06:25 AM EDT, 06/24/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: Equities rally, United States Treasuries soften, Brent slides below $70/barrel, US dollar weakens with EUR rallying above $1.16.

Fed: Chicago Federal Reserve Bank President Austan Goolsbee is surprised by low inflation and the Fed "should proceed" with rate cuts "if the dirt is out of the air." Fed Vice Chair for Supervision Michelle Bowman would support July rate cut "should inflation pressures remain contained." She reiterates "the time has come" to revisit leverage ratios (speech).

US: Congress weighs tax cut for private credit investors (FT).

Middle East: U.S. President Donald Trump announces "complete and total" ceasefire between Israel and Iran. Iranian foreign minister says there is no ceasefire, but Iran will stop responding if Israel stops attacks. Reuters reports Iran agrees to U.S.-proposed ceasefire. Israel reports about Iranian bombing early Tuesday. IAEA chief says U.S. bombing probably caused "very significant" damage.

==EUROPE:

ECB: European Central Bank Governing Council member Francois Villeroy de Galhau says moderate inflation expectations "could possibly lead in the next six months to a further accommodation" (FT interview).

BoE: Bank of England Governor Andrew Bailey rejects plans to end interest payments on central bank reserves.

Germany: The government and Landers agree that municipalities will receive full compensation for tax losses from the economic relief package, and Landers will receive funds to invest in education and hospitals. Bundestag to vote on investment booster on Thursday (Reuters).

France: Talks over retirement reform ended in deadlock on Tuesday.

EU announces H2 funding target of 70 billion euros versus 85.8 billion euros issuance in H1, in line with earlier guidance of around 160 billion euros for 2025. Plan shows four syndications and six monthly auctions, with non-comp allocations planned from September.

U.K.: The United Kingdom also vows to spend 5% of its gross domestic product on security by 2035.

==ASIA:

Japan: Finance Minister Katsunobu Kato says the government will keep an eye on the Japanese government bond market after announcing plan to cut super-long issuance by 3.2 trillion yen.