06:34 AM EST, 11/03/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasuries closed at the highs, consolidate in Asia. Asian stocks and e-minis are underpinned, Japan is closed. The euro (EUR) is rangebound, oil gains.

Fed: Federal Reserve Governor Christopher WallerWaller says he is still advocating rate cut in December. Governor Stephen Miran calls for a 50bps cut as a tight policy for a long period of time runs the risk of inducing recession. Cleveland Federal Reserve President Beth Hammack would have preferred to hold rates steady amid ongoing inflation risks. Federal Reserve Bank of Atlanta President Raphael Bostic says "every meeting is live" and he's glad that Chair Jerome Powell said the December cut is "far from" a foregone move.

U.S./China: The White House says China will suspend implementation of additional export controls on rare-earth metals and terminate investigations targeting U.S. companies in the semiconductor supply chain. President Donald Trump says he would like drop an extra 10% tariff on China, and China or other countries can't have Nvidia's Blackwell chips.

U.S.: Treasury Secretary Scott Bessent sees the economy in a transition period, while housing is in recession due to high interest rates.

Berkshire Hathaway cash reserves rise to a record $382 billion.

OPEC+ agrees on "modest" 137,000 barrels per day output hike for December and to pause hikes during Q1 2026.

==EUROPE:

ECB: European Central Bank Governor Joachim Nagel says "we'll keep options open" in December, but data haven't fundamentally changed since September.

Germany: Firms want to reduce jobs, and produce and invest less in 2026 (IW survey). HDE consumption barometer falls to its lowest since March amid job concerns (HB).

France: Prime Minister Sebastien Lecornu will begin closed-door talks with different parties to find a compromise after National Assembly rejects the wealth tax proposal.

Ratings: Scope raises outlooks for Italy (BBB+) and Portugal (A) to positive, affirms ratings. Moody's lowers outlook for EFSF to negative, affirms Aaa. Fitch affirms Luxembourg at AAA/stable.

EU is set to expand supervision of stock and crypto exchanges and clearing houses (FT).

==ASIA:

China: Manufacturing PMI falls more than expected to 50.6, while consensus was 50.7.