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Commerzbank on Overnight News

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Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: United States Treasuries consolidate into New York close after rally, trend sideways in Asia. Asian stocks underpinned by tech, e-minis recoup early weakness. Brent stays below US$106/barrel. The euro (EUR) is range-bound around $1.163.

FOMC: Minutes show that majority would consider rate hikes if inflation were to run persistently above target, and "many" members wanted to drop easing bias. Few members highlighted risks from "substantial participation" of hedge funds in UST market.

Iran war: President Donald Trump says the U.S. is "in final stages" of talks, while adding a pledge to resume attacks in the coming days if Iran doesn't agree to his terms.

==EUROPE:

ECB: Rate hike in June is nearly sealed with inflation close to an adverse scenario, but the European Central Bank likely to be noncommittal about any further move, probably preferring to wait for new September projections (Reuters sources).

BoE: Bank of England Governor Andrew Bailey warns about the distortive effects of supermarket price caps.

Germany: The government decided to take 40% stake in tank-maker KNDS before its IPO this summer (Bloomberg).

Germany: Pension Commission to propose raising retirement age to 70 by early 2060s (Bild).

==ASIA:

Japan: Central Bank (BoJ) policy board member Junko Koeda says it is reasonable to hike rates at an appropriate pace.

Japan: Flash PMIs for May decline, seasonally-adjusted trade balance shows surprise surplus.

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