06:32 AM EDT, 09/24/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: United States Treasuries better supported in late New York session after Federal Reserve Chair Jerome Powell's comments and two-year auction, sideways in Asia. E-minis stabilize after Tuesday's SPX drop. The EUR trades close to $1.18. Brent holds on to gains, trades a $67.8/barrel.

Fed: Chair Powell calls current rates "still modestly restrictive." He sees "no risk-free path," reiterates that there are risks to the outlook of both the labor market and inflation.

Fed: Federal Reserve Bank of Atlanta President Raphael Bostic is worried about more inflation coming. Fed Vice Chair for Supervision Michelle Bowman says FOMC needs to bring down rates as the labor market weakens. Chicago Fed President Austan Goolsbeea says weakening job market would call for rate cuts.

U.S.: President Donald Trump says Ukraine is in position to take back all lost territory. Trump rejects meeting with Democrats over looming shutdown.

NATO warns Russia to stop escalation as it would use "all necessary military and non-military tools" to defend itself. Trump says NATO should shoot down Russian aircrafts violating its airspace.

OpenAI plans to invest 400 billion euros to develop five new U.S. data centres in partnership with Oracle and Softbank.

==EUROPE:

ECB: European Central Bank Executive Board member Piero Cipollone calls risks to inflation "very balanced", adding that the ECB may react in any direction as needed.

Germany: Five leading economic institutions increase their 2025 growth forecast to 0.2%, maintain 2026 forecast at 1.3% (Reuters sources).

Italy: Prime Minister Giorgia Meloni weighs freezing retirement age at 67, ending automatic increases linked to life expectancy (FT). Finance Minister Giancarlo Giorgetti says it's "absolutely necessary" for banks to contribute more to the budget.

Italy: Tesoro announces to launch new five-year BTP Feb31 (3.5 billion-4 billion euros) and tap BTP Oct35 (1.5 billion-2 billion euros), CCTeu Apr34 (1 billion-1.5 billion euros) and green BTP Apr35 (1 billion-1.25 billion euros) on Friday.