06:41 AM EST, 11/04/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries gain, Japanese government bonds bear-steepen after long weekend, Asian equities and U.S. futures slide. The euro (EUR) is softer, yen (JPY) bounces. Oil is slightly lower.

Fed: Federal Reserve Governor Lisa Cook sees labor market weakness as a greater risk than inflation, says every meeting "is a live meeting." Chicago Fed President Austan Goolsbee is more concerned about inflation than the labor market, is "not decided" going into the December meeting. San Francisco Federal Reserve Bank President Mary Daly says Fed should keep "open mind" about a December cut. Fed Governor Stephen Miran reiterates policy is too restrictive.

U.S. Treasury Q4 borrowing estimate was revised down by $21 billion to $569 billion amid $41 billion higher cash balance. Q1 estimate is $578 billion.

U.S. shutdown: Senator Susan Collins sees progress since the weekend.

==EUROPE:

France: Socialist leader Olivier Faure gives the government more time to present a budget, will decide on support when the whole draft is finalized "within the current month."

Ratings: Fitch says European Union competition law restricts support to public entities.

Trade: European Commissioner for Trade Maros Sefcovic sees progress on Nexperia chips supply. China urges the U.S. to avoid red lines, including Taiwan, to uphold the trade truce.

Italy: Tesoro announced buybacks of several 2026 BTP/CCTeu maturities for up to five billion euros on Wednesday.

U.K.: United Kingdom Prime Minister Keir Starmer says the government will make "tough but fair" budget decisions, concedes that the backdrop is "worse than even we feared."

==ASIA:

Japan: PM Sanae Takaichi wants to put growth strategy together by next summer, says Abenomics created a non-deflationary environment with limited success on growth. Finance Minister Satsuki Katayama is watching foreign exchange moves with a high sense of urgency.

Australia: The Reserve Bank of Australia keeps rates on hold at 3.6% as expected.