Economic calendar: Services PMI in Europe; JOLTS in the US (03.09.2025)

The turmoil surrounding Donald Trump’s tariffs is taking a back seat as markets await the Supreme Court’s decision, while investors’ focus today will shift to a series of key macroeconomic releases in Europe and the U.S.

In Europe, the spotlight will be on a batch of services PMI reports, expected to show the fastest acceleration since March. Beyond the PMI data, ECB President Christine Lagarde will speak, and the Polish MPC will announce its interest rate decision.

In the U.S., the JOLTS job openings report for July will take center stage. Following weaker-than-expected ISM employment data, markets will look for more evidence supporting potential Fed rate cuts. FOMC member Neel Kashkari will also give an interview.

Economic calendar for today (BST):

08:15, Spain – August PMI report:

• Services PMI forecast 54.4; previous 55.1;

08:30, UK – Speech by BoE MPC member Mann

08:30, Eurozone – Speech by ECB President Lagarde

08:50, France – August PMI report:

• Composite PMI forecast 49.8; previous 48.6;

• Services PMI forecast 49.7; previous 48.5;

08:55, Germany – August PMI report:

• Composite PMI forecast 50.9; previous 50.6;

• Services PMI forecast 50.1; previous 50.6;

09:00, Eurozone – August PMI report:

• Services PMI forecast 50.7; previous 51.0;

• Composite PMI forecast 51.1; previous 50.9;

09:30, UK – August PMI report:

• Services PMI forecast 53.6; previous 51.8;

• Composite PMI forecast 53.0; previous 51.5;

10:30, Germany – 10-year Bund auction:

• previous 2.690%;

13:00, Poland – September interest rate decision:

• forecast 4.75%; previous 5.00%;

13:30, Canada – Labor productivity (q/q) Q2:

• forecast -0.2%; previous 0.2%;

14:15, UK – BoE MPC Treasury Committee Hearings

15:00, U.S. – July Durable Goods Orders:

• Factory orders ex-transportation: previous 0.4% MoM;

• Factory orders: forecast -1.3% MoM; previous -4.8% MoM;

• Durables ex-transportation: previous 1.1% MoM;

• Durables ex-defense: forecast -2.5% MoM; previous -2.5% MoM.

15:00, U.S. – JOLTS Job Openings (July):

• forecast 7.380M; previous 7.437M;

18:30, U.S. – Speech by FOMC’s Kashkari

19:00, U.S. – Beige Book

21:30, U.S. – EIA report:

• Weekly API crude oil stocks: previous -0.974M.