-- Commerzbank in its "European Sunrise" note of Wednesday highlighted:
Markets: United States Treasury futures trend sideways with no cash trading in Japan due to a holiday. U.S. equity futures are slightly up as oil stabilizes with Brent trading above US$111/barrel.
U.S.: Key Republicans push back against President Donald Trump's planned increase in the defense budget to US$1.5 trillion. The White House posts a picture of Trump and King Charles III with the caption "two kings."
Iran war: President Trump instructs aides to prepare for extended naval blockade of Iran (WSJ). U.S. intelligence considers Iran's likely response to Trump declaring unilateral victory (Reuters). Iran expected to submit revised proposal to end war in the next few days (CNN). U.S. warns about making toll payments to Iran and about sanctions risks tied to refiners handling Iranian oil.
==EUROPE:
Italy plans a one billion euro aid package to support jobs.
U.K.: NIESR warns that the energy crisis could cause recession and higher interest rates this year in the United Kingdom.
EU: The European Union considers making a 90 billion euros loan to Ukraine partly dependent on tax increases for businesses.
==ASIA:
China will resume fuel exports in May.