06:49 AM EDT, 03/12/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: United States Treasuries fall into three-year auction, sideways in Asia. 30-year Japanese government bond yields reach 2006 highs after Bank of Japan Governor Kazuo Ueda's remarks. SPX closes lower, EUR above $1.09, Brent hovers around $70/barrel.

U.S.: President Donald Trump walks back on 50% tariffs on Canadian steel and aluminum after Ontario agrees to suspend 25% tax on electricity exports. House passes stopgap bill to avoid shutdown on Friday. Bill likely to need support of eight Democrats in the Senate to clear 60-vote threshold.

Tariffs: U.S. tariffs on steel and aluminum take effect with no exemptions. The Euroean Union plans to restore 2018 and 2020 countermeasures taking effect by April, targeting 26 billion euros of U.S. exports.

Ukraine accepts the U.S. proposal of a 30-day ceasefire, aims to sign a minerals deal as soon as possible. The U.S. resumes intelligence sharing and military aid. Trump says he would invite President Volodymyr Zelensky back to the White House, hopes Russia agrees to ceasefire.

Geopolitics: 36 army chiefs, including NATO and EU members plus Australia and Japan, discuss options and capabilities for potential security guarantees for Ukraine. Foreign Minister Sergei Lavrov says Russia won't accept NATO troops in Ukraine under any flag.

==EUROPE:

Germany: CDU's Daniel Gunther says compromise with Greens is "likely", demands are "understandable" and don't contradict position of CDU/CSU. BSW appeals to GCC court, seeks nationwide recount of votes.

Portugal: The minority government loses no-confidence vote after 11 months in office, snap election to be held mid-May.

==ASIA:

Japan: BoJ Governor Ueda signals no concern over rising bond yields, says there is "no big gap between market's view and BoJ's view".