06:59 AM EST, 11/25/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries gain into New York close, trade sideways in Asia. Equities and major currency crosses are little changed, oil lower after Monday's rally.

Fed: San Francisco Fed President Mary Daly backs a December rate cut, citing a vulnerable labor market (WSJ). Minneapolis Federal Reserve President Neel Kashkari says people feel economic hardship due to inflation.

U.S.: President Donald Trump held a one-hour call with China's President Xi Jinping on trade, Ukraine and Taiwan, then briefed Japan's Prime Minister Sanae Takaichi. Trump signs "Genesis Mission" order to boost AI innovation. White House says he is still working on the healthcare proposal. PCE data was rescheduled to Dec. 5, Q3 gross domestic product to be released on Dec. 23.

Tariffs: European Union rejects U.S. demand to ease digital regulations in exchange for lower steel tariffs (Commerce Secretary Howard Lutnick meeting in Brussels).

Russia-Ukraine war: U.S. army secretary met delegations from Ukraine and Russia in Abu Dhabi late Monday, talks continue on Tuesday (FT). Earlier Kremlin rejected European plans. White House spokeswoman Karoline Leavitt says only a couple of points of disagreement are left.

==EUROPE:

ECB: The European Central Bank is keeping an eye on food prices and "continued strong services inflation" (Governing Council member Joachim Nagel).

Italy: Regional votes see opposition keeping two southern regions and Prime Minister Giorgia Meloni's bloc holding Veneto (YouTrend/Reuters).

Italy: Tesoro announced to launch new CCTeu Apr35 (3.5 billion-4 billion euros) and tap BTPs Feb31 (2.25 billion-2.75 billion euros), Feb36 (2.25 billion-2.75 billion euros) on Thursday.

Autos: New car registrations in Europe rose for the fourth consecutive month in October, with electric vehicles share rising to 16.4%.

==ASIA:

Japan: Growth Strategy Minister Minoru Kiuchi says the government is watching currency moves with a high sense of urgency, including speculative activity.