06:29 AM EDT, 07/29/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Monday highlighted:

Markets: United States Treasury (UST) bullish steepening bias extends in Asia. Stocks and e-minis rally. The euro (EUR) rises to $1.087, then consolidates. Brent hovers near $81.50/barrel, above Friday's low.

US: Vice President Kamala Harris' favorability rating rose to 43% from 35% a week ago (ABC/Ipsos). She raises a record $200 million in the first week of campaigning (FT).

Atlanta Fed's initial GDPNow estimate for Q3 is 2.8%, New York Fed Nowcast for Q3 rises slightly to 2.7% from 2.66%.

G20 finance ministers see a rising chance of a "soft landing" and pledge to reduce economic inequalities. Japan appreciates that the G20 reaffirmed its stance on foreign exchange (FX).

Middle East: Israel's security cabinet authorizes the government to decide on the "manner and timing" of a response to the Hezbollah rocket strike.

== EUROPE:

ECB: European Central Bank Executive Board member Isabel Schnabel says part of inflation, especially from the services sector, is proving "particularly persistent". "A first rate cut hence does not automatically result in a whole series of further cuts" (FAZ interview).

Germany: The government still has to secure (8 billion-9 billion euros for next year's budget as it awaits the outcome of a review of some proposed measures, Finance Minister Christian Lindner says.

UK: British Finance Minister Rachel Reeves is set to paint a dire picture of public finances in her speech on Monday, saying that the country is "broke and broken."

Ratings: DBRS confirms Belgium at AA/stable. Scope raises outlook for Portugal to positive, affirms A- rating, and affirms Poland at A/stable. Fitch affirms Estonia at A+/stable.

== ASIA:

Japan: The central bank's (BoJ) upcoming review will help to make the case that the economy can swallow steady.