06:54 AM EST, 11/21/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Friday highlighted:

Markets: United States Treasuries are supported in late New York and Asia as equities close lower, e-minis recover. US dollar (USD) slightly softer, oil declines.

Fed: Cleveland Fed President Beth Hammack says rate cut could prolong inflation and encourage risk-taking. Chicago Federal Reserve President Austan Goolsbee feels "a little uneasy" about inflation. Federal Reserve Bank of Philadelphia President Anna Paulson is approaching the December meeting "cautiously". "Each rate cut raises the bar for the next cut." Fe Governor Stephen Miran thinks it is "incumbent" to move rates closer to neutral.

Fed: Federal Reserve Governor Lisa Cook warns about hedge fund basis trade and is keeping a close eye on private credit.

Fed Chair candidate Kevin Hasset says he would cut rates "right now."

Tariffs: U.S. open to dropping European Union food tariffs (FT). CBO finds tariffs will reduce the budget deficit by $3 trillion if maintained through 2035, $1 trillion less than the previous estimate. President Donald Trump deepens tariff cut on Brazilian foods.

Russia-Ukraine war: Ukrainian President Volodymyr Zelenskiy agrees to work on the U.S. draft plan to end the war. White House is optimistic after Zelenskiy spoke with Army Secretary Daniel Driscoll on Thursday.

==EUROPE:

EU: Germany wants to strike a last-minute deal to let the United Kingdom access 150 billion euros SAFE defense fund.

U.K.: Bank of England policymaker Swati Dhingra says Brexit impact is larger than feared. OBR study finds damage to per capita gross domestic product was 6%-8%.

Italy: Tesoro announced to tap BTP Short Term Aug27 (1.5 billiom-2 billion euros), BTPei Aug31 (0.75 billion-1 billion euros) and May39 (1.25 billion-1.5 billion euros) on Tuesday.

==ASIA:

Japan: Inflation rose to 3% in October, as expected. Prime Minister Sanae Takaichi unveils 21.3 trillion yen stimulus, expects total net issuance to be lower than last year. Finance minister warns against disorderly currency moves.

Japan: Bank of Japan Governor Kazuo Ueda says the yen (JPY) could affect underlying inflation, likelihood that outlook is being realized is gradually rising.