06:26 AM EST, 12/02/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries are on the backfoot in Asia, as Asian stocks advance. E-minis decline after US stocks close on a new record. DXY gains after President-elect Donald Trump's comment with the euro falling to $1.052. Brent falls to $72/barrel, gold also declines.

US: Trump demands "commitment" from BRICS nations that they won't replace the US dollar, or they will face 100% tariffs. New York Fed GDP Nowcast for Q4 declines to 1.81% from 1.91%.

Black Friday: In-store and online retail sales increased 3.4% year over year (Mastercard SpendingPulse). Online shoppers spend $10.8 billion versus $9.8 billion in 2023, and record C$6.1 billion on Thanksgiving Day (Adobe Analytics).

==EUROPE:

ECB: European Central Bank Chief Economist Philip Lane says monetary policy remains restrictive and he sees inflation sustainably at 2% in the course of 2025 (FT podcast). Governing Council member Martins Kazaks says interest rate reductions must continue.

France: Finance Minister Antoine Armand says "government doesn't take ultimatums", "we won't be blackmailed"; requests to amend the budget would cost almost 10 billion euros. Far-right leader Marine Le Pen says the government "has put an end to discussions" on possible changes to the social security bill (AFP).

Germany: Center-right party CDU wants to relax debt brake also for federal states and not rule out higher top tax rate in its election program. Prime Minister Olaf Scholz proposes a 100 billion euros investment fund, which should include both public and private money, and "Made in Germany bonus," a 10% tax rebate on domestic investments for companies. Volkswagen workers across Germany plan to stage walkouts starting on Monday.

Ireland: Early parliamentary election results show governing coalition is likely to continue, with Micheal Martin's Fianna Fail slightly in the lead as support for PM Simone Harris' Fine Gael drops.

Ratings: S&P affirms France at AA-/stable and expects compliance with the European Union fiscal framework, although with a delay, and gradual consolidation of public finances. DBRS upgrades Spain to A (high)/stable from A/positive, confirms Germany at AAA/stable. Moody's lowers outlook for Hungary (Baa2) to negative from stable.

==ASIA:

China: Manufacturing PMI improves by 0.2pt to 50.3 with a consensus of 50.2, while non-manufacturing PMI declines by 0.2pt to 50.0 with a consensus of 50.3. Caixin manufacturing PMI rises stronger than expected to 51.5 with a consensus of 50.6.