06:22 AM EST, 01/03/2025 (MT Newswires) -- Commerzbank in its early Friday economic news summary highlighted:

Markets: United States Treasuries recover into New York close, UST futures are slightly higher in Asia, with no cash trading as Japanese markets are still closed. US equities closed lower, Asian equities mixed. The US dollar softens, gold consolidates, Brent rangebound around $76/barrel.

US: SIFMA recommends early market close next Thursday in recognition of National Day of Mourning for former President Jimmy Carter. Treasury moves up the timing of next week's UST auctions by one day.

US: President Joe Biden decides to block US Steel takeover, official announcement planned for Friday (Washington Post, sources).

US bank reserves with the Federal Reserve drop below $3 trillion, the lowest level since October 2020.

==EUROPE:

ECB: European Central Bank Governing Council member Yannis Stournaras sees rates dropping to about 2% around fall.

==ASIA:

China plans to tighten export restrictions on battery component technology.

China: The central bank (PBoC) plans to cut rates in 2025 as part of a policy overhaul, bringing it "closer into line with the Fed and the ECB" (FT).