Supreme Court’s recent decision striking down Trump’s use of IEEPA (the International Emergency Economic Powers Act). Merz is hoping to serve as a mediator to the impasse.

Finally, President Trump will host a number of Latin American leaders at Mar-a-Lago on Saturday. Details on the exact agenda are still hazy, but confirmed attendees include Mexican President Claudia Sheinbaum, Argentinian President Javier Milei, El Salvadorian President Nayib Bukele, Paraguayan President Santiago Peña, Ecuadorian President Daniel Noboa, Bolivian President Rodrigo Paz, and Honduran President Tito Asfura.

The summit comes ahead of Trump’s visit to China in April and is likely to focus on China’s investments and influence in the Hemisphere, and on how the US is increasingly willing to compete. The meeting also comes after last month’s military operation in Venezuela, taking out President Nicolás Maduro and his wife, and a meeting in early January hosted by US Chairman of the Joint Chiefs of Staff General Dan Caine for defense chiefs and senior military officials from 34 Western Hemisphere countries

Elsewhere, Canadian Prime Minister Mark Carney will be in Asia this week. The most important set of meetings will be with Indian Prime Minister Narendra Modi, during which the two leaders will discuss bilateral trade, energy, and critical minerals. But the meeting is also being seen as a major reset between the two countries following allegations made by former Canadian Prime Minister Justin Trudeau in 2023 that the Indian government was responsible for the assassination of Sikh separatist leader Hardeep Singh Nijare in Canada. Carney will also travel to Australia and Japan for meetings mostly focused on trade, critical minerals, energy, and mutual security issues.

Looking at the global economic and financial radar screen this week, markets will be largely focused on the US jobs report that comes out on Friday. The release comes after the ISM Indices on Monday, and the Federal Reserve publishes the Beige Book on Wednesday.

Turning to Europe, European Central Bank (ECB) President Christine Lagarde will give several speeches this week, as will a number of ECB board members. In terms of economic releases, February inflation prints for the Eurozone, Italy, Switzerland, and Sweden are on Thursday. The big event in the UK this week will be Chancellor Rachel Reeves delivering the Spring Statement on the budget and economy on Tuesday.

In Asia, aside from the Two Sessions discussed above, markets are looking to China’s February PMIs, due on Wednesday. And in Japan, the Ministry of Finance (MoF) releases the Q4 Financial Statements Statistics of Corporations on Tuesday, the February consumer sentiment index on Wednesday, and the Shunto wage demands (the annual synchronized wage negotiations held every February and March between labor unions and employers) are presented on Tuesday.

Finally, we are still working through earnings season, with tech powerhouse Broadcom reporting on Wednesday and wholesaling giant Costco reporting on Thursday (which may provide interesting indicators of the impact of the Supreme Court’s decision on IEEPA and overall trade policy on costs).

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, March 1, 2026

Global

· OPEC is scheduled to meet virtually to discuss oil prices.

· The U.S. takes the rotating chair of the UN Security Council for the month of March.

· Today is the first day of the meteorological spring in the Northern Hemisphere.

Americas

Political/Social Events –

· Canadian Prime Minister Mark Carney travels to India for meetings with Prime Minister Narendra Modi.

· Beijing is expected to lower tariffs on Canadian canola seed from about 85 per cent to 15 per cent.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· South Korean President Lee Jae Myung will visit Singapore through March 3.

Economic & Financial Reports/Events –

· South Korea Imports/ Exports/ Balance of Trade (February)

Europe

Political/Social Events –

· There was an informal video conference of EU Foreign Ministers to discuss the situation in Iran and broader Middle East.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, March 2, 2026

Global

· The International Atomic Energy Agency begins board meetings in Vienna, Austria.

· The OECD Financial Markets Week Spring 2026 begins in Paris, with senior government officials, central bankers and financial regulators meeting to discuss recent market developments and new policy proposals.

· The Jewish holiday of Purim, remembering the time of the biblical character Esther, begins this evening, continuing tomorrow.

Americas

Political/Social Events –

· President Donald Trump is scheduled to meet Brazilian President Luiz Inácio Lula da Silva (Lula) at the White House. The two leaders – who have been sparring with each other for years, particularly as Trump has defended Lula’s political rival, former President Jair Bolsonaro – are expected to discuss how to improve bilateral relations. Specifically, the two presidents are expected to discuss critical minerals, agriculture, and trade in general as well as the situation in Venezuela.

· The U.S. Supreme Court could announce a decision on if Donald Trump can appeal E. Jean Caroll case verdict.

· Canadian Prime Minister Mark Carney will visit Australia through March 6.

Economic & Financial Reports/Events –

· Bank of Canada Deputy Governor Sharon Kozicki gives remarks at a conference hosted by Norges Bank in Oslo.

· Chile IMACEC Economic Activity (January)

· Mexico Business Confidence (February)/ S&P Global Manufacturing PMI (February)

· Brazil S&P Global Manufacturing PMI (February)/ BCB Focus Market Readout

· Canada S&P Global Manufacturing PMI (February)

· USA S&P Global Manufacturing PMI (February)/ ISM Manufacturing PMI (February)/ ISM Manufacturing Prices/ New Orders/ Employment (February)

· Colombia Davivienda Manufacturing PMI (February)

· Peru Inflation Rate (February)

· Argentina Tax Revenue (February)

· EARNINGS: ADT, SELAEDAIR, AES

Asia

Political/Social Events –

· Indian Prime Minister Narendra Modi and his Canadian counterpart Mark Carney are set to hold talks in New Delhi, where they are expected to review progress in bilateral ties and take stock of cooperation in areas such as trade and investment, energy, critical minerals and innovation. They will also exchange views on regional and global developments. Carney's India visit, the first leg of a three-nation trip that will also take him to Australia and Japan, comes amid a normalization of bilateral ties, which witnessed serious strains during the tenure of his predecessor, Justin Trudeau, due to a diplomatic spat over the murder of a Sikh separatist.

· Malaysia will decide on constitutional amendments with a bill to limit the prime minister's tenure to two terms, alongside efforts to separate the roles of attorney general and public prosecutor. The twin reforms aim to address long-standing concerns over concentration of executive power and prosecutorial independence. If passed, the changes would mark one of the most significant recalibrations of Malaysia's executive-legal architecture since independence.

· The Philippine House of Representatives' justice committee will deliberate on the merits of impeachment complaints made against Duterte.

Economic & Financial Reports/Events –

· Bank of Japan Deputy Governor Ryozo Himino speaks to a group of local leaders in Wakayama, Japan.

· Reserve Bank of Australia Assistant Governor Sarah Hunter speaks at a conference hosted by Norges Bank in Oslo.

· Australia S&P Global Manufacturing PMI (February)/ TD-MI Inflation Gauge (February)/ Cotality Dwelling Prices (February)/ Company Gross Profits Q4/ Business Inventories Q4/ ANZ-Indeed Job Ads (February)/ Commodity Prices (February)

· Indonesia S&P Global Manufacturing PMI (February)/ Imports/ Exports/ Balance of Trade (January)/ Inflation Rate (February)/ Tourist Arrivals (January)

· Japan S&P Global Manufacturing PMI (February)/ ANZ-Indeed Job Ads (February)

· Malaysia S&P Global Manufacturing PMI (February)

· Philippines S&P Global Manufacturing PMI (February)

· Taiwan S&P Global Manufacturing PMI (February)

· Thailand S&P Global Manufacturing PMI (February)

· Vietnam S&P Global Manufacturing PMI (February)

· India HSBC Manufacturing PMI (February)/ Industrial Production (January)/ Manufacturing Production (January)

· Singapore SIPMM Manufacturing PMI (February)

· Kazakhstan Inflation Rate (February)

· China FDI (YTD) (January)

· Sri Lanka PPI (January)

Europe

Political/Social Events –

· There will be an informal meeting of the EU General Affairs Council through March 3.

· MWC Barcelona, the largest mobile telecoms event in the world, opens at the city’s main conference space Fira Gran Via, running until Thursday.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives gives welcoming remarks at International Women's Day "Closing the Financial Literacy" event in Frankfurt, Germany.

· European Central Bank Chief Economist Frank Elderson participates in a fireside chat the annual conference of the Spanish Centre for Sustainable and Responsible Finance (FINRESP) in Madrid, Spain.

· Bank of England External Member of the Monetary Policy Committee Alan Taylor gives a speech entitled “Getting the Right Directions” at a conference hosted by Norges Bank in Oslo

· European Central Bank Governing Council member Olaf Sleijpen to present keynote address at the University of Groningen in the Netherlands.

· Ireland AIB Manufacturing PMI (February)/ Inflation Rate (February)

· Russia S&P Global Manufacturing PMI (February)

· Germany Retail Sales (January)/ HCOB Manufacturing PMI (February)/ Bundesbank Nagel Speech

· Turkey GDP Growth Rate Q4/ Istanbul Chamber of Industry Manufacturing PMI (February)

· Great Britain Nationwide Housing Prices (February)/ BoE Consumer Credit (January)/ Mortgage Lending & Approvals (January)/ M4 Money Supply (January)/ Net Lending to Individuals (January)/ S&P Global Manufacturing PMI (February)/ BoE Taylor Speech

· Hungary Balance of Trade (January)/ HALPIM Manufacturing PMI (February)

· Switzerland Retail Sales (January)/ procure.ch Manufacturing PMI (February)

· Poland S&P Global Manufacturing PMI (February)/ GDP Growth Rate Q4

· Spain HCOB Manufacturing PMI (February)

· Italy HCOB Manufacturing PMI (February)/ Full Year GDP Growth 2025/ Government Budget 2025

· France HCOB Manufacturing PMI (February)

· Euro Area HCOB Manufacturing PMI (February)/ ECB Elderson Speech/ ECB President Lagarde Speech

· Greece S&P Global Manufacturing PMI (February)

· Serbia GDP Growth Rate Q4

· Ukraine Current Account (January)

· EARNINGS: Bank of Ireland, Bunzl

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· The Inspire Africa Product Tour, bringing together builders and founders from across the continent, begins in Nairobi, Kenya.

· The Infrastructure Africa conference takes place in Cape Town, South Africa.

Economic & Financial Reports/Events –

· Nigeria Stanbic IBTC Bank Nigeria PMI (February)

· South Africa ABSA Manufacturing PMI (February)/ Total New Vehicle Sales (February)

· Egypt M2 Money Supply (January)

Tuesday, March 3, 2026

Global

· A total lunar eclipse will be visible across Asia, Australia, the Pacific Islands and the Americas.

Americas

Political/Social Events –

· President Donald Trump set to host German Chancellor Friedrich Merz at the White House.

· Texas holds primaries elections. Voters will choose nominees for Senate midterm elections in November as well as statewide offices including governor, lieutenant-governor, comptroller and attorney-general. Four seats on the Texas Supreme Court are also up for election, along with all 150 seats in the Texas House and 16 seats in the Texas Senate. It follows a Supreme Court ruling last year, allowing a Texas electoral map that favors Republicans.

· There will also be primary elections in Arkansas, California, Florida, Iowa, Kansas, Maine, North Carolina, New Mexico, South Carolina, Virginia, and Vermont.

· Homeland Security Secretary Kristi Noem is scheduled to testify before the Senate Judiciary Committee.

· The Bloomberg Invest Conference begins and runs through March 4. Apollo CEO Marc Rowan and Minneapolis President & CEO Neel Kashkari are scheduled to speak.

Economic & Financial Reports/Events –

· New York Federal Reserve Bank President John Williams speaks before the ACU Governmental Affairs Conference 2026 organized by America's Credit Unions.

· Minneapolis Federal Reserve Bank President Neel Kashkari participates in conversation before the 2026 Bloomberg Invest Conference.

· Brazil IPC-Fipe Inflation (February)/ GDP Growth Rate Q4/ Net Payrolls (January)

· USA LMI Logistics Managers Index (February)/ Redbook (February/28)/RCM/TIPP Economic Optimism Index (March)API Crude Oil Stock Change (February/27)

· Colombia Exports (January)

· Uruguay Unemployment Rate (January)

· Mexico Foreign Exchange Reserves (January)

· EARNINGS: Target, BestBuy, CrowdStrike

Asia

Political/Social Events –

· South Korean President Lee will travel to the Philippines to meet with President Marcos.

Economic & Financial Reports/Events –

· Bank of Japan Governor Kazuo Ueda speaks at the FIN/SUM 2026 Conference.

· Reserve Bank of Australia Michele Bullock speaks at the AFR Business Summit in Sydney.

· Australia Building Permits (January)/ Current Account Q4/ Net Exports Contribution to GDP Q4/ Private House Approvals (January)

· New Zealand Building Permits (January)/ Global Dairy Trade Price Index (March/03)

· Japan Unemployment Rate (January)/ Jobs/applications ratio (January)/ Capital Spending Q4/ Monetary Base

· South Korea S&P Global Manufacturing PMI (February)

· Philippines Budget Balance DEC

· Thailand Business Confidence (February)

· Pakistan Inflation Rate (February)/ Wholesale Prices (February)

· China Chinese People's Political Consultative Conference

Europe

Political/Social Events –

· Pakistan Prime Minister Shariff will travel to Moscow to meet with Russian President Vladimir Putin.

· UK Chancellor Rachel Reeves delivers her Spring Statement, outlining the latest economic and fiscal outlook.

Economic & Financial Reports/Events –

· European Central Bank Governing Council member Martin Kocher speaks at the OeNB Women’s Forum in Vienna.

· Great Britain BRC Shop Price Inflation (February)/ Spring Economic Statement

· Romania PPI (January)

· Turkey Inflation Rate (February)/ PPI (February)

· Hungary GDP Growth Rate Q4

· France Budget Balance (January)

· Slovakia Real Wages Q4

· Spain Unemployment Change (February)/ New Car Sales (February)

· Euro Area Inflation Rate Flash (February)/ CPI Flash (February)

· Greece Unemployment Rate (January)

· Italy Inflation Rate (February)/ New Car Registrations (February)

· EARNINGS: Thales

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Saudi Arabia Riyadh Bank PMI (February)

· Jordan PPI (January)

Africa

Political/Social Events –

· South Africa will host the Africa Energy Indaba Conference in Cape Town, South Africa and goes through March 5.

· The SiGMA Conference, focused on internet gaming, begins in Cape Town, South Africa, and goes through March 5.

Economic & Financial Reports/Events –

· Egypt S&P Global PMI (February)

Wednesday, March 4, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Bank of Canada Governor Tiff Macklem speaks at a Global Risk Institute event in Toronto.

· Brazil PPI (January)/ S&P Global Services PMI (February)/ S&P Global Composite PMI (February)

· The Federal Reserve releases its Beige Book.

· USA MBA Mortgage Market Index (February/27)/ ADP Employment Change (February)/ S&P Global Composite & Services PMI (February)/ ISM Services PMI (February)/ EIA Crude Oil & Gasoline Stocks Change (February/27)/ Total Vehicle Sales (February)

· Canada Labor Productivity Q4/ S&P Global Composite & Services PMI (February)

· Paraguay Inflation Rate (February)

· Uruguay Inflation Rate (February)

· EARNINGS: Broadcom, Wix

Asia

Political/Social Events –

· The IMF’s Asia in 2050 conference begins in Bangkok and runs through March 6.

· India celebrates Holi, the festival of colors, love, and spring. Financial markets are closed.

Economic & Financial Reports/Events –

· New Zealand Import Prices Q4/ Export Prices Q4/ Terms of Trade Q4

· Australia Ai Group Construction/ Manufacturing/ Industry Index (February)/ S&P Global Composite & Services PMI (February)/ GDP Growth Rate Q4/ GDP Capital Expenditure Q4/ GDP Chain Price Index Q4/ GDP Consumption Q4/ RBA Payments System Board Meeting

· South Korea Industrial Production (January)/ Retail Sales (January)

· Hong Kong S&P Global PMI (February)/ Retail Sales (January)

· Japan S&P Global Composite & Services PMI (February)/ Consumer Confidence (February)

· Singapore S&P Global PMI (February)

· China NBS General/ Manufacturing/ Non-Manufacturing PMI (February)/ RatingDog Manufacturing/ Composite/ Services PMI (February)/ Chinese People's Political Consultative Conference/ National People’s Congress

· India HSBC Composite & Services PMI (February)

· Taiwan Export Orders (January)

Europe

Political/Social Events –

· Ukraine and Russia may have another round of talks under the mediation of the US. Through March 5.

· The EU Parliament’s International Trade Committee will meet to discuss the status of the US-EU Trade Deal.

· European Commission expected to announce details of its troubled “Made in Europe” plan, delayed by disagreements in the scope of the scheme.

Economic & Financial Reports/Events –

· European Central Bank Vice President Piero Cipollone participates in a panel discussion at European Investment Bank Group Forum "A strong Europe in a changing world" in Luxembourg.

· European Central Bank Board Member Patrick Montagner gives opening remarks at the IIF Roundtable on Growth and Competitiveness: Enhancing the EU Banking Regulatory Framework in Brussels, Belgium.

· European Central Bank Board Member Luis de Guindos gives introductory remarks at Martin Wolf's lecture "The Crisis of the Liberal World Order" organized in cooperation with the American Academy Berlin in Frankfurt, Germany.

· European Central Bank Governing Council member Madis Muller speaks at the Kite Flight conference in Tallinn, Lithuania.

· European Central Bank Governing Council member Francois Villeroy de Galhau speaks at a roundtable at an OECD conference in Paris, France.

· Swiss National Bank President Martin Schlegel speaks on the nation’s new banknote series in Zurich.

· Ireland AIB Services PMI (February)/ Unemployment Rate (February)

· Russia S&P Global Composite & Services PMI (February)/ Unemployment Rate (January)/ Business Confidence (February)/ Real Wage Growth (December)/ Retail Sales (January)/ GDP (January)

· Romania Unemployment Rate (January)

· Switzerland Inflation Rate (February)

· Spain Tourist Arrivals (January)/ HCOB Composite & Services PMI (February)

· Italy HCOB Composite & Services PMI (February)/ Unemployment Rate (January)/ GDP Growth Rate Q4

· France HCOB Composite & Services PMI (February)/ New Car Registrations (February)

· Germany HCOB Composite & Services PMI (February)/ Bundesbank Balz Speech

· Euro Area HCOB Composite & Services PMI (February)/ Unemployment Rate (January)/ PPI (January)

· Great Britain S&P Global Composite & Services PMI (February)

· Poland Interest Rate Decision (March)

· Turkey Imports/ Exports/ Balance of Trade (February)

· EARNINGS: Adidas, Continental, Mercedes-Benz, Metro Bank

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· United Arab Emirates S&P Global PMI (February)

· Jordan Unemployment Rate Q4

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa S&P Global PMI (February)/ GDP Growth Rate Q4/ Business Confidence Q1

· Egypt Foreign Exchange Reserves (February)

Thursday, March 5, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman speaks virtual at the “Navigating What’s Next: Perspective on the Economy & Innovation.”

· Federal Reserve Bank of Chicago President Austan Goolsbee will deliver brief, non-policy-related remarks at the start of the Foreign Policy Association’s financial services dinner in New York.

· Brazil Unemployment Rate (January)/ Balance of Trade (February)

· Mexico Gross Fixed Investment (December)

· USA Challenger Job Cuts (February)/ Import Prices (January)/ Export Prices (January)/ Initial Jobless Claims (February/28)/ EIA Natural Gas Stocks Change (February/27)/ 15- & 30-Year Mortgage Rate (March/05)/ Fed Balance Sheet (March/04)

· Ecuador Inflation Rate (February)

· Colombia PPI (February)

· EARNINGS: Costco, Kroger, Burlington, Petrobas

Asia

Political/Social Events –

· China begins its annual political meetings known as the Two Sessions, with thousands of delegates (3,000+) gathering in Beijing. The Chinese People's Political Consultative Conference, an advisory body, convenes on Wednesday, before the National People's Congress gets underway on Thursday. This year, the Communist Party will finalize its new five-year plan, charting a course for enhancing technological self-sufficiency, coping with trade tensions and boosting consumer confidence.

· Nepal holds its first parliamentary elections since the youth-led protests in September last year ousted the democratically elected government led by Prime Minister KP Sharma Oli and forced him to resign. Major groups contesting the polls include three traditional parties targeted by Gen Z protesters -- Oli's Communist Party of Nepal (UML), the Nepali Communist Party and the Nepali Congress -- and a new force, the Rastriya Swatantra Party, which seeks to channel public anger over corruption, unemployment and digital repression.

Economic & Financial Reports/Events –

· South Korea Foreign Exchange Reserves (February)

· Japan Foreign Bond Investment (February/28)/ Stock Investment by Foreigners (February/28)

· Australia Imports/ Exports/ Balance of Trade (January)/ Household Spending (January)

· Philippines Inflation Rate (February)

· Thailand Inflation Rate (February)

· Singapore Retail Sales (January)

· Malaysia Interest Rate Decision

· Taiwan Industrial Production (January)/ Retail Sales (January)/ Foreign Exchange Reserves (February)

· China Chinese People's Political Consultative Conference/ National People’s Congress

· Sri Lanka Tourist Arrivals (February)

· EARNINGS: Alibaba

Europe

Political/Social Events –

· The EU Justice and Home Affairs Council (Home Affairs) will meet in Brussels. They will discuss migration issues, security issues, and the EU Drug Strategy.

· There will be an informal meeting of EU Culture Ministers through March 6 in Brussels.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde delivers the 2026 Annual Global Risk Lecture, held in honor of Robert Mundell and organized by Johns Hopkins University in Bologna, Italy.

· European Central Bank Board Member Luis de Guindos participates in a conversation at 2026 IIF European Summit "Securing Growth – Innovating to Compete" in Brussels, Belgium.

· European Central Bank Board Member Sharon Donnery participates on a panel discussion at 2026 IIF European Summit "Securing Growth – Innovating to Compete" in Brussels, Belgium.

· European Central Bank Board Member Pedro Machado gives the introductory dinner speech at the Florence School of Banking and Finance Annual Conference 2026 "The EU Savings and Investments Union" in Florence, Italy.

· Bundesbank President Joachim Nagel presents the German central bank’s 2025 annual report in Frankfurt, Germany.

· The European Central Bank publishes their account of their last monetary policy meeting.

· Hungary Retail Sales (January)

· France Industrial Production (January)/ HCOB Construction PMI (February)

· Slovakia Retail Sales (January)

· Spain Industrial Production (January)

· Switzerland Unemployment Rate (February)

· Euro Area HCOB Construction PMI (February)/ ECB Guindos Speech/ Retail Sales (January)/

· Germany HCOB Construction PMI (February)/ Bundesbank 2025 Annual Report/ Bundesbank Balz Speech

· Italy HCOB Construction PMI (February)/ Retail Sales (January)

· Great Britain New Car Sales (February)/ S&P Global Construction PMI (February)

· Ireland Current Account Q4/ GDP Growth Rate Q4/ GNP Q4

· Serbia PPI (February)

· Turkey Foreign Exchange Reserves (February/27)

· THURSDAY: Reckitt Benckiser, Rentokil Initial, Taylor Wimpey, ITV

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Tourist Arrivals (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Ghana Inflation Rate (February)

Friday, March 6, 2026

Global

· The Milano Cortina Winter Paralympic Games opening ceremony, with competition running through March 15.

Americas

Political/Social Events –

· Canadian Prime Minister Mark Carney will visit Japan through March 7.

Economic & Financial Reports/Events –

· US Treasury Secretary Scott Bessent delivers a keynote address at the SIEPR Economic Summit at Stanford University, Stanford, California.

· Cleveland Federal Reserve Bank President Beth Hammack participates in “On the Safe-haven Status of the Dollar" panel before the 2026 U.S. Monetary Policy Forum sponsored by the University of Chicago Booth School of Business. Also speaking will be San Francisco Federal Reserve Bank President & CEO Mary Daly.

· Chile Inflation Rate (February)

· Brazil Industrial Production (January)/ Car Production (February)/ New Car Registrations (February)

· USA Non-Farm Payrolls (February)/ Unemployment Rate (February)/ Average Hourly Earnings (February)/ Participation Rate (February)/ Government Payrolls (February)/ Manufacturing Payrolls (February)/ Retail Sales (January)/ U-6 Unemployment Rate (February)/ Used Car Prices (February)/ Business Inventories (December)/ Retail Inventories Ex Autos (December)/ Baker Hughes Total Rigs Count (March/06)/ / Consumer Credit Change (January)

· Canada Ivey PMI s.a (February)

· Costa Rica Inflation Rate (February)

· Argentina Industrial Production (January)

· Colombia Inflation Rate (February)

· El Salvador Inflation Rate (February)

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Korea Inflation Rate (February)/ Current Account (January)

· Japan Foreign Exchange Reserves (February)

· Philippines Industrial Production (January)/ Foreign Exchange Reserves (February)

· Vietnam Balance of Trade (February)/ Foreign Direct Investment (February)/ Industrial Production (February)/ Inflation Rate (February)/ Retail Sales (February)/ Tourist Arrivals (February)

· Indonesia Foreign Exchange Reserves (February)

· Kazakhstan Interest Rate Decision

· Thailand Foreign Exchange Reserves (February)

· Taiwan Inflation Rate (February)

· Hong Kong Foreign Exchange Reserves (February)

· India Bank Loan Growth (February/20)/ Deposit Growth (February/20)/ Foreign Exchange Reserves (February/27)

· Australia RBA Hauser Speech

· Pakistan Balance of Trade (February)

· China Chinese People's Political Consultative Conference/ National People’s Congress

Europe

Political/Social Events –

· The EU Justice and Home Affairs Council (Justice) will meet in Brussels. Topics for discussion include the fight against Russian impunity, the EU Charter of Fundamental Rights, and the fight against organized crime.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives a lecture to Renzo Piano students at the Politecnico di Milano in Milan, Italy.

· European Central Bank Board Member Piero Cipollone gives a presentation at the European Banking Federation (EBF) Executive Committee meeting in Frankfurt, Germany.

· European Central Bank Board Member Isabel Schnabel gives a keynote speech at the University of Chicago Booth School of Business' US Monetary Policy Forum in New York.

· Germany Factory Orders (January)/ New Car Registrations (February)

· Romania GDP Growth Rate Q4

· Great Britain Halifax House Price Index (February)/ BBA Mortgage Rate (February)

· Hungary Industrial Production (January)

· France Foreign Exchange Reserves (February)

· Slovakia GDP Growth Rate Q4

· Slovenia Balance of Trade (January)

· Euro Area ECB President Lagarde Speech/ Employment Change Q4/ GDP Growth Rate Q4/ ECB Cipollone Speech/ ECB Schnabel Speech

· Greece GDP Growth Rate Q4

· Poland Foreign Exchange Reserves (February)

· Russia Foreign Exchange Reserves (February)/ Vehicle Sales (February)

· Turkey Treasury Cash Balance (February)

· Switzerland Foreign Exchange Reserves (February)

· Ukraine Foreign Exchange Reserves (February)

· EARNINGS: Lufthansa, Royal London Group

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Foreign Exchange Reserves (February)

Africa

Political/Social Events –

· Today is Independence Day in Ghana.

