Newsquawk Daily Economic Releases - 31st August 2026

• Holiday: UK Summer Bank Holiday; desk remains open as usual
• Data: Japanese Retail Sales (Jul), Chinese NBS PMIs (Aug), German Inflation Flash (Aug)
• Events: BoJ Annual Review
• Supply: EU

A UK bank holiday with thin European participation is the defining feature of the session; in past episodes of this kind, liquidity in gilts and sterling has been reduced and any data-driven moves have tended to be exaggerated rather than informative. The Chinese NBS PMIs carry the usual weight as the first official read on the month for the world's second-largest economy, with the market conventionally focused on whether manufacturing holds above or below the 50 line and on the new orders subindex as the forward-looking component. German flash inflation is the established precursor to the euro-area print and has historically set the tone for front-end Euribor pricing ahead of the bloc-wide figure, with the national number's divergence from the harmonised measure a recurring nuance. The BoJ annual review is a stock-taking exercise rather than a policy event, though passages on the assessment of past easing or tightening frameworks have on occasion been mined for hints about future policy design. EU supply into a UK-absent session has in the past meant softer bid coverage at auction, worth noting against the concession on offer. The sequencing matters: Asia data first, German CPI into the European morning, supply thereafter.