Global Markets & Asian Stocks

Asian Markets Slip: Asian stocks declined following Wall Street losses, driven by rising crude oil prices (Brent crude above $101/barrel) that heightened global inflation concerns and expectations of tighter monetary policy.
Middle East Escalation: Brent crude reached $101.94 after Iranian officials stated the country would not back down against US naval blockades and attacks on its tankers.
Bond Yields & FX: The US 10-year Treasury yield held near 4.85%. The Bloomberg Dollar Spot Index dipped 0.1%, while the Japanese Yen strengthened slightly to 153.46 per dollar.

Central Bank & Economic Updates

Bank of Japan (BoJ): Board member Masu noted that the policy rate remains below the estimated neutral level, emphasizing a cautious approach toward potential rate hikes while monitoring rising crude oil and food prices ahead of next week's meeting.

Germany: Final CPI and HICP YoY printed at 2.9% (MoM at 0.2%), matching forecasts.
Norway: CPI YoY came in at 3.3% (above the 3.2% forecast), with MoM at -0.3%.
European Central Bank (ECB): The euro traded in a narrow range ahead of the ECB policy decision, where a 25-basis-point rate hike is widely expected.

Tech & AI: Chinese chipmakers, including Huawei and Cambricon, increased prices for their AI processors.
Industrial Output: Finland reported a 4.5% YoY rise in industrial output for July.
Conflict Updates: Russian air strikes targeted Ukraine's Mykolaiv port and Black Sea infrastructure near Odesa, leaving four dead and striking a drone warehouse.