06:38 AM EDT, 09/15/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries stabilize. Asian stocks are mixed, Japan closed, e-minis underpinned. France's OAT modestly underperforms German Bund future by some 20 ticks. The euro (EUR) is rangebound around $1.1730. Brent oil recovers.

Fed: U.S. President Donald Trump expects a "big cut" this week from the Federal Reserve. Governor Lisa Cook described Atlanta property as a "vacation home" in 2021 loan estimate (Reuters/Bloomberg).

Russia-Ukraine war: The European Union weighs replacing frozen Russian assets with EU-backed bonds in "legally creative" plan to support Ukraine (Politico). G7 considers more sanctions and tariffs on Russia.

ECB: European Central Bank Governing Council (GC) member Joachim Nagel says more rate cuts could jeopardize price stability (FAZ/Il Sole). GC member Martin Kocher says "rate cut cycle has come to its end, or very close to it" (FT).

France: Fitch downgrades France to A+/stable from AA-/negative. Key reasons are rising debt/GDP to 121% in 2027 from 113.2% in 2024 "without a clear horizon for debt stabilisation in subsequent years," political fragmentation, weak fiscal record, high 2025 deficit, uncertain fiscal consolidation path and fiscal rigidities (report). PM Lecornu drops plan to cut public holidays.

Ratings: S&P upgrades Spain to A+ from A, outlook remains stable, and affirms Croatia at A-/positive. Fitch upgrades Portugal to A/stable from A-/positive. Scope lowers outlook for Austria to negative, affirms AA+, and affirms Germany, Netherlands and EBRD at AAA/stable. DBRS confirms Ireland at AA/stable.

ESG: Vote on the EU's 2040 climate goal is delayed as Germany and France elevate discussions to the heads of government.

Autos: EPP leader Manfred Weber unveils "four-point auto pledge" for Europe, including scrapping 2035 combustion engine ban (WamS).

==ASIA:

China: Industrial production and retail sales grew less than expected in August.