The Federal Reserve, OCC, FDIC and NCUA on Friday proposed guidance to help banks and credit unions "better align and tailor their third-party risk management practices to the risk of individual third‑party relationships." Fed staff said the proposal

Domestic News: 1. Xi Jinping will attend the 18th BRICS Summit in New Delhi, India, from September 12th to 13th. 2. The State Financial Regulatory Commission: Vigorously rectify "price wars" and other related behaviors. 3. The "15th Five-Year Plan for Building a Financial Power" has been officially released. 4. In August, my country's production and sales of new energy vehicles increased by 18.9% and 17.8% year-on-year, respectively. 5. The Ministry of Commerce: China and the US are negotiating a framework arrangement for a $30 billion reciprocal tariff reduction. 6. The China Securities Regulatory Commission: Strive to make the A-share market the preferred listing destination for high-quality domestic companies. 7. Lu Lei, Director of the People's Bank of China: Overseas entities hold over 11 trillion yuan in RMB financial assets in China. 8. The National Development and Reform Commission issued a notice on matters related to cost accounting for disorderly competition in the low-price market for important industrial products. 9. The General Office of the State Council issued a "Notice on Strengthening the Governance of Difficulties in Payment Collection by Small and Medium-sized Enterprises." International News: 1. The U.S. Treasury Department's long-term debt repurchase operation on Thursday amounted to $5.187 billion, falling short of the set $6 billion limit. Bessant cited cheap prices as the reason. 2. Sources indicate the White House's copper tariff plan has stalled. 3. Trump stated the $5,000 "election bonus" does not require congressional approval. 4. OpenAI Codex product manager: New subscriptions to the $200 Pro plan are suspended. 5. OPEC monthly report: Saudi Arabia's August crude oil production hit its lowest level since 1990; the ECB lowered its oil demand growth forecast for this year for the fifth consecutive time. 6. The European Central Bank raised interest rates by 25 basis points as expected and raised its economic growth forecasts for this year and next, as well as its core inflation forecasts for the next two years. 7. The U.S. August PPI annual rate was 5.4%, below the expected 5.3%, with the previous value revised from 4.70% to 4.8%. The probability of a Fed rate hike in September has risen to 70%. 8. Overnight Market Update—US Treasury yields rose across the board by more than 10 basis points, with the 10-year yield approaching the 5% mark; spot gold fell 1.8%, silver plummeted by over 5%; international crude oil futures surged 7%, and US diesel prices broke through $6 per gallon. 9. Middle East Situation— ① The Houthi rebels in Yemen have seized control of the Red Sea coastal city of Moha and the strategically important Hanish Islands. ② Iran has suspended the 10% freight surcharge on foreign energy transport vessels. ③ The IAEA reported observing construction activities at the Iranian mountain pass. ④ Houthi rebels: All ships are safe in the Red Sea, except for Saudi Arabia. ⑤ The Iranian Foreign Minister spoke separately with the Saudi Foreign Minister and the Pakistani Field Marshal. ⑥ Algeria announced the severing of diplomatic relations with the UAE and the closure of its airspace. ⑦ British Maritime Authority: Unidentified flying objects struck two ships west of Oman.

BMO Capital Markets initiated coverage of Lululemon with an Underperform, saying the turnaround will not be quick or easy as the company cedes share and faces accelerating sales declines. Analyst Kelly Crago set a $70 PT — the second-lowest on the Street by compiled data — implying roughly 28% downside to Thursday’s close. BMO flagged rising competition from Alo and Vuori and a weakening Americas region after a weak quarter and a lowered full-year outlook. At least four brokers have downgraded Lululemon since June; current street mix: six sell-equivalent, 29 hold, two buy.