Nasdaq stays under pressure amid lower growth and higher inflation fears on US-Iran warInflation fears reemerge as markets digest higher energy prices from US-Iran conflictWill Iran really manage to fully block the Strait of Hormuz?EURUSD falls back to January lows despite ECB rate hike bets as US Dollar surgesEurozone February preliminary CPI +1.9% vs +1.7% y/y expectedItaly February preliminary CPI +1.6% vs +1.1% y/y expectedOil prices surge higher, looks to eclipse the opening gap up from yesterdayDollar continues to go from strength to strength to start the weekECB's Villeroy: It would be a mistake to predict rate move in a hurryUSDJPY on track to revisit the "intervention" level as Japanese yen lacks bullish driversAnother rough day beckons for major indices in EuropeWhat are the main events for today?Silver slammed back down as bids from US-Iran conflict fadeBOJ might have to put off March rate hike amid US-Iran conflict - reportFX option expiries for 3 March 10am New York cutUS, China officials reportedly set to meet to lay the groundwork ahead of Trump-Xi summitECB chief economist Lane warns of inflation spike from US-Iran conflictUS Central Command confirms strikes on Iranian missile and drone launch sitesSNB might have stepped in yesterday to limit Swiss franc advance - Credit AgricoleIt's the fourth day of the US-Iran war and the markets remain in risk-off mood amid surging energy prices. Inflation fears are running hot and that is sending bond yields higher with traders paring back rate cut bets across the board. Traders are now seeing just a 50% chance of a second Fed rate cut by year-end and are not expecting a BoE cut at the upcoming meeting anymore. Moreover, the market is pricing a 50% chance of an ECB rate hike by year-end with a 20% chance of an adjustment already in June.This follows the higher than expected Eurozone Flash CPI today where core inflation increased to 2.4% vs 2.2% expected and 2.2% prior. ECB policymakers are cautioning against overreacting on interest rates as they try to assess the impact and especially the length of the war in the Middle East. Everyone's hoping for it to end quickly, but this is already longer than what we've got used to in the past few years.Global stock markets are selling off, bond yields are surging, oil prices are increasing and even precious metals have been losing ground. The US dollar is the MVP (most valuable player) here as it extended the gains further today.In the American session, we don't have anything on the agenda other than a couple of Fed speakers. The economic data has faded into the background though as the market focus remains on the US-Iran war. Traders continue to keep a close eye on the news as clear de-escalatory signals like the US or Israel announcing the end of their operation will trigger a strong relief rally. The longer this situation drags on, the worse the economic consequences will be... This article was written by Giuseppe Dellamotta at investinglive.com.