Morning Juice – US Session Prep (3rd March)

Sentiment
Stocks and bonds fell sharply as the conflict involving Iran entered its fourth day, fueling concerns about prolonged disruption to oil supplies and renewed inflation pressure.

S&P 500 futures dropped, while European and Asian equities headed for their steepest two-day decline since April.
Brent crude surged more than 8% to above $85 a barrel, its highest level since mid-2024.
European natural gas prices spiked 41% after Qatar’s largest LNG export facility remained shut, intensifying worries about energy supply.
The Strait of Hormuz, which handles roughly a fifth of global oil flows, remains a focal point for markets.

Rates moved higher across major markets.
Two-year UK gilt yields jumped 17 basis points, while 10-year Treasury yields rose 6 basis points to 4.10% as expectations for further Fed easing diminished.
Stronger-than-expected Eurozone inflation also reinforced bets that the ECB may need to hike in 2026.
The dollar gained 0.7%, extending its safe-haven bid.

In equities, Nvidia fell 3% in premarket trading amid reports US officials are considering limits on AI chip exports to individual Chinese customers.
European banks and insurers slid further, with UniCredit and Deutsche Bank down more than 5%, as rising bond yields weighed on valuations.

Docket
No noteworthy economic indicators

Speakers
08:00 ET
Trump participates in Executive Time
[Closed Press]

09:55 ET
Fed’s Williams gives keynote remarks at America’s Credit Unions Governmental Affairs Conference.
Text: Yes. Q&A: Yes, moderator

10:30 ET
ECB’s Kocher speaks at the OeNB Women’s Forum.

10:40 ET
ECB’s Sleijpen gives a keynote for the Financial Study Association Conference – University of Groningen.

11:15 ET
Trump participates in a Bilateral Meeting with Germany’s Chancellor Merz.

11:45 ET
Fed’s Kashkari participates in a conversation with Mike McKee at the Bloomberg Invest conference.
Text: No. Q&A: Yes, moderator.

14:00 ET
Trump participates in a Meeting with the Secretary of the Treasury and the Secretary of Energy.
[Closed Press]

15:00 ET
Trump participates in a Policy Meeting
[Closed Press]

17:00 ET
Trump participates in a Policy Meeting
[Closed Press]

Good luck!