06:11 AM EST, 02/11/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries weaken into New York close, mixed Asian equities drag e-minis lower, with Japan out on holiday. EUR at $1.03, Brent rangebound, Gold surges to new record high.

U.S.: President Donald Trump orders 25% tariff on steel and aluminum from March 4, says metal tariffs "may go higher," notes that he'll also look at tariffs on cars and microchips.

Geopolitics: Hamas says it will stop releasing hostages, President Trump says the ceasefire should be canceled if this threat is carried out.

==EUROPE:

ECB: Euroepan Central Bank President Christine Lagarde reiterates expectation that inflation will reach the 2% target "in the course of this year, with risks on both the upside and the downside," notes that greater frictions in global trade would make the inflation outlook more uncertain.

BoE: Bank of England's Catherine Mann says the Monetary Policy Committee should have lowered rates more aggressively to "cut through the noise," highlights the weak jobs market and slowing consumer demand.

EU: The European Union plans a radical budget overhaul handing more power to capitals (FT). Spain pushes for a repeat of NGEU as a permanent way of super-sizing the EU's central budget to "sustain strategic investments and finance European public goods" (Politico).

Germany: CDU leader Friedrich Merz currently sees no need to discuss debt brake reform but is "not ruling out the possibility of discussing such a topic at some point."

France has avoided renewed uncertainty around near-term fiscal targets with the passing of the budget but challenges to deficit reduction and debt stabilization remain (Fitch).