Report published September 3, 2026
Deutsche Bank Early Morning Reid: Transatlantic Divergence and European Energy Pressures (September 3, 2026)
Deutsche Bank · September 3, 2026
Global markets diverged as US equities and Treasuries stabilized following softer ADP payroll data, while European assets suffered from surging natural gas prices that propelled sovereign yields to post-2008/2011 highs. In Asia, sentiment improved amid strong services PMI data and hawkish BoJ rhetoric boosting the Japanese yen.
Read the remaining 3 pages
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Transatlantic market divergence widened as US markets stabilized while European bonds and equities fell under pressure from surging natural gas futures.
- 2.European natural gas futures surged to levels not seen since early 2023, pushing German and French benchmark sovereign yields to multi-year and post-financial crisis highs.
- 3.The Japanese yen strengthened on hawkish commentary from BoJ's Takata and growing speculation of FX intervention around the upcoming Silver Week holidays.
Table of Contents
- Key Market Data
- Other Market Data
- Key Economic Data
- Topical Deutsche Bank publications
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| European Front-Month Natural Gas Future | 73.6 EUR/MWh | Highest level since January 2023 on Strait of Hormuz escalation and low storage refill rates. |
| German 10-Year Bund Yield | 3.37% | Highest level since 2011. |
| French 10-Year OAT Yield | 4.25% | Hit a post-2008 high. |
| US ADP Private Payrolls | 38.0 thousands | Came in softer than the expected +47k, raising questions about the upcoming jobs report. |
| China RatingDog Services PMI | 51.4 index | Surpassed market expectations of 50.6, although remained second-lowest in 14 months. |
Reports in this series
Early Morning Reid is shown in chronological order through this edition, published on September 3, 2026.
Part of the Early Morning Reid series — view all 69 editions
Looking for the latest edition? Early Morning Reid Macro Strategy (Oct 15, 2026)
Access the full report
And others from the leading tier 1 banks.
Free account: read previews and a daily allowance of full reports. Pro removes the daily limit.