06:28 AM EDT, 03/17/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries recovered into New York close, are on the backfoot again in Asia. Asian stocks recover, e-minis consolidate. EUR rangebound around $1.088. Brent rises above $71/barrel.

U.S.: President Donald Trump signs government funding bill after senate approval. NY Fed GDP Nowcast for Q1 is little changed at 2.69%. Treasury Secretary Eric Bessent says stock market corrections "are healthy, they are normal."

Tariffs: Trump reiterates that reciprocal and additional sector-specific tariffs will come on April 2.

Ukraine: Trump says he will speak to Russian President Vladimir Putin on Tuesday.

Geopolitics: U.S. airstrikes kill multiple Huthi leaders in Yemen and ISIS leader in Iraq.

==EUROPE:

Germany: The draft bill shows that Basic Law is to state that the special fund is intended "for additional investments" and "climate neutrality by 2045." Broader definition of defense could increase budget headroom by 22 billion euros this year, total package could be worth up to 1.7 trillion euros (HB/IW). The Budget Committee recommends approval of the financial package. CDU/CSU currently has around 10 dissenters and there is also resistance in SPD and Greens (31 dissents are allowed on Tuesday) (HB). Bavarian state Premier Markus Soder assures agreement from Bavaria.

ECB: European Central Bank Vice-President Luis de Guindos says uncertainty is now higher than during the pandemic, and "the reality is that consumption is not picking up". Francois Villeroy de Galhau says U.S. crypto support sows seeds of future shock.

France: Prime Minister Francois Bayrou rejects the opposition's call of changing retirement age to 62 from 64. President Emmanuel Macron's approval rating jumps 5pts (Ipsos).

Ratings: Moody's upgrades Greece to investment grade Baa3/stable from Ba1/positive as "public finances have improved faster than expected". Fitch affirms France at AA-/negative, Portugal at A-/positive, Croatia and Poland at A-/stable. S&P affirms Spain at A/stable. DBRS confirms Ireland at AA/stable.

==ASIA:

China: State Council unveils "special action plan" to boost domestic consumption. Industrial production and retail sales grew stronger than expected in January/February.