05:56 AM EDT, 08/22/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Thursday highlighted:

Markets: United States Treasuries (UST) give up Wednesday's intraday gains after Federal Reserve Minutes in the late New York session, stabilize in Asia. Solid 20-year UST auction. Nikkei first surges, then drops with e-minis also weakening. The euro (EUR) increases further to $1.115. Brent remains on the low after dropping to $76/barrel.

Fed: Minutes show that the "vast majority" of members saw a September cut as likely appropriate, while "several" members saw the case for a July cut already. "Almost all" officials expect continued disinflation and some saw a high risk of more serious labor market deterioration. Several officials stressed the importance of monitoring money market conditions amid ongoing quantitative tightening (QT).

US: Minnesota Governor Tim Walz accepts official vice presidential nomination at DNC.

Middle East: US President Joe Biden stresses the importance of a Gaza ceasefire in a call with Israel's Prime Minister Benjamin Netanyahu. Israel says Hamas in Rafah is defeated.

== EUROPE:

Germany: Prime Minister Olaf Scholz says Germany will support Ukraine as long as necessary. Tax revenue in July fell sharply by 7.9% y/y driven by a decline in VAT (sales tax) revenue. Federal and state governments are sitting on about 76 billion euros in unspent financial means from projects that faced delays in execution (Handelsblatt).