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Commerzbank on Overnight News

BY MT Newswires | TREASURY | 06:16 AM EDT

06:16 AM EDT, 04/07/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasury yields edge higher after Friday's U.S. payrolls print, consolidate on Monday, but rise again in Asia early Tuesday. 30-year Japanese government bond yields fall after auction. E-minis and other equity futures trended sideways over the holidays, moderately lower early Tuesday. Euro (EUR) trades close to $1.153. Brent reaches $111.75/barrel.

Fed: Federal Reserve Bank of Cleveland President Beth Hammack thinks a rate hike is possible if inflation persists. San Francisco Federal Reserve President Mary Daly says slower labor force growth means lower job gains are needed to maintain stable employment.

Fed: Judge rejects bid to revive subpoenas targeting Federal Reserve Chair Jerome Powell (WSJ). Kevin Warsh Fed chair nomination hearing set for April 16 (Politico).

U.S.: President Donald Trump demands a $1.5 trillion military budget for FY27, estimates $464 billion in tariff revenue for 2027.

Iran war: President Trump shifts deadline to Tuesday 8 p.m. E.T., threatens to strike key infrastructure by midnight if no deal is made. Says the entire country "can be taken out in one night." Trump says that free oil traffic through the Strait of Hormuz must be part of any deal. Iran rejects a ceasefire, demands reparations and an end to the war.

Iran war: U.S.-Israel strikes hit over 120 targets in Iran over the weekend, including petrochemical complexes, air defense systems and the Islamic Revolutionary Guard Corps (IRGC) oil HQ. IRGC's intelligence chief is killed.

Iran: IEA warns countries against hoarding fuel during Iran war (FT). OPEC+ agrees 206,000 barrels/day quota hike for May, expresses concern over attacks on energy infrastructure.

==EUROPE:

ECB: European Central Bank Governing Council member Olaf Sleijpen says next policy discussion will be "hike or hold."

EU: Five European Union finance ministers (including Germany) urge the European Commission (EC) to impose an energy windfall profit tax. Separately, the EC warns against excessive state support to offset energy prices (FT).

Italy: Bank of Italy cuts 2026 gross domestic product growth forecast to 0.5% from 0.6%, 2027 to 0.5% versus 0.8%.

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.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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