06:16 AM EDT, 05/29/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: Risk-on with e-minis rallying on United States court ruling against some of President Donald Trump's tariffs. U.S. Treasury yields open higher in Asia, start to come down after. Curve bear-flattens. EUR drops below $1.125. Brent rises above $65.6/barrel.

U.S.: Court of International Trade blocks some of Trump's tariffs, arguing that he vastly overstepped his ability to issue those duties. Court gives administration 10 days to halt the tariffs. Trump administration says it will appeal.

Fed: FOMC minutes show that members are concerned about the loss of UST's "haven status" while almost all participants say that inflation could become more persistent than expected. Participants also agreed that Fed is currently well positioned with moderately restrictive policy stance to wait for more clarity on outlook for inflation and growth.

Trade: The U.S. suspends exports of jet engines, chips, and certain chemicals to China.

US: Elon Musk steps down from role as special U.S. government employee.

U.S./Ukraine: Trump says he is "working on" Russian President Vladimir Putin and "very disappointed" by Russian strikes. Adds that he is waiting on sanctions to keep talks alive.

NATO wants Germany to contribute 40,000 additional troops for defense against Russia.

==EUROPE:

ECB: European Central Bank Governing Council (GC) member Francois Villeroy de Galhau indicates more rate cuts in coming weeks, says that he does not see "inflation restarting in Europe." GC member Klaas Knot says that downside risks to inflation and growth dominate near-term but uncertainty is becoming more ambiguous further down the line.

Germany: Prime Minister Friedrich Merz says he plans swift legislative action to boost economy after meeting with senior officials of his administration. Lower energy prices for industrials and special depreciation options are among the plans to be implemented before the summer break.

Italy: Government's BTP Italia bonds on second-day orders amount to 2.14 billion euros.

U.K.: Finance Minister Rachel Reeves confirms she will create "backstop" power to force large pension funds to buy United Kingdom assets.