06:24 AM EDT, 09/04/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: United States Treasuries (UST) close on the highs in New Yoek on struggling equities, stay better bid in Asia lower as tech sell-off extends with e-minis down another roughly 0.5%; Brent hits new lows below $74/barrel, yen (JPY) little changed.

US: Atlanta Fed GDPNow falls to 2.04% from 2.53%. St. Louis Fed model sees 2.05% for Q3. Housing inflation likely to fall in year ahead according to San Francisco Fed Economic Letter.

US: Vice President Kamala Harris proposes increasing small business tax deduction for startup costs. Nvidia gets a Department of Justice (DoJ) subpoena in antitrust probe.

== EUROPE:

ECB: European Central Bank Governing Council (GC) member Joachim Nagel sees inflation on right track to reach 2% "sustainably," but emphasizes that the ECB must remain vigilant, says "we haven't reached our target yet." He expects the Bundesbank's loss to be similar to last year's, which will have to be carried forward as provisions have been used up (FAZ interview). GC member Gediminas Simkus says October cut is quite unlikely, in contrast to September. GC member Martins Kazaks says rates can be lowered at next meeting. GC member Piero Cipollone sees "real risk that our stance could become too restrictive" (interview).

France: Delay in rime minister pick curbs time available to make significant changes to the budget says chair of the national assembly's finance committee.

== ASIA:

China: Caixin services PMI falls 0.5pp to 51.6 while the consensus was 51.8. Caixin composite PMI unchanged at 51.2.