ECB Governing Council member and Bank of Slovenia governor Primoz Dolenc said there is a strong case for a September rate hike and that December data will further inform the inflation outlook. Speaking at Jackson Hole, he said recent growth has exceeded expectations and energy costs remain elevated, and that recent developments in the Iran conflict show no clear improvement. Dolenc said a September hike would help ensure the inf target is met, and that if policymakers raise rates next month the

Toyota Motor Corp said parent-company overseas vehicle production fell 9.8% YoY to 500,472 units in July.

Rusal has applied to Prime Minister Mikhail Mishustin to temporarily mothball part of its Russian raw-material processing capacity, Russian media report. Proposed idled assets include the Pikalyovo alumina refinery, the North Urals bauxite mine, the Bogoslovsk alumina plant and the Ural alumina plant. Rusal estimates the raw-material processing unit loses about $400 per tonne of aluminium, or roughly $800m a year, and says restarting the business would require about $1.8bn of investment. The company has requested rail-freight subsidies, preferential port transshipment rates for imported bauxite—totaling around $70m a year in support—and government aid for the affected regions.