CONSUMER CYCLICALS: Kering; 1Q results (x3)

MEF has announced it will be looking to sell E7.0bln of the new 6-month Sep 30, 2025 BOT at its auction this Thursday, March 27.

Wires carrying select comments from US President Donald Trump and other administration officials, speaking to reporters ahead of a Cabinet meeting at the White House. There is no live footage available of the meeting, likely reflecting a change in protocol following a slightly acrimonious Cabinet meeting earlier in the month.

• Trump says he, “will be announcing tariffs on autos, aluminum and pharmaceuticals in the very near future”. He adds that “tariffs will keep US taxes low”.
• Reuters notes that Trump said the United States, “would need all those products if there were problems including wars.”
• Trump reiterates that he hopes the Federal Reserve "lowers interest rates" - a regular message Trump has issued on his Truth Social account in recent days.
• Treasury Secretary Scott Bessent said: "Interest rates are going to keep declining as energy costs decline."
• Commerce Secretary Howard Lutnick notes that the, “April 2 tariff announcements will launch the 'external revenue service'” - a new agency Trump proposed in January to collect tariff revenue.
• Secretary of State Marco Rubio said: “Russia war has to end through negotiation.”
• Homeland Security Secretary Kristi Noem said: “Russia is using icebreakers in the Arctic to do surveillance on the US.”
• Elizabeth Troutman Mitchell at The Daily Signal reports from the room that EPA Administrator Lee Zeldin: “The partnership with DOGE, and Elon Musk has been incredible in the EPA. The team is very talented, we wouldn't be able to do it without them.”

• US Data/Speaker Calendar (prior, estimate)
• 25-Mar 08:30 Philadelphia Fed Non-Manufacturing Activity (-13.1, --)
• 25-Mar 0840 Fed Gov Kugler on economy & entrepreneurship (text, no Q&A)
• 25-Mar 0900 FHFA House Price Index MoM (0.4%, 0.3%)
• 25-Mar 0900 S&P CoreLogic CS 20-City MoM SA (0.52%, 0.40%)
• 25-Mar 0905 NY Fed Williams open remarks NY Fed (text, no Q&A)
• 25-Mar 1000 New Home Sales (657k, 680k), MoM (-10.5%, 3.5%)
• 25-Mar 1000 Conf. Board Consumer Confidence (98.3, 93.6)
• 25-Mar 1000 Richmond Fed Manufact. Index (6, 0)
• 25-Mar 1000 Richmond Fed Business Conditions (1, --)
• 25-Mar 1130 US Tsy $70B 6W bill auction
• 25-Mar 1300 US Tsy $69B 2Y Note auctions (91282CMV0)
• 25-Mar Building Permits (1456k, --), MoM (-1.2%, --)