06:17 AM EST, 12/04/2024 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

-- Markets: United States Treasuries soft into New York close, switch to modest bull steepening in Asia. E-minis better bid, USDJPY grinds higher, oil little changed.

Fed: Federal Reserve Bank of San Francisco President Mary Daly says policy has to keep moving down to accommodate the economy, cut in December or some time later is up for debate, thinks neutral rate has edged closer to 3%. Chicago Federal Reserve President Austan Goolsbee says rates should still drop a "fair amount," is watching housing inflation most closely. Federal Reserve Governor Adriana Kugler says decisions will be made meeting by meeting.

==EUROPE:

ECB: European Central Bank Governing Council (GC) member Robert Holzmann says a 25bps cut next week is "conceivable" but not more, inflation developments have gone in the right direction amid recent upside deviations. GC member Joachim Nagel calls on the German government to reform the debt brake (FT).

France: President Emmanuel Macron says he won't resign before his term ends, thinks the government can survive a no-confidence vote, calls on the Assembly to reject it. The budget deficit was 157.39 billion euros in October.

Italy: The government is considering adding measures in support of the automotive sector to its budget law, but limited due to lack of resources (Ansa).

==ASIA:

China: Caixin Services PMI disappoints, declining by 0.5pp to 51.5 versus the expected 52.4. The government bans exports of germanium, gallium to the US market.

South Korea: President Yoon Suk Yeol ends martial law.