Commerzbank on Overnight News

06:48 AM EST, 11/11/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries slightly softer in late New York and Asia, U.S. equities close firm, e-minis consolidate. Euro (EUR) rangebound, yen (JPY) weaker, oil little changed, gold extends rally.

Fed: Federal Reserve Governor Stephen Miran reiterates that a half-point rate cut next month is still "appropriate." Federal Reserve Bank of St. Louis President Alberto Musalem expects a "substantial rebound" in Q1, thinks rates are close to neutral.

U.S. shutdown: Senate passed a temporary funding measure in 60-40 vote, House to approve bill on Wednesday.

USTs: N.Y. Fed staff report considers buybacks, central clearing and increased data transparency to improve liquidity in off-the-runs.

Tariffs: President Donald Trump says the U.S. faces "economic disaster" if the Supreme Court rules against tariffs. He will lower tariffs on India "at some point." Switzerland is close to securing a 15% deal after being hit with 39% in August (Bloomberg).

==EUROPE:

Germany: IW says the government uses almost half of the special funds for infrastructure for other spending.

Italy: Treasury announced to tap BTPs Jan29 (3 billion-3.5 billion euros), Jul32 (1.25 billion-1.5 billion euros), Nov32 (1.25 billion-1.5 billion euros) and Oct55 (1 billion-1.5 billion euros) on Thursday.

European Commission plans "digital omnibus" to streamline AI rules and to set up new intelligence unit under President Ursula von der Leyen. European Parliament panel backs emissions-reduction goal of 90% by 2040.

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