06:33 AM EDT, 07/16/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Wednesday highlighted:

Markets: United States Treasuries weaken in late New York session, stabilize in Asia. U.S. equities close lower, Asian equities mixed. EUR briefly dips below $1.16, recovers in Asia, Brent hovers below $69/barrel.

Fed: Federal Reserve Bank of Dallas President Lorie Logan says base case calls for continued restrictive policy, but it's also possible that weak labor markets require cuts soon.

Fed: White House economic adviser Kevin Hassett is said to be the frontrunner to replace Federal Reserve Chair Jerome Powell (Bloomberg sources). President Donald Trump says Treasury Secretary Bessent is "very good" but not the top candidate.

Trade: Trump says pharma tariffs are "probably" coming at the end of the month, adds that tariffs on semiconductors might follow a similar timeline. Indonesia faces 19%, will buy 50 Boeing jets and not tax U.S. exports.

==EUROPE:

ECB: European Central Bank Governing Council member Joachim Nagel says "a steady hand is needed at the moment", September is a good time to "reassess" the situation (HB).

France: Far-right leader Marine Le Pen threatens to topple the government after Prime Minister Francois Bayrou proposes cutting two public holidays to reduce the deficit.

EU: Multi-year budget to be worth 1.78 trillion euros, a 60% increase in current prices versus the present budget (FT quotes leaked proposal to be presented on Wednesday).

U.K.: OBR chief warns that tax increase might not be enough as there are "reasons to be concerned about the level of government debt" in the United Kingdom.

==ASIA:

Japan: Ruling coalition at risk of losing upper house election (Nikkei poll).