06:29 AM EDT, 03/11/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: Oil falls on Strait of Hormuz news, quickly jumps back after White House denial, before softening again in Asia below $90/barrel. United States Treasuries fall in late New York session, recover in Asia alongside higher e-minis and supported Asian equities. The US dollar (USD) trades weaker, euro (EUR) back above $1.163.

U.S.: President Donald Trump reiterates that passing the SAVE America Act is "No. 1 priority" ahead of midterms. Senate Majority Leader John Thune rejects the talking filibuster as "the votes aren't there."

U.S.: Partial shutdown continues as Senate fails to pass DHS funding bill.

Iran: IEA proposes largest-ever coordinated release of oil reserves after extraordinary meeting of 32 member countries (WSJ sources). French President Emmanuel Macron to host video call of G7 leaders later Wednesday to discuss coordination. The White House says no escort of tanker through Strait of Hormuz has taken place, energy secretary deletes the tweet.

Iran: The U.S. says it destroyed 16 minelayers near the a Strait of Hormuz. Qatar says it can't act as mediator as long as its territory remains under attack.

==EUROPE:

ECB: President Christine Lagarde says the European Central Bank won't allow the eurozone to feel the same inflation as 2022/23, but also won't "jump" to a decision, as the degree of volatility makes it hard to manage the situation.

EU pledges to keep Ukraine afloat even if Hungary and Slovakia continue to block the 90 billion euros loan, considering bilateral loans of 30 billion euros (Politico).

==ASIA:

China is frustrated with last-minute planning by the White House as well as the lack of communication regarding meeting between Chinese President Xi Jinping and President Trump in March (Bloomberg sources).