Commerzbank on Overnight News

06:40 AM EST, 11/24/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries trade in tight ranges in Asia as Japan is closed and e-minis are rangebound. The euro (EUR) recovers. Brent trades above $62.50/barrel.

Fed: Federal Reserve Bank of Boston President Susan Collins sees upside risks to inflation and no "urgency" for a December rate cut, but would take evidence of more weakness in employment seriously.

U.S.: BLS cancels the October consumer price index report and will report November data on Dec. 18, leaving inflation markets employing fallback mechanisms. President Donald Trump may announce healthcare policy on Monday.

U.S.: Banks have taken steps to maintain reserve levels (Fed survey).

Russia-Ukraine war: U.S. and Ukraine report "meaningful progress" in Geneva talks, emphasizing alignment on next steps and restating support for Ukraine's sovereignty. Secretary of State Marco Rubio clarifies that there is no hard deadline for agreement. Trump signaled earlier that the 28-point peace plan is "not final offer." Ukraine/European counterproposal seeks NATO-like protection from the U.S.

G20 adopts declaration addressing climate crisis and other global challenges.

COP30: Nations agree on new efforts to help transition away from fossil fuels, driving global warming, although without explicitly mentioning oil, natural gas and coal.

==EUROPE:

ECB: European Central Bank Christine Lagarde says monetary policy cannot solve debt problems. Governing Council (GC) member Madis Muller sees inflation near 2% for the foreseeable future. GC member Alvaro Santos Pereira says "overvaluation" of U.S. equities and crypto poses a major near-term threat.

Switzerland: Swiss central bank (SNB) Chairman Martin Schlegel says inflation is likely to rise slightly in the coming quarters within the 0%-2% price stability band.

France: National Assembly rejects 2026 budget draft.

Belgium: The government has reached a deal on the 2026 budget and framework for the years after. Labor unions start the third strike on Monday against budget cuts.

Ratings: Moody's upgrades Italy to Baa2 from Baa3, revises outlook to stable from positive. Scope raises outlook for Spain to positive, affirms A. DBRS upgrades Slovenia to AA (low), revises outlook to stable from positive. Fitch raises outlook for Cyprus to positive, affirms A-. Moody's affirms the United Kingdom at Aa3/stable.

==ASIA:

Japan: Bank of Japan Board member Kazuyuki Masu says "we are close" to decision to raise rates.

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