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Commerzbank on Overnight News

BY MT Newswires | ECONOMIC | 06:32 AM EST

06:32 AM EST, 03/04/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

-- Markets: United States Treasuries consolidate late Tuesday, yields edge higher in Asia early Wednesday. Equities in Asia are under pressure, led by Japan. E-minis also struggle. Brent advances, trades closely below $83/barrel. The euro (EUR) remains on the lows around $1.16.

Fed: Minneapolis Federal Reserve President Neel Kashkari says that it is too soon to see the impact on inflation from the Iran war; he expected one cut in 2026, but now he is unsure. Federal Reserve Vice Chair for Supervision Michelle Bowman urges the Fed to review effectiveness of bank liquidity rules.

Middle East: Israel launches "extensive strikes" on Iran. President Donald Trump says the U.S. will escort and insure vessels traveling through the Strait of Hormuz to ensure "free flow of energy to the world." Kurdish militias have consulted the US about attacking Iran's security forces (Reuters). French President Emmanuel Macron will send an aircraft carrier to the Mediterranean to help secure maritime routes.

==EUROPE:

ECB: Euroepan Central Bank Governing Council member Martins Kazaks warns that the longer energy prices are elevated, the more risks to inflation loom.

Spain: President Trump threatens to cut off all trade with Spain after the country denied access to its military base for U.S. strikes against Iran.

U.K.: The United Kingdom's OBR warns of "very significant" blow from war in Iran, downgrading growth forecast to 1.1%.

Ukraine: The European Union urges Ukraine to allow access to the damaged pipeline carrying Russian oil to Hungary and Slovakia.

Italy: BTP Valore bond orders amount to 4.19 billion euros on the second day and 10.23 billion euros cumulatively, which is above the average of previous issues.

==ASIA:

China: RatingDog PMIs rise strongly and beat expectations, while official PMIs fall slightly short of consensus estimates.

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

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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