06:25 AM EDT, 08/21/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: Front-end United States Treasuries erase earlier gains in late New York session after Federal Reserve minutes, USTs stable across the curve in Asia. Dip in risk assets was bought late Wednesday, while e-minis are mostly unchanged. EUR came down to around $1.165. Brent rose above $67/barrel.

Fed minutes show that the majority of members think inflation risks outweigh employment risks, while a couple of them saw downside risk to employment as more salient. Members were concerned about an abrupt decline in bank reserves.

Fed: Federal Reserve Governor Christopher Waller says the Fed should embrace "technology-driven revolution" in AI and stablecoins as a way to boost the economy.

Fed: President Donald Trump urges Federal Reserve Governor Lisa Cook to resign over alleged mortgage fraud. Cook says she won't step down.

Russia-Ukraine war: Italian Prime Minister Giorgia Meloni pushes for a security guarantee plan where allies decide on providing military support within 24 hours of an attack, while Ukraine stays out of NATO. The U.S. is to have a small role in Ukraine's security guarantee, according to the Pentagon. Russia says talks on Ukraine's security without it are "a road to nowhere."

==EUROPE:

Germany: Tax revenues rose by 3% year over year in July, slower than in the previous month.

U.K.: United Kingdom Finance Minister Rachel Reeves is weighing a tax on high-value home sales to plug the budget hole.

==ASIA:

China is considering a yuan-backed stablecoin to boost international use of the currency (Reuters sources).