Economic & Financial Reports/Events –

· South Africa Foreign Exchange Reserves (February)

· Angola Inflation Rate (February)

Saturday, March 7, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· President Donald Trump hosts Latin American leaders in Miami, Florida. Mexican President Claudia Sheinbaum and Ecuadorian President Daniel Noboa are expected to attend.

Economic & Financial Reports/Events –

· Colombia Parliamentary Elections

Asia

Political/Social Events –

· IMF managing director Kristalina Georgieva visits Japan.

Economic & Financial Reports/Events –

· China Chinese People's Political Consultative Conference/ National People’s Congress/ Foreign Exchange Reserves (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, March 8, 2026

Global

· Daylight Saving Time begins in the United States with clocks going forward one hour in each state except Hawaii and Arizona, which do not observe daylight saving time.

Americas

Political/Social Events –

· Colombia holds legislative elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· China Chinese People's Political Consultative Conference/ National People’s Congress

Europe

Political/Social Events –

· The Commonwealth Foreign Ministers Meeting will be held in London.

· Germany will hold state elections in Baden-Wurttemberg.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Francis Kelly 2/27/26 Francis Kelly 2/27/26

The Global Week Ahead

Trump’s Tariff Blow-Up, U.S.-Iran Tensions Spike, German Germany’s Merz Visits Beijing, Mexico Military Moves on Cartels, and Markets Await Nvidia’s Earnings and Central Bank Speeches

February 22 - March 1, 2026

This is going to be one very busy week geopolitically and geoeconomically. Perhaps truly historic when all is said and done, as tensions in Iran, Mexico, and global markets are all at a new peak.

First, at the time of this writing, the Mexican Army, in an unprecedented action, has moved against the country's largest and most dangerous drug cartel, Jalisco New Generation (CJNG), killing its leader, Nemesio Rubén Oseguera Cervantes – otherwise known as “El Mencho “– on the outskirts of Puerto Vallarta.

This has resulted in a large-scale ongoing battle between heavily armed CJNG gunmen and the Mexican Army in and around the city of Puerto Vallarta, including a reported attack by gunmen on the international airport, leading to the airport's closure. Aside from the massive significance of the Mexican government's decision to go after the biggest and most dangerous cartel, perhaps the most interesting news coming out of the take-down of El Mencho is that a U.S. military task force is openly assisting the Mexican Army.

Our view is this is all part of Mexican President Claudia Sheinbaum'sefforts not just to contain an increasingly political threat from cartels but also to show President Trump Mexico is truly committed to not only crack down on illegal immigration but dalso on rug trafficking – the two issues which drove President Trump to slap tariffs on Mexico last year and imperil the renewal of the USMCA trade agreement. We are likely to see other large-scale attacks on other drug kingpins, which are likely to expand the violence elsewhere in Mexico.

Meanwhile, following President Trump's loss at the Supreme Court over the use of the International Emergency Economic Powers Act (IEEPA) to impose global tariffs, the President announced a new set of tariffs to replace what was deemed illegal. But the reality is, Trump's tariff efforts have suffered a major blow, and anything he does now will have a limited time span, as written into law – Trump intends to use Section 122 of the Trade Act of 1974, set at a 15% rate, as the main new tariff. But under that law, it can only be held in place for 150 days. He then intends to use Section 301 under U.S trade law after Section 122 expires. But in both instances, new lawsuits are expected to be brought by businesses, especially since the US Justice Department, in defense of the President's use of IEEPA, argued that using Section 122 would not be legal.

The bottom line is that tariffs are not going away. Still, President Trump has a limited time to use them in the remainder of his presidency, and Republicans in Congress are increasingly getting uneasy about their use and even now opposing Trump, as we saw in a vote in the House of Representatives two weeks ago. And two new polls suggest that 64% of Americans oppose the President's handling of tariffs on imported goods.

We will hear more from the President on Tuesday night when he gives the annual State of the Union Address before Congress.

As all this happens, tensions in the Persian Gulf have ramped up considerably in the last week as President Trump has now given Iran “15 days" to strike a deal with the U.S. or risk being attacked by the largest U.S. Naval force that has been amassed in the region since the first Gulf War. Iran is saying they will be meeting with President Trump's envoys, Steve Witkoff and Jared Kushner, on Friday, but the White House is saying that is contingent on Iranian leaders providing a detailed proposal to the U.S. on how they intend to dismantle and limit their nuclear program and nuclear weapons project. Trump has also indicated he could order an attack on Iran at any time.

In Asia this week, the big event is German Chancellor Friedrich Merz's visit to Beijing for bilateral talks with President Xi Jinping and Premier Li Qiang. Merz had strong words for China last week at the Munich Security Conference, but also put forth a conciliatory hand, saying he hopes to “find the right balance of cooperation" with China on this trip. Germany has long seen China as a major market, especially for its automotive sector, which sold 35 million cars in China in 2025. But those numbers have already significantly slowed down in the first two months of 2026, along with other German exports to China.

Looking at the global economic and financial radar screen, markets are nervous enough with all the geopolitical tensions, but are also nervous ahead of Nvidia's earnings announcement on Wednesday. The report is seen as a clear indication of how demand for high-tech AI chips has been and will continue to be, as markets grow increasingly nervous about corporate AI investments.

A host of other major corporate earnings are being reported this week in the US, Europe, and Asia. In the US, we will see the delayed January PPI release on Friday. But first, we will be getting the Conference Board's consumer confidence report on Tuesday, the President's State of the Union on Tuesday, and numerous Federal Reserve Board and regional Fed President speeches this week.

In Europe, the European Central Bank President Christine Lagarde, speaking Monday at the NABE (National Association of Business Economics) Economic Conference in Washington, D.C., is expected to come out strongly against President Trump's newset of tariffs and to offer a sense of the impact they will have on EU-US trade.

Also coming out of Europe this week, Germany releases its important Ifo Survey on Monday. But the big day this week is Friday, when Germany, France, and Spain release their CPI prints and consumer confidence numbers. The UK will also release its consumer confidence figures on Friday.

Finally, turning to Asia, Japan releases industrial production figures and the Tokyo CPI (February) on Friday. Australia releases its inflation print (CPI) on Wednesday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, February 22, 2026

Global

· Italy will host the closing ceremony for the 2026 Winter Olympic Games at the Verona Olympic Arena.

Americas

Political/Social Events –

· Brazilian President Luiz Inacio Lula da Silva will make a state visit to South Korea through February 24.

· Today is Independence Day in St. Lucia.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· North Korea's quinquennial Party Congress could persist through February 27.

· Laos holds parliamentary elections.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Algeria celebrates the Day of Fraternity and Cohesion, celebrating events in 2019 when the entire country rose in unison to hold nationwide protests leading to a change in the government.

Economic & Financial Reports/Events –

· Nothing significant to report.

