06:16 AM EDT, 10/01/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Tuesday highlighted:

Markets: United States Treasuries bear-flatten in late New York after Federal Reserve Chair Jerome Powell, stabilize in Asia. US equities rally into the close, e-minis remain supported, Nikkei recovers. The US dollar gains, gold softens, oil is little changed.

Fed: Chair Powell reiterates Fed "will move over time toward a more neutral stance" if the economy develops as expected, but is "not on any preset course." Atlanta Fed President Raphael Bostic says his baseline is for "orderly" easing to 3%-3.25% range but he is open to another 50 bps cut if the labor market weakens. Federal Reserve Bank of Chicago President Austan Goolsbee warns of supply shock from ports strike.

US port workers begin strike across East and Gulf Coasts.

Middle East: Israel says it had begun "targeted ground raids" in southern Lebanon.

== EUROPE:

UK: Bank of England policymaker Megan Greene says sticky services inflation is "worrisome," warns of renewed price pressure from recovering consumption.

Netherlands: September HICP was unchanged at 3.3% year over year while the consensus was for 3.2%.

France will delay the 3% deficit target by two years to 2029, Prime Minister Michel Barnier to announce additional taxes of 15 billion to 18 billion euros in a key policy speech on Tuesday (Parisien).

Greece cuts gross domestic prodcut growth forecasts amid weak eurozone growth.

UK: BRC shop prices fell more than expected in September to

a 0.6% year-over-year drop, the lowest since August 2021 (consensus was for a 0.3% decline).

== ASIA:

Japan: Tankan Q3 manufacturing outlook is slightly better than expected. Bank of Japan minutes strike cautious tone on rate hikes.