Commerzbank on Overnight News

06:25 AM EST, 11/14/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Friday highlighted:

Markets: United States Treasuries recover in Asia as tech fears take over from wavering Federal Reserve cut expectations. Asian equities are down, e-minis stabilize after Nasdaq loses 2.3%. The US dollar (USD) weakens in Asia, oil pulls back after jump. Gold rises, Bitcoin falls below $100,000.

Fed: Minneapolis Federal Reserve President Neel Kashkari still undecided on December as inflation is still too high, but parts of the labor market under pressure. Federal Reserve Bank of St. Louis President Alberto Musalem says Fed needs to "tread with caution," sees "limited room for further easing without monetary policy becoming overly accommodative." Cleveland Fed President Beth Hammack says Fed needs "to remain somewhat restrictive" to bring inflation down to target.

U.S.: White House economic adviser Kevin Hassett says data is "consistent" with more cuts, expects about 60,000 job losses due to shutdown. President Donald Trump is readying tariff cuts and exemptions on Latin American countries to address high food prices.

==EUROPE:

European Union weighs pooling US dollars held by non-U.S. central banks. Talks aim to create an alternative to Fed funding backstops and also involve non-eurozone central banks (Reuters).

ESMA to gain importance under EU draft proposals; transfer of national powers would see it assume oversight of "significant" clearing houses, depositories and trading venues, as well as all crypto firms.

Germany: Budget committee agrees on 524.5 billion budget for 2026, Bundestag to vote in the last week of November. Bundestag agrees 6.5 billion euros subsidy to lower the electricity price. Coalition commits to 5ct/kWh target for energy-intensive industries and wants to reverse 350 million euros air travel tax introduced last year.

U.K.: United Kingdom Prime Minister Keir Starmer and Finance Minister Rachel Reeves have ditched plans to raise income taxes (FT).

==ASIA:

China: Retail sales growth slowed less than expected (+2.9% year over year) in October, production (+4.9%) and Fixed Assets formation (-1.7% year over year excluding rural) visibly more.

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