Monday, February 23, 2026

Global

· The UN Security Council is scheduled to hold a briefing, followed by consultations, on the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA).

Americas

Political/Social Events –

· US officials will hold bilateral security discussions with their Mauritian counterparts on the continued use of the joint US-UK base on Diego Garcia. This three-day meeting follows an agreement finalized last year between the UK and Mauritius, which sees the UK hand over the Chagos Islands to Mauritius.

· Today is the deadline set by Warner Bros Discovery for Paramount to make a “best and final” offer to top Netflix’s agreed $83 billion takeover bid or step aside. However Paramount’s $108 billion offer last week cleared a key US antitrust hurdle.

· Today is Republic Day in Guyana, a national holiday.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Christopher J. Waller gives a speech on the economic outlook at the 2026 National Association for Business Economists (NABE) Annual Economic Policy Conference, Washington, D.C.

· Brazil FGV Consumer Confidence (February)/ BCB Focus Market Readout

· Mexico Economic Activity (December)/ GDP Growth Rate Q4

· USA Chicago Fed National Activity Index (December)/ Factory Orders (December)/ Dallas Fed Manufacturing Index (February)

· Costa Rica Balance of Trade (January)

· EARNINGS: Dominion, Domino’s Pizza, Hims & Hers

Asia

Political/Social Events –

· The 45th U.S. – Thai "Cobra Gold" military training hosted by Thailand begins at the Thai navy base in the eastern coastal city of Chonburi. The multinational military exercises will take place through March 6, with more than 8,000 military personnel from 30 countries joining the full-scale training drill.

· The International Criminal Court starts the confirmation of charges hearing against Duterte. The former Filipino leader, currently facing three counts of crimes against humanity, is currently being held in a detention center at The Hague in the Netherlands.

Economic & Financial Reports/Events –

· New Zealand Retail Sales Q4/ Credit Card Spending (January)

· Indonesia M2 Money Supply (January)

· Singapore Inflation Rate (January)

· Kazakhstan Current Account Q4

· China Loan Prime Rate 1Y & 5Y (February)

· Thailand New Car Sales (January)

Europe

Political/Social Events –

· European Union lawmakers will hold an emergency meeting Monday to reassess the bloc’s trade deal with the US following the Supreme Court’s decision to strike down some of President Donald Trump’s global tariffs.

· A new Dutch cabinet will be sworn in, with Rob Jetten set to become prime minister.

· The EU Foreign Affairs Council meets in Brussels. Foreign ministers will discuss the situation in Ukraine, the situation in the Middle East (Gaza and West Bank as well as the growing tensions between the US and Iran).

· The EU Agriculture and Fisheries Council meets in Brussels.

· Russia celebrates Defender of the Fatherland Day, a national holiday.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives an acceptance speech for the 2026 Paul A. Volcker Lifetime Achievement Award and remarks at NABE Economic Policy Conference in Washington DC

· Bank of England Monetary Policy Committee external member Alan Taylor takes part in a Deutsche Bank-hosted fireside chat in London.

· Switzerland Producer & Import Prices (January)

· Germany Ifo Business Climate (February)/ Ifo Current Conditions (February)/ Ifo Expectations (February)

· Italy Inflation Rate (January)

· Poland Retail Sales (January)/ M3 Money Supply (January)

· Slovenia Business Confidence (February)

· Ireland Wholesale Prices (January)

· EARNINGS: LendLease, MONY

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Interest Rate Decision

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Tuesday, February 24, 2026

Global

· The UN Security Council is scheduled to hold a briefing on Ukraine.

Americas

Political/Social Events –

· President Donald Trump gives the annual State of the Union speech before the U.S. Congress.

· Mexican President Claudia Sheinbaum is expected to present her controversial electoral reform plan to parliament.

· The 50th Regular Meeting of the Conference of the Heads of Government of the Caribbean Community (CARICOM) will be held in St. Kitts and Nevis through February 27.

Economic & Financial Reports/Events –

· Federal Reserve Board Governor Christopher J. Waller gives a speech focused on technology at the2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments, Boston, Massachusetts. Also speaking at the Conference will be Federal Reserve Bank of Boston President & CEO Susan Collins and Federal Reserve Bank of Richmond President & CEO Tom Barkin.

· Federal Reserve Board Governor Lisa D. Cook gives a speech on artificial intelligence and productivity at the 2026 National Association for Business Economists (NABE) Annual Economic Policy Conference, Washington, D.C.

· Federal Reserve Bank of Chicago President and CEO Austan Goolsbee will speak at the 42nd Annual Economic Policy Conference of the National Association for Business Economics in Washington, D.C.

· Atlanta Fed President Raphael Bostic participates in a moderated discussion on the economic outlook.

· Brazil Current Account (January)/ Foreign Direct Investment (January)

· Chile PPI (January)

· Mexico Mid-month Inflation Rate (February)

· USA ADP Employment Change Weekly/ Redbook (February/21)/ S&P/Case-Shiller Home Price (December)/ House Price Index (December)/ CB Consumer Confidence (February)/ Richmond Fed Manufacturing Index (February)/ Dallas Fed Services Index (February)/ Money Supply (January)/API Crude Oil Stock Change (February/20)

· Canada Manufacturing Sales (January)

· Argentina Economic Activity (December)

· Peru Current Account Q4

· EARNINGS: American Tower REIT, Axon Enterprise, GoDaddy, Home Depot, HP, Keurig Dr. Pepper, ScotiaBank

Asia

Political/Social Events –

· Taiwan's Legislative Yuan will reconvene, with top priorities including discussion of a special defense budget and the U.S.-Taiwan trade deal.

· The UN-sponsored Asia-Pacific Forum on Sustainable Development 2026 will be held from February 24-27 in Bangkok, Thailand.

Economic & Financial Reports/Events –

· South Korea Consumer Confidence (February)/ PPI (January)

· China FDI (YTD) (January)

· EARNINGS: Singapore Airlines, UOB

Europe

Political/Social Events –

· German Chancellor Friedrich Merz travels to Beijing for meetings with President Jinping Xi. The leaders will discuss bilateral trade and security issues.

· Today is the 4th anniversary of Russia’s invasion of Ukraine.

· The EU General Affairs Council meets in Brussels. European Affairs Ministers will discuss preparations for the upcoming European Council meeting on March 19-20 as well as the European Democracy Shield.

· Today is Independence Day in Estonia.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde participates on the opening panel discussion at the International Outreach Programme of Alte Oper Frankfurt in Frankfurt, Germany.

· European Central Bank Board Member Pedro Machado gives the keynote speech at the KPMG RiskTech Conference 2026 in Frankfurt, Germany.

· European Central Bank Board Member Anneli Tuominen participates on a panel discussion at the Nordea-ING event on "Banks and EU competitiveness: the untapped potential of the single market" in Brussels, Belgium.

