06:35 AM EDT, 03/23/2026 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries and e-minis softer amid tumbling Asian equities (Nikkei: -3.5%). The US dollar (USD) trades stronger, euro (EUR) below $1.154. Brent back at $112/barrel, gold falls below $4,300/oz.

Iran: President Donald Trump gives Iran a 48-hour deadline (starting Saturday evening) to reopen the Strait of Hormuz or have its power plants bombed. Iran warns it would "completely" close the waterway and retaliate by targeting "all energy, information technology, and desalination infrastructure belonging to the U.S. and the Israeli regime in the region."

Iran: Iranian International Maritime Organization (IMO) representative says ships can pass the Strait of Hormuz with coordinated safety arrangements, except those from "enemies..

==EUROPE:

ECB: Vice President Luis de Guindos says the Euroepan Central Bank is alert about second-round effects from the Iran war.

Ratings: S&P upgrades Ireland to AA+/stable (from AA) on stronger economic and fiscal profiles. DBRS affirms France at AA/stable, affirms Finland at AA (high)/stable. Scope completes monitoring review of France, Greece and Croatia, affirms Baden-Wurttemberg at AAA.

Germany: CDU wins state election in Rhineland-Palatinate with 31% (+3.3%), followed by the SPD (25.9% -9.8%) and the AfD (19.5% +11.2%). FDP falls below 5% threshold.

France: Far-right RN increases vote share in municipal elections but fails to win key cities it had targeted, including Marseille and Toulon.

EU: European Energy Commissioner Dan Jorgensen urges European Union countries to slow natural gas stockpiling and cut demand, proposes a lower storage target of 80% due to tight supply.

U.K.: British Prime Minister Keir Starmer calls emergency meeting on economy, including Bank of England's Andrew an Bailey.

==ASIA:

China: Premier Li Qiang pledges to further open up the economy and fully implement national treatment for international enterprises. Adds that Beijing also wants to address trade partners' worries about China's large surplus.

Japan's Vice Finance Minister for International Affairs Atsushi Mimura says the government will take all possible steps to respond to foreign exchange moves as needed.