At the open A-shares: Shanghai Composite -0.16%, Shenzhen Composite Index +0.02%, ChiNext -0.10%. Leading gainers: AI training data, cinema chains, oilfield services & engineering, glass and fiberglass.

Germany's 10-year Bund yield touched 3.31% intraday on Aug. 31, the highest since 2011 and roughly 20 bps below the 2011 peak of about 3.49%. August CPI rose to 2.9% YoY, driven by a 10.5% jump in energy while core inflation eased to 2.4%, suggesting recent pressure is energy-led. The Bund selloff has been amplified by higher oil, a global long-end bond selloff, and expanded German infrastructure and defense spending with larger planned issuance. Sustained higher yields would raise government and corporate funding costs and lift equity discount rates; even if energy inflation fades, increased sovereign supply and a higher term premium could prevent a return to zero or negative rates.

1. On June 17, the US and Iran signed a memorandum of understanding online, with the core objectives of achieving a permanent ceasefire and reopening the Strait of Hormuz. 2. On June 27, US Central Command announced strikes against Iran in response to its attacks on merchant ships. US warplanes attacked Iranian missile and drone storage sites, as well as coastal radar stations. 3. On June 28, US Central Command announced a new round of strikes against Iran in response to another Iranian attack on oil tankers. US warplanes struck Iranian military surveillance facilities, communication systems, air defense sites, drone storage facilities, and mine-laying capabilities. 4. On July 8, US Central Command completed a new round of offensive strikes against Iran. US forces struck Iranian air defense systems, command and control networks, coastal radar stations, anti-ship missile capabilities, and more than 60 small Islamic Revolutionary Guard Corps vessels in and near the Strait of Hormuz. 5. On July 8, Trump stated that for him, the temporary ceasefire agreement between the US and Iran was over, and that it was "just a waste of time." He made these remarks shortly after the US launched a new wave of attacks on Iran and revoked waivers allowing the sale of Iranian oil. 6. On July 9, US Central Command completed another round of strikes against Iran, targeting approximately 90 Iranian military targets, including air defense systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and Iranian coastal military logistics infrastructure. 7. Starting July 10, US Central Command launched 13 consecutive nighttime airstrikes against Iran, primarily targeting Iranian command, control, and communications equipment; air defense, missile, and drone equipment; the Iranian navy and naval forces; and logistics and infrastructure. 8. On August 30, the US military struck two rocket launchers on Larak Island, Iran, injuring several people. US media reported that the US targets were two Iranian missile launchers on Larak Island, and that the Iranian Revolutionary Guard was reportedly preparing to launch mine-laden rockets into the Strait of Hormuz.