· BOE Governor Andrew Bailey gives evidence on the latest Monetary Policy Report to Parliament’s Treasury Committee, joined by Chief Economist Huw Pill, and rate-setters Megan Greene and Alan Taylor.

· Riksbank Deputy Governor Per Jansson discusses the economic situation in Sundsvall, Sweden.

· European Union New Car Registrations (January)

· France Business Confidence (February)/ Business Climate Indicator (February)

· Ireland Average Weekly Earnings Q4

· Great Britain CBI Distributive Trades (February)

· Hungary Deposit Interest Rate (February)/ Interest Rate Decision

· EARNINGS: City of London Investment Group, Standard Chartered, Telefonica, Unite

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Lebanon Inflation Rate (January)

· Kuwait M2 Money Supply (January)/ Private Bank Lending (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Mozambique GDP Growth Rate Q4

· Nigeria Interest Rate Decision

Wednesday, February 25, 2026

Global

· The UN Security Council is scheduled to hold consultations on the 1718 Committee (North Korea).

Americas

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Richmond Fed President Tom Barkin speaks in a moderated panel at the Northern Virginia Chamber.

· Brazil Bank Lending (January)

· President and CEO of the St. Louis Federal Reserve Alberto Musalem speaks at the Missouri Athletic Club in St. Louis, Missouri.

· USA MBA Mortgage Market Index (February/20)/ MBA Purchase Index (February/20)/ Fed Barkin Speech/ EIA Crude Oil & Gasoline Stocks Change (February/20)/ Fed Musalem Speech/ Fed Balance Sheet (February/25)

· Canada Wholesale Sales (January)

· Colombia Business Confidence (January)

· Mexico Current Account Q4

· Argentina Retail Sales (December)

· Paraguay PPI (January)

· EARNINGS: Zoom, Urban Outfitters, NVIDIA, Salesforce, Lowe’s, Agilent Technologies, Bank of Montreal, National Bank of Canada

Asia

Political/Social Events –

· South Korea, the country with the world's lowest fertility rate, is due to publish birth rate data for 2025 amid concerns about how an aging society will weigh on the economy.

· Hong Kong Financial Secretary Paul Chan delivers the city’s 2026–27 budget.

· The Asia Energy Security Seminar, hosted by the Ministry of Foreign Affairs, to promote Japan’s energy security activities. This year’s event will focus on the role of diplomacy with a particular emphasis on oil and natural gas.

Economic & Financial Reports/Events –

· The Japanese government will present to the Japanese Diet two new nominees to the Central Bank of Japan’s board.

· Reserve Bank of Australia Governor Michele Bullock speaks in a fireside chat at the University of Melbourne.

· South Korea Business Confidence (February)

· Singapore GDP Growth Rate Q4

· Australia Construction Work Done Q4/ Inflation Rate (January)/ RBA Trimmed Mean CPI (January)/ CPI (January)/ RBA Weighted Median CPI (January)

· Thailand Imports/ Exports/ Balance of Trade (January)/ Interest Rate Decision

· Malaysia Coincident Index (December)/ Leading Index (December)

· Taiwan Unemployment Rate (January)

· Hong Kong GDP Growth Rate Q4/ Inflation Rate (January)

· India M3 Money Supply (February/14)

· EARNINGS: Baidu

Europe

Political/Social Events –

· There will be an informal meeting of EU Health Ministers today and tomorrow.

Economic & Financial Reports/Events –

· European Central Bank Governing Council member Boris Vujcic speaks in the EU Parliament in Brussels ahead of his appointment as ECB vice president.

· European Central Bank Board Member Pedro Machado gives the keynote speech at the PwC Credit Conference 2026 in Frankfurt, Germany.

· Germany GfK Consumer Confidence MAR/ GDP Growth Rate Q4

· France Consumer Confidence (February)

· Euro Area ECB Non-Monetary Policy Meeting/CPI (January)/ Inflation Rate (January)

· Slovakia Harmonized Inflation Rate (January)

· Spain PPI (January)

· Switzerland Economic Sentiment Index (February)

· Slovenia Tourist Arrivals (January)

· Russia Industrial Production (January)

· EARNINGS: HSBC, Aston Martin Lagonda, Diageo, E.On, Fortescue, Fresenius, Heathrow, Manchester United, St. James Place, Shaftsbury Capital

Middle East

Political/Social Events –

· Indian Prime Minister Narendra Modi will travel to Israel for meetings with Prime Minister Benjamin Netanyahu.

· The International Monetary Fund's executive board will meet to discuss the reviews of Egypt's Extended Fund Facility and Resilience and Sustainability Facility programs to potentially unlock up to $2.8 billion.

· Today is National Day in Kuwait, a national holiday.

Economic & Financial Reports/Events –

· Saudi Arabia Imports/ Exports/ Balance of Trade (December)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa South African 2026 National Budget Speech

· Nigeria GDP Growth Rate Q4

Thursday, February 26, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Former US Secretary of State Hillary Clinton to appear before the House Oversight Committee as part of an investigation into Jeffrey Epstein, followed by the testimony of former President Bill Clinton the next day.

· Argentina's main labor union, the General Confederation of Labor, will hold a 24-hour general strike to oppose labor reforms.

Economic & Financial Reports/Events –

· Federal Reserve Board Vice Chair for Supervision Vice Chair for Supervision Michelle W. Bowman testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

· Brazil IGP-M Inflation (February)

· Mexico Unemployment Rate (January)

· Canada Current Account Q4/ Average Weekly Earnings (December)

· USA Initial Jobless Claims (February/21)/ Continuing Jobless Claims (February/14)/ Fed Bowman Speech/ Kansas Fed Composite Index (February)/ Kansas Fed Manufacturing Index (February)/ 15- & 30-Year Mortgage Rate (February/26)

· EARNINGS: Dell, Intuit, JM Smucker, Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Bank of Japan Member of the Policy Board Hajimie Takata gives a speech to local leaders in Kyoto, Japan.

· Japan Foreign Bond Investment (February/21)/ Stock Investment by Foreigners (February/21)/ BoJ Takada Speech/ BoJ JGB Purchase/ Coincident Index (December)/ Leading Economic Index (December)

· New Zealand ANZ Business Confidence (February)

· Australia Building Capital Expenditure Q4/ Plant Machinery Capital Expenditure Q4/ Private Capital Expenditure Q4

· South Korea Interest Rate Decision

· Malaysia PPI (January)

· Singapore Industrial Production (January)

· Taiwan Current Account Q4/ M2 Money Supply (January)/ Consumer Confidence (February)

· EARNINGS: Maybank HKEX, Quantas Airways

Europe

Political/Social Events –

· A special election will be held in Gorton and Denton, suburbs of Manchester, UK. The outcome could spell the end of Prime Minister Keir Starmer’s rule in office.

· The EU Competitiveness Council (Research) will meet in Brussels. The Council will discuss research and funding for coal and steel, and the Horizon Europe Package.

Economic & Financial Reports/Events –

· European Central Bank President Christine Lagarde gives the introductory statement at the ECON Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium.

