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Commerzbank on Overnight News

BY MT Newswires | ECONOMIC | 02/02/26 06:27 AM EST

06:27 AM EST, 02/02/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries bull steepen, Bund future gains as Asian stocks and e-minis decline, led by tech. The euro (EUR) stabilizes around $1.186. Brent falls below $66/barrel. Gold and silver decline further.

Fed: Federal Reserve Bank of St. Louis President Alberto Musalem says Kevin Warsh is exceptionally qualified for Federal Reserve Chair, and it would be "unadvisable" to lower rates. Governor Stephen Miran thinks that Warsh is able to persuade people of his policy views. Federal Reserve Vice Chair for Supervision Michelle Bowman favored a rate pause as inflation remains elevated, says Fed can "afford to take time." She projected three cuts in 2026 in the December projections.

Fed: President Donald Trump says Warsh could garner Democratic support in order to win confirmation without Republican Senator Thom Tillis, reiterates he hopes Warsh will lower rates.

U.S.: Government agencies shut down on Saturday, while waiting for Monday's House vote after the Senate approved a funding deal. Trump picks Brett Matsumoto to lead the Bureau of Labor Statistics.

U.S.: New York Fed GDP Nowcast suggests growth of 2.74% in Q4 and 2.73% in Q1, unchanged on the week.

Middle East: President Trump says "a lot of things" are happening with Iran, adding that the country is currently speaking with the U.S.

Oil: OPEC+ reaffirmed plans to keep production steady in March, leaves question of what to do after the next meeting.

==EUROPE:

Ratings: S&P raises outlook for Italy to positive, affirms BBB+, and affirms ESM at AAA/stable. Scope downgrades Finland to AA/stable from AA+/negative.

EU/U.K.: United Kingdom Prime Minister Keir Starmer still wants to join the European Union rearmament scheme.

==ASIA:

China: PMIs disappoint with declines below 50. RatingDog manufacturing PMI improves to 50.3 (consensus was 50).

Japan: The central bank (BoJ) Summary suggests that the prescription from monetary policy is to raise rates "in a timely and appropriate manner."

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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