Economic calendar: services PMI, jobless claims and U.S. trade balance (03.04.2025)

The bubble of emotions that had been building with every minute of anticipation for “Liberation Day” and the announcement of retaliatory tariffs has finally burst. However, the end of the week will not be lacking in key data for the EU, U.S., and Canada, further moving the market.

In addition to a series of PMI reports for the services sector, we will also get foreign trade-related data, including the trade balance for the U.S. and Canada, as well as jobless claims, which will serve as the final preview of the labor market ahead of Friday’s NFP report.

Economic calendar for today:

06:30 AM GMT, Switzerland - Inflation Data for March:

• CPI: actual 0.3% YoY; forecast 0.5% YoY; previous 0.3% YoY;

• CPI: actual 0.0% MoM; forecast 0.1% MoM; previous 0.6% MoM;

07:15 AM GMT, Spain - PMI Data for March:

• HCOB Spain Services PMI: forecast 55.6; previous 56.2;

07:20 AM GMT, Euro Zone - ECB's De Guindos Speaks

07:45 AM GMT, Italy - PMI Data for March:

• HCOB Italy Composite PMI: previous 51.9;

• HCOB Italy Services PMI: forecast 52.6; previous 53.0;

07:50 AM GMT, France - PMI Data for March:

• HCOB France Composite PMI: forecast 47.0; previous 45.1;

• HCOB France Services PMI: forecast 46.6; previous 45.3;

07:55 AM GMT, Germany - PMI Data for March:

• HCOB Germany Services PMI: forecast 50.2; previous 51.1;

• HCOB Germany Composite PMI: forecast 50.9; previous 50.4;

08:00 AM GMT, Euro Zone - PMI Data for March:

• HCOB Eurozone Composite PMI: forecast 50.4; previous 50.2;

• HCOB Eurozone Services PMI: forecast 50.4; previous 50.6;

08:30 AM GMT, United Kingdom - PMI Data for March:

• S&P Global Services PMI: forecast 53.2; previous 51.0;

• S&P Global Composite PMI: forecast 52.0; previous 50.5;

10:00 AM GMT, Euro Zone - ECB's Schnabel Speaks

10:00 AM GMT, United States - OPEC Meeting

11:30 AM GMT, Euro Zone - ECB Publishes Account of Monetary Policy Meeting

12:30 PM GMT, Canada - Balance of Tade Data for February:

• Trade Balance: forecast 3.40B; previous 3.97B;

• Imports: previous 70.49B;

• Exports: previous 74.46B;

12:30 PM GMT, United States - Balance of Tade Data for February:

• Trade Balance: forecast -122.50B; previous -131.40B;

• Imports: previous 401.20B;

• Exports: previous 269.80B;

12:30 PM GMT, United States - Employment Data:

• Initial Jobless Claims: forecast 225K; previous 224K;

• Jobless Claims 4-Week Avg.: previous 224.00K;

• Continuing Jobless Claims: forecast 1,860K; previous 1,856K;

01:45 PM GMT, United States - PMI Data for March:

• S&P Global Composite PMI: forecast 53.5; previous 51.6;

• S&P Global Services PMI: forecast 54.3; previous 51.0;

02:00 PM GMT, United States - ISM Data for March:

• ISM Non-Manufacturing Business Activity: previous 54.4;

• ISM Non-Manufacturing Employment: previous 53.9;

• ISM Non-Manufacturing New Orders: previous 52.2;

• ISM Non-Manufacturing PMI: forecast 53.0; previous 53.5;

• ISM Non-Manufacturing Prices: previous 62.6;

05:00 PM GMT, United States - GDP data:

• Atlanta Fed GDPNow (Q1): forecast -3.7%; previous -3.7%;

08:30 PM GMT, United States - Fed's Balance Sheet:

• previous 6,740B;

08:30 PM GMT, United States - Reserve Balances with Federal Reserve Banks:

• previous 3.450T;

11:30 PM GMT, Japan - Inflation Data for February:

• Household Spending: forecast 0.5% MoM; previous -4.5% MoM;

• Household Spending: forecast -0.9% YoY; previous 0.8% YoY;