· Bank of England Deputy Governor Clare Lombardelli speaks at the Bank of England/UK Women in Economics Network networking event in London.

· Turkey Imports/ Exports/ Balance of Trade (January)/ Foreign Exchange Reserves (February/20)

· Switzerland Non-Farm Payrolls Q4

· Slovakia Business Confidence (February)/ Consumer Confidence (February)

· Euro Area ECB President Lagarde Speech/ Loans to Households & Companies (January)/ M3 Money Supply (January)/ Economic Sentiment (February)/ Consumer Confidence (February)/ Industrial Sentiment (February)/ Selling Price Expectations (February)/ Services Sentiment (February)

· Italy Business Confidence (February)/ Consumer Confidence (February)

· Slovenia Retail Sales (January)

· Poland Unemployment Rate (January)

· Russia Summary of the Key Rate Discussion

· Greece Total Credit (January)

· Spain Business Confidence (February)

· Ireland Consumer Confidence (February)

· EARNINGS: Allianz, Clariant, Man Group, Rolls-Royce, Tate & Lyle, WPP, Deutsche Telekom, Drax, London Stock Exchange, Puma

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Israel Manufacturing Production (December)/ Unemployment Rate (January)

· Saudi Arabia M3 Money Supply (January)/ Private Bank Lending (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa PPI (January)

Friday, February 27, 2026

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Today is Independence Day in the Dominican Republic.

Economic & Financial Reports/Events –

· Brazil Gross Debt to GDP (January)/ Nominal Budget Balance (January)/ Unemployment Rate (January)/ IPCA mid-month CPI (February)/ Net Payrolls (January)

· Canada CFIB Business Barometer (February)/ GDP Growth Rate Annualized Q4/ GDP Implicit Price Q4/ Budget Balance (December)

· Chile Copper Production (January)/ Industrial Production (January)/ Manufacturing Production (January)/ Retail Sales (January)/ Unemployment Rate JA

· Mexico Balance of Trade (January)/ Fiscal Balance (January)

· USA PPI (January)/ Chicago PMI (February)/ Construction Spending (November & December)/ Baker Hughes Total Rigs Count (February/27)

· Colombia Unemployment Rate (January)/ Cement Production (January)

· Uruguay Balance of Trade (January)

· EARNINGS: AES

Asia

Political/Social Events –

· The Indian Air Force is set to hold a large-scale exercise at Pokhran in the northwestern state of Rajasthan using fighter, transport, and helicopter platforms. Among the assets to be demonstrated are indigenous Tejas light combat aircraft, French-made Rafale fighters, and Russian-developed Sukhoi Su-30 MKI jets. The exercise will also showcase glimpses of the IAF's role in rescue and evacuation from conflict zones.

· Today is Peace Memorial Day in Taiwan, a national holiday.

Economic & Financial Reports/Events –

· New Zealand ANZ Roy Morgan Consumer Confidence (February)

· Japan Tokyo CPI (February)/ Retail Sales (January)/ Industrial Production (January)/ Housing Starts (January)/ Construction Orders (January)

· Australia Housing Credit (January)/ Private Sector Credit (January)

· Philippines Imports/ Exports/ Balance of Trade (January)/ PPI (January)

· Singapore Bank Lending (January)/ Import Prices (January)/ Export Prices (January)/ PPI (January)

· Thailand Industrial Production (January)/ Current Account (January)/ Private Consumption (January)/ Private Investment (January)/ Retail Sales (December)

· Malaysia M3 Money Supply (January)

· Hong Kong Imports/ Exports/ Balance of Trade (January)

· Sri Lanka Inflation Rate (February)/ PPI (January)/ Balance of Trade (January)

· India GDP Growth Rate Q4/ Government Budget Value (January)/ Bank Loan Growth (February/06)/ Deposit Growth (February/06)/ Foreign Exchange Reserves (February/20)

· EARNINGS: New World Development, RHB

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Bank of England Chief Economist Huw Pill speaks at the Elgin Advisory and Society for Professional Economists “UK & US economics” webinar.

· Great Britain Gfk Consumer Confidence (February)/ Car Production (January)/ Nationwide Housing Prices (February)

· Germany Import Prices (January)/ Unemployed Persons (February)/ Unemployment Change (February)/ Unemployment Rate (February)/ Baden Wuerttemberg CPI (February)/ Bavaria CPI (February)/ Brandenburg CPI (February)/ Hesse CPI (February)/ North Rhine Westphalia CPI (February)/ Saxony CPI (February)/ Inflation Rate (February)

· Turkey GDP Growth Rate Q4/ Unemployment Rate (January)/ Economic Confidence Index (February)/ Participation Rate (January)

· Hungary Unemployment Rate (January)/ PPI (January)

· Switzerland Retail Sales (January)/ GDP Growth Rate Q4/ KOF Leading Indicators (February)

· France Inflation Rate (February)/ GDP Growth Rate Q4/ Non-Farm Payrolls Q4/ PPI (January)/ Unemployment Benefit Claims (January)/ Jobseekers Total (January)

· Spain Inflation Rate (February)/ Current Account (December)/ Consumer Confidence (January)

· Euro Area ECB Consumer Inflation Expectations (January)

· Italy Industrial Sales (December)

· Slovenia Inflation Rate (February)/ PPI (January)

· Greece Retail Sales (December)/ PPI (January)

· Ireland Retail Sales (January)

· Serbia Industrial Production (January)/ Retail Sales (January)/ Unemployment Rate Q4

· EARNINGS: Swiss Re, AES, Hays, Rathbones, IAG, Melrose Industries

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· South Africa M3 Money Supply (January)/ Private Sector Credit (January)/ Balance of Trade (January)/ Budget Balance (January)

· Nigeria Foreign Exchange Reserves (February)

· Zimbabwe Inflation Rate (February)

· Kenya

Saturday, February 28, 2026

Global

· Six of our solar system’s planets — Jupiter, Uranus, Saturn, Neptune, Venus, and Mercury — will be visible in the night sky of the northern hemisphere in a “parade” after sunset.

Americas

Political/Social Events –

· U.S. Secretary of State Marco Rubio travels to Israel for meetings with Prime Minister Benjamin Netanyahu.

· Today is the deadline for China to meet its pledge to buy 12 million tons of U.S. soybeans.

Economic & Financial Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic & Financial Reports/Events –

· Nothing significant to report.

Sunday, March 1, 2026

Global

· The U.S. takes the rotating chair of the UN Security Council for the month of March.

· Today is the first day of the meteorological spring in the Northern Hemisphere.

Americas

Political/Social Events –

· Canadian Prime Minister Mark Carney travels to India for meetings with Prime Minister Narendra Modi.

· Beijing is expected to lower tariffs on Canadian canola seed from about 85 per cent to 15 per cent.

Fulcrum Perspectives

U.S. Financial Regulatory Week Ahead

The Global Week Ahead

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