06:06 AM EDT, 07/03/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: Bull steepening subsides into New York close, front-end better offered in Asia. United States equity futures little changed after SPX closed on new highs, the US dollar (USD) stabilizes, yen (JPY) weakens to a 38-year low, oil also bid again.

Fed: Federal Reserve Chair Jerome Powell says price data offer signs that the US is back on a disinflationary path in Sintra panel, adds "we have the ability to take our time and get this right" on the timing of first cut. Federal Reserve Bank of Chicago President Austan Goolsbee says holding rates steady while inflation comes down equates to tightening, which should be done by decision, not by default.

US: House Democrat Lloyd Doggett says President Joe Biden should withdraw. Illinois Governor J.B. Pritzker says he hasn't heard of any other Democratic governors wanting Biden to drop out of the presidential race. Former President Barack Obama is sharing concerns and offers Biden his advice (WaPo).

Banks/ratings: Moody's reviews Norinchukin ratings for downgrade due to impending losses from foreign bond sales. The European Banking Authority (EBA) says banks face "elevated uncertainty" from geopolitical factors and some banks are vulnerable to "cracks" in the commercial real estate (CRE) market.

== EUROPE:

ECB: Makhlouf sees one more cut this year, says two more are 'too far'.

France: 210 candidates in runoffs with more than two people chose not to submit required documentation by 6pm deadline, including 131 from NPF and some 80 from Macron's centrists (Le Monde).

UK: Survation poll sees Labour winning record 484 of the 650 seats.

== ASIA: