06:21 AM EDT, 04/29/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries extend gains in late New York, futures consolidate in Asia. Equities remain supported. EUR rises above $1.14, then slips back. Oil and gold weaken.

Tariffs: White House confirms President Donald Trump plan to soften impact of auto tariffs by ensuring that importers aren't double-tariffed via steel and aluminum tariffs and automakers securing partial reimbursement for tariffs on imported auto parts. The proclamation could be signed on Tuesday. China vows to lower market access barriers for international companies. Foreign Minister Wang Yi says compromises will lead to more bullying.

U.S.: Treasury raises Q2 borrowing estimate by $391 billion to $514 billion, mainly due to rebuilding of cash balance. Q3 borrowing is projected at $554 billion with cash balance unchanged at $850 billion.

Canada: Prime Minister Mark Carney's Liberals win a minority government in Monday's parliamentary election.

Ukraine: French President Emmanuel Macron urged President Trump to take a tougher line with Russian President Vladimir Putin.

==EUROPE:

ECB: Officials want fewer banks to be classified as "significant" institution with European Central Bank oversight (Bloomberg). ECB Governing Council member Martins Kazsks says that step-by-step cuts may continue.

ECB: A majority of respondents in union staff survey has little or no trust in the Executive Board (Bloomberg).

Spain declares state of emergency, grid operator says 99% of power was restored, government is still looking for cause of electric blackouts.