06:30 AM EST, 02/23/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries recover in Asia. E-minis decline, Asian stocks are mostly supported (Japan and China are closed). The US dollar (USD) weakens, EUR rises above $1.1820. Brent declines to $71/barrel. Gold rises above $5,150/oz.

U.S.: White House detailed the initial 10% tariffs decision on Friday after the Supreme Court ruling, exempting a number of product categories, like critical minerals, certain agricultural products, pharmaceuticals, some electronics, and any products already covered by sectoral tariffs. On Saturday, President Donald Trump said he will increase global tariffs to 15% immediately.

Fed: St. Louis Federal Reserve President Alberto Musalem says his outlook wouldn't change very much if tariffs "were a one-for-one replacement." Federal Reserve Bank of Atlanta President Raphael Bostic says must consider rate hikes if inflation were to move higher.

Iran: President Trump is curious why Iran hasn't "capitulated" amid U.S. military buildup, U.S. Special Envoy Steve Witkoff says. Trump is leaning toward initial strike in the coming days (NYT). Talks to resume on Thursday.

==EUROPE:

EU may freeze U.S. trade deal approval over tariff "chaos," chairman of the parliament's trade committee says, ahead of Monday's emergency meeting. France says the European Union has the tools to hit back at the U.S. for its latest round of tariffs.

ECB: European Central Bank Governing Council (GC) member Fabio Panetta says tariffs have led to a significant geographical reconfiguration of trade flows, and have damaged the U.S. more than others.

ECB: President Christine Lagarde says latest tariff moves risk upsetting the negotiated "equilibrium" between EU and U.S., she is "riveted" to ECB mission and repeats "baseline" is to stay until the end of her term (CBS). She says "necessity is the mother of invention" when asked about multi-speed Europe. A number of GC members are perplexed by the lack of Lagarde's pushback to her exit speculation (Bloomberg sources).

Germany: Finance Minister Lars Klingbeil says opposition to EU joint debt hasn't changed "at present" (FAZ). CDU party congress agrees, among others, not to ease the debt brake.

EU: Hungary will block the release of a 90 billion euros loan to Ukraine until shipments of Russian oil through the country resume, the foreign minister says.

Ratings: DBRS confirms Bulgaria at BBB (High)/stable. Fitch affirms UK at AA-/stable.