**[Next Week's Macro Outlook: Middle East Conflict Fuels Risk Aversion, Key Data Release on Friday]** BlockBeats News, February 28: The U.S.-Iran conflict has fully erupted today, and the geopolitical tensions between the two countries will remain highly uncertain next week. Global markets are expected to fluctuate amidst a mix of heightened uncertainty and risk aversion. Analysts point out that Iran's retaliatory measures may not only include direct missile strikes but could also involve laying mines in the Strait of Hormuz—a critical chokepoint for global oil trade that accounted for 30% of global seaborne oil trade last year. However, analysts believe that considering the economic impact on major oil-importing countries, Iran may be more inclined to direct proxies such as the Houthi forces or Iraqi Shia militias to launch precise attacks on regional energy infrastructure or U.S. diplomatic institutions. In addition to geopolitical developments, the key macro events for next week are as follows: - **Monday 22:45**: U.S. February S&P Global Manufacturing PMI Final; **Monday 23:00**: U.S. February ISM Manufacturing PMI. - **Tuesday 22:55**: Speech by FOMC permanent voting member and New York Fed President John Williams. - **Wednesday 00:55**: Speech by 2026 FOMC voting member and Minneapolis Fed President Neel Kashkari; **Thursday 03:00**: Federal Reserve releases the Beige Book on economic conditions; **Wednesday 21:15**: U.S. February ADP Employment Change; **Wednesday 22:45**: U.S. February S&P Global Services PMI Final; **Wednesday 23:00**: U.S. February ISM Non-Manufacturing PMI. - **Thursday 20:30**: U.S. February Challenger Job Cuts; **Thursday 21:30**: U.S. Weekly Initial Jobless Claims (as of February 28), U.S. January Import Price Index MoM; **Thursday 23:00**: U.S. February Global Supply Chain Pressure Index. - **Friday 21:30**: U.S. February Unemployment Rate, U.S. February Nonfarm Payrolls (seasonally adjusted), U.S. January Retail Sales MoM.