06:37 AM EDT, 05/13/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries weaken further in late New York, recover slightly in Asia. S&P closes at highest level since early March, e-minis consolidate in Asia. EUR slips below $1.11, then stabilizes. Oil is softer.

Fed: Federal Reserve Governor Adriana Kugler expects "significant economic effects" from tariffs even if they stay at levels announced on Monday.

The U.S. collected a record $16 billion in customs duties in April, budget surplus of $258 billion was close to expectations. House Republicans release $4 trillion tax cut package.

Tariffs: President Donald Trump says he won't go back to 145% tariffs on China. China lifts ban on airlines taking Boeing planes. White House economic adviser Kevin Hassett says the U.S. has 24 trade deals lined up over the next weeks.

==EUROPE:

ECB: The European Central Bank will keep reference to the need for "especially forceful or persistent" action in strategy review, side-stepping calls for self-criticism (Reuters sources). Governing Council (GC) member Martins Kazaks says June cut "is a pretty possible step." GC member Joachim Nagel says "it is important to be cautious," GC member Jose Luis Escriva says "we need to be humble" (joint interview).

BoE: Bank of England Policy Committee member Alan Taylor says rates are still a "long way" from moving out of restrictive levels.

ESM: Paschal Donohoe, president of the Eurogroup of eurozone finance ministers, sees a "risk that gets bigger" if the European Stability Mechanism (ESM) Treaty isn't ratified. ESM chief Pierre Gramegna sees an advantage for the European Union as markets are assessing the safe-haven role of USTs.

EU mulls capital controls and tariffs against Russia in case Hungary blocks sanctions package (FT).

UK: The United Kingdom's BRC retail sales jump to 6.8% year over year in April, while the consensus was 2.3%.

==ASIA:

Japan: Bank of Japan Deputy Governor Shinichi Uchida reiterates intention to raise rates if outlook is realized.