Commerzbank on Overnight News

06:32 AM EST, 03/05/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: United States Treasuries bear-steepen in Asia. Japanese government bonds under pressure across the curve. E-minis edge lower while Asian equity indices are up. Brent rises above $84.3/barrel. The euro (EUR) softer below $1.16.

Fed: Federal Reserve's Beige Book reports economic activity increasing at a moderate pace with persistent inflation and a stable but softening labor market.

Fed: President Donald Trump formally nominates Kevin Warsh to serve as Federal Reserve chair.

U.S. Tariffs: Judge orders the U.S. to refund $130 billion in tariffs; Trump administration expected to appeal.

Middle East: Israel expects war to last several weeks. White House told Israeli Prime Minister Benjamin Netanyahu that Trump administration wasn't talking to the Iranians behind his back (Axios). The vote in the U.S. Senate attempting to stop strikes on Iran failed to achieve a majority. China asks its refiners to suspend exports of diesel and gasoline, as the U.S.-Iran conflict disrupts crude inflows.

==EUROPE:

Spain: White House claims that Spain agreed to let the U.S. use its bases to strike Iran, but Spain denies this.

Italy: BTP Valore bond orders on third day amount to EUR2.79 billion, taking total to 13.02 billion euros so far.

==ASIA:

China sets 4.5%-5% growth target for 2026, lowest in three decades; maintains deficit of 4%.

Japan: the central bank (BoJ) hasn't ruled out a rate hike in April, sees duration of U.S.-Iran conflict as key variable (Bloomberg Sources).

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